For many investors, internet trading is now an everyday interaction with the financial market. Instead, licensed corporations may use the enhanced limit order or the special limit order to simulate a market order. Instead, licensed corporations may use the enhanced limit order or the special limit order to simulate a market order. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. • Algorithmic trading systems (“Algos”) • Alternative liquidity pools (“ALPs” or dark pools) • Smart Order Routers • Market Making pricing engines • High-frequency trading systems. The SFC also issued relevant FAQs in the Appendix to the Circular announcing the results of this review. Click anywhere on the bar, to resend verification email. This is an area of continuing collaboration and we will continue to work with the PRA to ensure we are coordinated in our approaches going forward. Although the review was specific to algo trading many of the findings relate generally to electronic trading and are therefore of much broader applicability.Most firms now have formal governance committees or meetings but the following key problems were found:For more information about the Algo and Electronic Trading, please read our full alert Copyright 2017 - Compliance Talent Solutions Limited is part of Glassdoor forced to hand over details of reviewer in court case, 14 Jun 2018MAS's Proposed Changes to AML/CFT Requirements Applicable to Money-Changing and Remittance Businesses, 23 Jan 2018China Tightens Bank Shareholding Rules after Lifting Cap on Foreign Stakes, 28 Nov 2017Enhancing Beneficial Ownership Regime and Extending AML Obligations in Hong Kong, 17 Nov 2017New Simplified VCFM Regime in Singapore, 01 Nov 2017Changes to the Notification Requirement in Relation to Representatives Serving Only Non-Retail Customers, 09 Oct 2017SFC secures conviction against ETRADE Securities (Hong Kong) Limited for marketing of unlicensed US brokerage services in Hong Kong, 22 Sep 2017Extension of Financial Dispute Resolution Scheme in Hong Kong, 18 Sep 2017Review of Further Provisions of Fund Manager Code of Conduct, 11 Sep 2017Investment Compliance Human Capital – a growing scarce resource in Asia, 25 Aug 2017Compliance Talent Solutions to participate in CAIA education and networking event, 31 Mar 2017SFC released a Manager in Charge Regime in Hong Kong, 13 Jan 2017SFC conducted a thematic review of Algo trading, 09 Jan 2017 Get the latest KPMG thought leadership directly to your individual personalized dashboard Automated Trading Services A. © 2020 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Furthermore, IBHK failed to put in place effective price and volume controls to prevent its execution of market orders from disrupting the market. The review also found that IBHK did not take into account the liquidity of the market when executing the market orders. Indirectly affected will be any users of electronic trading systems provided by a Hong Kong SFC licensed broker (e.g. Find out how KPMG's expertise can help you and your company. For many investors, internet trading is now an everyday interaction with the financial market. High frequency (HF) and algorithmic (algo) trading 1 has attracted regulators’ attention for some time. In view of the evolving threat landscape that the financial services industry is facing, the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) have tightened regulatory requirements over the years in order to enhance and safeguard the security, efficiency and resilience of the financial markets.As stated in the Guidelines, from 27 April 2018, it will be a mandatory control for internet brokers to implement 2FA for clients logging into their internet trading account.

The SFC gives the following examples of how undue market impact can be controlled:(a) limiting the number of attempts in resubmitting the unexecuted quantities of a market order for matching in the market; or(b) restricting the execution of market orders to a maximum number of spreads from the prevailing nominal price.Any unfilled quantity of the market order will be cancelled after the predetermined number of attempts or the maximum number of spreads is reached.A joint independent review of IBHK’s electronic and algorithmic trading systems found that IBHK had executed market orders by placing the entire order volume to the market and repeatedly submitting the unexecuted part of the order at the next available price until the entire order was complete in both instances.

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