Article 17 › 3 MiFID II — DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE…

Article 17 › 3

MiFID II

DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast) (Text with EEA relevance) · European Union

An investment firm that engages in algorithmic trading to pursue a market making strategy shall, taking into account the liquidity, scale and nature of the specific market and the characteristics of the instrument traded: (a) carry out this market making continuously during a specified proportion of the trading venue’s trading hours, except under exceptional circumstances, with the result of providing liquidity on a regular and predictable basis to the trading venue; (b) enter into a binding written agreement with the trading venue which shall at least specify the obligations of the investment firm in accordance with point (a); and (c) have in place effective systems and controls to ensure that it fulfils its obligations under the agreement referred to in point (b) at all times.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04