For the purposes of further specifying the definition of algorithmic trading in accordance with Article 4(1)(39) of Directive 2014/65/EU, a system shall be considered as having no or limited human intervention where, for any order or quote generation process or any process to optimise order-execution, an automated system makes decisions at any of the stages of initiating, generating, routing or executing orders or quotes according to pre-determined parameters.
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New version applies from 14/12/2017 — introduced by Commission Delegated Regulation (EU) 2017/2294.
96 provisions change.
Later versions: 11/10/2019, 29/03/2021, 22/08/2021, 02/08/2022.
Article 18 changes in this version: compare with the current text.