For further information, please contact the relevant Exchange.DEA Providers should also consider the authorisation status of their clients. In order to ensure that the report provides a complete picture of the investment firm’s order routing arrangements, ESMA considers that the investment firms should also disclose the identity of the main venues it commonly selects via DEA arrangements and the existence of any close links and specific arrangements with such execution venues, in its summary of execution quality (which, as required by Article 65(6), must be consistent with the information to be provided in accordance with Article 3(3) of RTS 28).Guidance ICE Futures Europe and ICE Endex Guidance on Member Requirements under MiFID II, June 2017Under MiFID II and with reference to the UK Government’s draft amendments to the Recognition Requirements Regulations to transpose MiFID II into UK Law5 and the Dutch Authority for the Financial Markets (AFM)’s Guidance on the MiFID II requirements6, ICE Futures Europe and ICE Endex may permit Members to provide DEA (“DEA Providers”) only if the Member is:(i) an investment firm authorised in accordance with MiFID II ("MiFID Investment Firm");If any Member is currently providing DEA to clients and does not meet any of the above criteria, they should seek their own legal advice on the matter. ��#��<5U$�B��tdt�j��cC�B���g&�mt�ٺh (26) In case of order intermediation, submitters of orders do not have sufficient control over the parameters of the arrangement for market access and should therefore not fall within scope of direct electronic access. (a) customers being given direct access to the market through a registered intermediary’s system/infrastructure, i.e. ESMA considers that the provider of DEA is the firm executing orders. Smart TVs offer access to a large and growing library of popular apps, including YouTube, Facebook, Spotify, Netflix, the BBC iPlayer, Accuweather, Skype and Pandora. Where a DEA Provider allows a client to sub-delegate the access it receives to its own clients, the DEA Provider must ensure that, before granting that client access, it has a due diligence framework in place that is at least equivalent to the one described above. DEA Providers, whether they provide Direct Market Access ("DMA") or Sponsored Access, are responsible for ensuring that their DEA clients comply with Exchange Regulations. ����l��1�h�w�ާA�͖�*���)͆�>=��i�/�/IQ�X1�7�̗�����M9�}.1ʋ���>Ɯ���� �6G!� GJu8��?ˑ1��A�@N�E�Ps�6�\�.�����|o"eÎ�u�(Շ���D_J��̢�->Z�^�? However, under MiFID II, these exemptions will not be available where a:DEA Providers must meet certain criteria and have in place effective systems and controls before they can provide their clients with access to the trading venue, which ensure:o may create, or contribute to, a disorderly market; o may breach the Market Abuse Regulation (MAR) or the Exchange Regulations.o a DEA client in financial instruments that a DEA client does not have permission to trade;o a DEA client when they breach the DEA Provider's risk management thresholds. However, it also lists a set of circumstances where such an exemption does not apply, including where such persons have DEA to a trading venue.Article 4(1)(41) of MiFID II defines DEA as “an arrangement where a member or participant or client of a trading venue permits a person to use its trading code so the person can electronically transmit orders relating to a financial instrument directly to the trading venue”.
The trading of a person having direct electronic access may therefore also fall under the algorithmic trading including the high frequency algorithmic trading technique definition. A DEA provider should therefore establish policies and procedures to ensure that trading of its DEA clients complies with the requirements applicable to that provider. h�b```�8�� �aB� ��/``X� ��f!^(f`�`b�u0��`=��n ������~�ƴ�L=3�z[0� �n Nevertheless the investment firm would conduct algorithmic trading when submitting those client orders if it uses smart order routers and in that case, it should be compliant with Article 17 of MIFID II.With regard to the distinction between DEA, SORs (smart order routers) and AORs (automated order routers) ESMA considers that:- SORs are algorithms used for the optimisation of order execution processes and may determine parameters of the order other than the venue(s) where the order should be submitted. Compare 40 inch and 32 inch smart TV prices.
It is essential to clarify how those arrangements are to be categorised in relation to the definitions of algorithmic trading and direct electronic access. Smart Defrag not only defragments computer deeply but optimizes disk performance. Questions and Answers on MiFID II and MiFIR market structures topics, ESMA70-872942901-38Direct Electronic Access (DEA) and algorithmic trading, Question 24 [Last update: 15/11/2017]Can DEA clients accessing an EU trading venue through sub-delegated DEA benefit from the exemption offered under Article 2(1)(d) of MiFID II?Article 2(1)(d) of MiFID II exempts persons dealing on own account in financial instruments from the requirement to be authorised as a MiFID investment firm.
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