Algorithmic and high frequency trading. Evolution and efficiency of the European and national regulation

rcatana[at]law.ubbcluj.ro, ioan.sumandea[at]btrl.ro

Abstract

Algorithmic trading and high frequency trading have developed extensively in the last years, becoming the major trading techniques on the financial instruments markets. These technologies offer both benefits and risks for global markets. Through our study, we will identify the risks associated with these technologies. Then, we will critically analyze the regulation framework in the European Union and in Romania, concluding on the level of efficiency in tackling the associated risks.