Economic impact assessment on market making obligations in MiFID II.
Market-making obligations and algorithmic trading systems: a feasibility assessment of the March 2012 draft of MiFID II Article 17(3) (EIA19)
Ref: BIS/12/1078 PDF, 375KB, 20 pages
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This economic impact assessment looks at the proposals in the revised EU Markets in Financial Instruments Directive (MiFID II), that oblige certain algorithmic trading systems to act in a market-making capacity. This means that they always post competitive prices regardless of market conditions, as laid out in draft Article 17, clause 3 of MiFID II.
This impact assessment was commissioned as part of the Foresight project on the future of computer trading.