algorithmic trading

Defined in Article 4, Directive 2014/65/EU (MIFID II)

Definitions over time (2)

1. 31/12/2019 – today applies on 12/11/2026 Article 4, Directive 2014/65/EU (MIFID II) Scope: Whole act

   For the purposes of this Directive, the following definitions apply:

   ‘algorithmic trading’ means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions;

2. 17/09/2014 – 01/07/2016 Article 4, Directive 2014/65/EU (MIFID II) Scope: Whole act

   For the purposes of this Directive, the following definitions apply:

   ‘algorithmic trading’ means trading in financial instruments where a computer algorithm automatically determines individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention, and does not include any system that is only used for the purpose of routing orders to one or more trading venues or for the processing of orders involving no determination of any trading parameters or for the confirmation of orders or the post-trade processing of executed transactions;

Used in (58 places in 20 provisions on 12/11/2026)

Directive 2014/65/EU (MIFID II) (58 in 20)

Recital 18 · Recital 20 · Recital 23² · Recital 50 · Recital 59⁴ · Recital 60 · Recital 61⁵ · Recital 62⁵ · Recital 63⁵ · Recital 64² · Recital 65 · Recital 66 · Recital 67² · Recital 113 · Recital 157 · Article 2³ · Article 4³ · Article 17¹⁰ · Article 48⁷ · Article 90²