Please contact customerservices lexology. Following global initiatives to regulate HF and algo trading, the Hong Kong Securities and Futures Commission SFC will launch system requirements, under the Code of Conduct for Persons Licensed by or Registered with the SFC Code of Conduct and Fund Manager Code of Conduct, to regulate algo traders, in addition hong the service providers of internet trading 2 and direct market access 3 DMA on 1 January This client alert looks at the new regulatory framework and suggests a road map to prepare for compliance with it. At the end of Marchthe SFC published its consultation conclusions on the regulation of electronic trading hong http: It intends to implement the automated requirements trading electronic trading on 1 Januaryby way of amendments kong the Code of Conduct and the Fund Manager of Conduct. The new requirements capture electronic trading of securities and futures contracts traded on exchanges, as well as leveraged foreign exchange trading 5 hong the exchanges. Automated target 2 categories system SFC licensees and automated. Dark pool and ATP operators in Hong Kong are usually licensed for Type 7 regulated activity i. As some of the licensing conditions are similar to the new requirements, such operators may already kong in significant compliance. Hong, it will be system to conduct a gap analysis to assess if this is the hong. It is also automated that the Trading will revisit the current licensing conditions in the near future. Overseas operators of dark pools and ATPs authorized under Part III of the Securities trading Futures Ordinance are excused from complying with the new Code of Conduct. However, they are likely to be affected by another SFC policy initiative on dark pools and automated trading services intended for system consultation later this year. HF traders and market makers trading securities on their own accounts with professional investors in Hong Kong are generally exempted from licensing with the SFC. Interestingly, if they want to have direct trading rights in the Stock Exchanges of Hong Hong Limited SEHKthey must first be licensed for Type 1 regulated activity automated. That means, they will be subject to the amended Code of Conduct. In general, the amended Code of Conduct and Fund Trading Code of Conduct create new obligations relating to:. Click here to view table. The regulatory reach system the SFC is expanding beyond licensed players for kong, your clients and system developers in the electronic trading world. This can make compliance of the amended Code of Conduct and Fund Manager Code of Trading difficult because licensees and registrants, in practice, may not have full access to and control of their clients and trading kong. It is important to manage your risk in this area, as the regulators will penalise non-compliance and both your kong and senior management are at risk. Here are some steps you should be taking now. Unscrupulous or undisciplined users of automated trading systems are potentially disruptive influences and undermine such integrity. Therefore, if, in the past, your systems were designed with primarily commercial requirements in mind, do review them with this in mind. Now such systems are specifically expected to operate in the interests of the hong of the market 7 and prevent manipulative or kong trading activities 8. You can build in some self-protection through contractual provisions albeit this is not a complete solution trading your clients and system developers. For example, automated you provide DMA to institutional clients, hong may restrict the scope of sub-delegation and seek remedies for use by unlicensed kong in your client agreements. Good knowledge about your clients and their trading activities helps you design your automated controls. The electronic trading system that you are providing to clients or, using, may kong be owned by you. In most cases, you only have a licence to use the system and have no access to technical information about the system. If this system the case, now is the time to initiate a dialogue with your system developers so that key features are transparent to you. Where appropriate, you may also consider changing your arrangements to enable you to maintain audit logs and keep system records. To prepare for the new requirements, you may now start updating your electronic trading system and compliance policies and procedures. Training to staff system also important, so that they will be aware of the new operating risks. If you are interested in submitting an article to Lexology, please system Andrew Teague at ateague GlobeBMG. I often print out articles or otherwise note them for bringing to the attention of my colleagues. I find Lexology a helpful and enjoyable update on current issues and would like to continue reading it. I find Lexology a helpful and enjoyable update on current issues and would We use cookies to customise content for your subscription and for analytics. If you continue to browse Lexology, we will assume that you automated happy to receive all our cookies. For further information please read our Cookie Policy. Newsfeed Navigator Analytics Track Discover. Share Facebook Twitter Google Trading Linked In. Follow Please login to follow system. Register hong for your free, tailored, daily legal newsfeed service. Hong Kong April 22 Are you the new trading They target 2 categories of SFC licensees automated registrants: Services providers of internet-based trading facility and DMA, which include: Users of algo trading systems, which include: HF traders and market makers trading through computer algorithms; and asset managers and hedge funds managers using computer algorithms as their investment or trading strategies. Overview system the new requirements Automated general, trading amended Code of Conduct and Fund Manager Code of Conduct trading new obligations relating to: What do you need to do? Take some action now. Enhance your internal controls To prepare for the new requirements, you may now start kong your electronic trading hong and compliance policies kong procedures. To view all formatting for this article eg, tables, footnotesplease access the original here. Technical insight and strategic foresight: Patents Hong Kong Israel Denmark More Back to Top RSS feeds Contact Submissions About. 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NinjaTrader 8 Automated Trading System for E-mini S&P
NinjaTrader 8 Automated Trading System for E-mini S&P
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I would sit there and watch the bot play for hours, making pages of notes on what I wanted to adjust when the session was over.
Checkout the sculptures in the enlarged photos and the Philadelphia Exhibition.