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ARTICLE · 21 DECEMBER 2015

CFTC Regulation Automated Trading (Regulation AT)

Reed Smith
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On November 24, 2015, the Commodity Futures Trading Commission held an open meeting at which it unanimously approved its long-anticipated notice of proposed rules referred to as Regulation Automated Trading.

United StatesFinance and Banking
Peter Malyshev
Peter Malyshev
Peter Vogel
Peter Vogel
Joanna Williams
Joanna Williams
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Introduction

On November 24, 2015, the Commodity Futures Trading Commission ("CFTC") held an open meeting at which it unanimously approved its long-anticipated notice of proposed rules referred to as Regulation Automated Trading ("Regulation AT").1

The proposed rules seek to bolster the U.S. regulatory regime for automated trading through a series of risk controls that target potential risks and volatility sometimes associated with automated or algorithmic trading systems ("ATSs") on three levels: (a) the trader, (b) the intermediary, and (c) the trading platform. Regulation AT requires registration of certain persons as "Floor Traders" who are not currently registered with CFTC, yet nonetheless participate in "Algorithmic Trading." The proposed rules also seek to increase transparency around designated contract market ("DCM") electronic matching platforms and market maker and trading incentive programs.

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