Shall we compare thee to a multilateral trading venue?

As regulators confirm that perimeter guidance applies to tech firms, the focus shifts to enforcement.

Credit: Risk.net montage

As William Shakespeare never quite put it: “What’s in a name? That which we call a trading venue by any other name would smell just as sweet.”

Yet for software firms that operate aggregators and for execution management systems (EMSs) that organize trading orders and assist with execution, there is a great deal in the name that EU and UK regulators might use to designate their activities.

The European Securities and Markets Authority and the UK’s Financial Conduct Authority this year closed a

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Removal of Chevron spells t-r-o-u-b-l-e for the C-A-T

Citadel Securities and the American Securities Association are suing the SEC to limit the Consolidated Audit Trail, and their case may be aided by the removal of a key piece of the agency’s legislative power earlier this year.

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