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Dossiers thématiques Marchés: Fonctionnement des marchés

L'AMF apporte des précisions sur les dispositions applicables à compter du 1er janvier 2015 sur les dispositifs de traitement automatisé des ordres

Publié le 19 novembre 2014

L’AMF publie une version en langue anglaise de l’article 315-67 de son règlement général afin que les personnes non-résidentes utilisant un système de traitement automatisé des ordres puissent prendre les dispositions nécessaires pour se conformer à ce nouvel article pris en application de la loi de séparation des activités bancaires, dont l’entrée en application interviendra le 1er janvier 2015.

Un document précisant certaines modalités pratiques liées à l’application de ce nouvel article ainsi qu’un formulaire de déclaration des dispositifs de traitement automatisé seront très prochainement mis en ligne sur le site internet de l’AMF.

GENERAL REGULATION

ORDER OF 28 AUGUST 2014, JO OF 10 SEPTEMBER 2014

BOOK III

Section 9 – Supervision of automated and high-frequency trading
Article 315-67
I. - An automated processing facility, as defined in Article L. 451-4 of the Monetary and Financial Code, means any computer algorithm that is used to trade financial instruments on a regulated market or multilateral trading facility and that automatically determines order parameters, such as opportunity and time of issue, price and quantity, and the way in which orders shall be managed, with no or limited human intervention, once issued. Such facilities do not include systems used to comply with Article L. 533-18 of the Monetary and Financial Code.
II. – Investment services providers using one or more automated processing facilities and issuing orders for the securities of companies having their registered office in France shall notify the AMF thereof no later than one month after the facilities have been brought into operation. Such notification shall specify the regulated market or multilateral trading facility to which orders are sent.
Investment services providers shall adopt procedures and internal arrangements allowing them to retain, for a period of five years, the trading algorithm as well as traceable records of each transaction and of each order issued by such algorithm, including its details, modifications and cancellations, where such is the case. This information shall be made available to the AMF.
Where an investment services provider supplies clients with an internet-based order reception and transmission service or an order execution service by means of a tool with a functionality mentioned in the first paragraph of II, it shall make the notification in lieu of its clients and shall adopt procedures and arrangements meeting the requirements set forth in the paragraph above.

III. – The provisions of this article shall apply to any person using one or more automated processing facilities. For non-resident persons, these provisions shall apply only if the orders are sent to a regulated market or multilateral trading facility in France.
 

 

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Mentions légales :
Responsable de la publication : Le Directeur de la Direction de la communication de l'AMF
Contact : Direction de la communication, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02