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Regulating automated trading

In: Research Handbook on Global Capital Markets Law

Author

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  • Carsten Gerner-Beuerle

Abstract

Algorithmic and high-frequency trading now account for the majority of trading volume in most US and European capital markets. Concomitant with the rise of algorithmic trading, regulators and policy makers have become increasingly concerned that automation has made markets less stable and impaired market integrity. This chapter develops a taxonomy of regulatory issues to which algorithmic and high-frequency trading in modern capital markets give rise. It gives an overview of, and critically reflects on, existing regulatory initiatives to address these issues. The chapter makes tentative suggestions for a revised approach to regulating automated trading that centres on the proposed taxonomy and involves tailoring regulatory responses to the context within which each issue arises, rather than imposing blanket requirements on algorithmic and high-frequency trading firms.

Suggested Citation

  • Carsten Gerner-Beuerle, 2023. "Regulating automated trading," Chapters, in: Iris H.-Y. Chiu & Iain G. MacNeil (ed.), Research Handbook on Global Capital Markets Law, chapter 13, pages 204-218, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20368_13
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    Keywords

    Economics and Finance; Law - Academic;

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