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algorithmic trading

    139trading in financial instruments which meets the following conditions:

      1. (a) where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order for how to manage the order after its submission; and
      1. (b) there is limited or no human intervention; but

    does not include any system that is only used for the purpose of routing orders to one or more trading venues or the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions.

    [Note: article 4(1)(39) of MiFID]