Arab Today, arab today paris stock exchange us firm fined over high frequency trading
Last Updated : GMT 20:18:05
Arab Today, arab today
Arab Today, arab today

Paris stock exchange, US firm fined over high frequency trading

Arab Today, arab today

Arab Today, arab today Paris stock exchange, US firm fined over high frequency trading

Euronext it will appeal the €5m
Paris - AFP

France's stock market regulator imposed fines of 5 million euros ($5.4 million) each on a US trading firm and the Paris stock exchange over the controversial practice of high frequency trading.

The Financial Markets Authority (AMF) said its enforcement committee had imposed the penalty on "Virtu Financial Europe for market manipulation and ignoring Euronext market rules" while handing "a penalty in the same amount to Euronext Paris for failing to meet its obligation to operate with neutrality and impartiality..."

The fine against Euronext Paris was higher than the 4 million euros sought by the AMF's own sanctions commission, while that against Virtu, a specialist in high frequency trading, was unchanged.

Euronext quickly announced it intends to appeal.

"The AMF Enforcement Committee’s decision is particularly open to dispute, totally disproportionate and completely anachronistic," chief executive Stephane Boujnah said in a statement.

High frequency trading is the use of powerful supercomputers and complex mathematical algorithms to take advantage of minute price differentials in markets by rapidly placing thousands of trades faster than competitors.

This magnifies the risk of a so-called flash crash, when the price of a certain stock or even the market can plunge spectacularly, sometimes without apparent reason.

While there are no official figures, sector experts estimate high frequency trading accounts 30 to 40 percent of transactions in Europe and between 50 and 60 percent in United States.

The AMF took Virtu to task for flooding markets with orders, most of which were then cancelled within a second.

While the AMF emphasised that neither the company's "strategy in itself nor its status as a high frequency trader were in question" it said the flood of orders "gave, or were likely to have given, false or misleading indications as to the supply and demand for those financial instruments, constituting a market manipulation..."

Meanwhile the regulator took Euronext Paris to task for giving Virtu alone an exemption to the ratio of cancelled orders without notifying other market participants, thus not operating "with neutrality and impartiality, in accordance with market integrity".

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today paris stock exchange us firm fined over high frequency trading Arab Today, arab today paris stock exchange us firm fined over high frequency trading

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday