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Use of robots on financial markets

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Use of robots on financial markets

  1. 1. L e x i n g ® | G l o b a l n e t w o r k o f a t t o r n e y s s p e c i a l i z e d i n d i g i t a l a n d e m e r g i n g t e c h n o l o g y l a w
  2. 2. L e x i n g ® Argentina | Belgium | Brazil | Canada | China | Colombia |Costa Rica| France | Germany | Greece | India | Israel | Italy | Japan | Lebanon | Luxemburg | Mexico | New-Caledonia | Norway | Portugal | Senegal| South Africa | Spain | Switzerland | Tunisia | United Kingdom | United States of America Use of robots on financial markets SÉBASTIEN FANTI Attorney at law & Public Notary Data Privacy Commissioner of Canton du Valais sebastien.fanti@sebastienfanti.ch Shanghai, 2 June 2016
  3. 3. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 3 1. Context and perspective 2. International legal framework 3. Swiss legal framework 4. Expected evolutions 5. Conclusions 6. Questions and answers Sommaire
  4. 4. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 4 • Today, High-Frequency Trading (HFT) represents between 40% and 60% of the exchanges on the financial marketplaces. • HFT is characterized by high-speed purchases and sales of shares, faster than a blink. • The number and the number of orders have exploded. • Today, 90% of the transactions are carried out by sophisticated algorithms. 1. Context and perspective
  5. 5. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 5 • HFT is subject to lots of controversies; in France bill is being drafted in order to forbid HFT (Bompard’s legislation). • The French Financial Markets Authority condemned for the first time in December 2015 an HFT player and the trader Euronext Paris… 5 million euros! • There is a debate between experts regarding the safeguards (smart circuit breaker, taxes…) 1. Context and perspective
  6. 6. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 6 • The International Organization of Securities Commissions (IOSCO) came up with recommendations in a report published in October 2011 ("Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency"). • These recommendations aim at encouraging markets’ integrity and efficiency and reducing risks. 2. International legal framework
  7. 7. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 7 • In its Markets in Financial Instruments Directive (MiFID II), EU introduced measures to fight the negative impacts of algorithmic trade and high- frequency negotiations (cf. art. 17 et 48). • Careful attention was paid to the definition of the different concepts and a quantitative threshold was determined. 2. International legal framework
  8. 8. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 8 • Swiss Government considers that the current legal framework is sufficient to prevent abuses. • Legislation matches the international regulations and takes account of European law. • The Financial Market Infrastructure Act (FMIA) and the Financial Market Infrastructure Ordinance (FMIO) represent the current legal framework. 3. Swiss legal framework
  9. 9. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 9 • By article 30 of the Financial Market Infrastructure Act (FMIA), the trading platform that operates a technical system must have a system that guarantees an ordered treatment also in the event of an intense activity. • This provision aims at allowing to introduce measures in order to limit the perverse effects of algorithmic trade and high-frequency transactions. 3. Swiss legal Framework :
  10. 10. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 10 • Market manipulations are punishable under Swiss law. • Offences can be committed by using algorithmic trade software, in particular as part of high- frequency algorithmic trade. • Articles 30 and 45 FMIA protect clients from cheating. • To date, there has been no trial on this matter in Switzerland. 3. Swiss legal Framework
  11. 11. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 11 • The IOSCO consists of 34 securities markets regulators around the globe • Only a few providers in the world produce high- frequency trading (HFT) cables, which connect traders to exchanges • If these providers are breached in some way, numerous firms would be vulnerable • High frequency trading could contribute to more volatility in markets and aggravated sudden market crashes 4. Expected evolutions (Securities Markets Risk Outlook 2016 – IOSCO)
  12. 12. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 12 • This could be seen as a risk to the financial system. • HFT is a risk that continues to concern respondents as a potential threat to fair, efficient, and transparent markets. • Although major events such as the flash crash have not occurred recently, regulators continue to assess whether price formation is fair and the market is sufficiently protected against glitches. 4. Expected evolutions (Securities Markets Risk Outlook 2016 – IOSCO)
  13. 13. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 13 • HFT involves evident risks and moral issues (complete parasitism of high-frequency predators). • Inability of regulators to carry out checks in order to prevent abuses • Unless these checks are carried out, there is a systemic risk! 5. Conclusions
  14. 14. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 14 5. Q & A :
  15. 15. L e x i n g ® | SWITZERLAND| Sébastien Fanti | sebastien.fanti@sebastienfanti.ch SEBASTIEN FANTI SWITZERLAND Page 15 Thank you for your attention Follow me on: Twitter : @sebastienfanti Facebook: https://www.facebook.com/sebastien.fanti Linkedin: http://ch.linkedin.com/in/sebastienfanti/ Un grand homme est celui qui ne perd pas son cœur d’enfant (Mencius)
  16. 16. L e x i n g ® Argentina | Belgium | Brazil | Canada | China | Colombia |Costa Rica | France | Germany | Greece | India | Israel | Italy | Japan | Lebanon | Luxemburg | Mexico | New-Caledonia | Norway | Portugal | Senegal| South Africa| Spain | Switzerland | Tunisia | United Kingdom | United States of America GERMANY Beiten Burkhardt Andreas (Dr.) Lober & Tim Caesar Westhafen Tower, Westhafenplatz 1 60327 Frankfurta.M. T. +49 69 756095-0 F. +49 69 756095-512 bblaw-frankfurt@bblaw.com www.beiten-burkhardt.com BELGIUM Philippe & Partners Jean-François Henrotte jfhenrotte@philippelaw.eu www.philippelaw.eu Liege Boulevard d’Avroy, 280 4020 Liege T. +32 4 229 20 10 F. +32 78 15 56 56 Brussels Avenue Louise, 240 1050 Bruxelles T. +32 2 250 39 80 F. +32 78 15 56 56 CANADA Langlois avocats, S.E.N.C.R.L. Jean-François De Rico jean-francois.derico@langlois.ca www.langlois.ca Montreal 1002, rue Sherbrooke Ouest, 28th Floor H3A3L6 Montreal T. +15 148 42 95 12 F. +15 148 45 65 73 Quebec Complexe Jules-Dallaire, T3 2820, Laurier Bld, 13th Floor G1V 0C1 Quebec City T. +14 186 50 70 00 F. +14 186 50 70 75 SPAIN Lexing Spain Marc Gallardo Ronda General Mitre, 164 08006 Barcelona T. +34 93 476 4048 F. +34 93 476 4038 marc.gallardo@lexing.es www.lexing.es U.S.A Françoise Gilbert Palo Alto, CA 94303 USA T. +1-650-804-1235 gilbertf@gtlaw.com FRANCE Alain BensoussanAvocats Alain Bensoussan & Frédéric Forster 58, Boulevard Gouvion Saint-Cyr 75017 Paris T. +33 182 73 05 05 F. +33 182 73 05 06 alain-bensoussan@lexing.law frederic-forster@lexing.law www.alain-bensoussan.com ISRAEL Livnat, Mayer & Co Russell D. Mayer Jérusalem Technology Park Building 9, 4th Floor P.O. Box 48193 Malcha 91481 Jerusalem T. +97 226 79 95 33 F. +97 226 79 95 22 mayer@lmf.co.il www.lmf.co.il ITALY Studio Legale Zallone Raffaele Zallone 31 Via Dell’Annunciata 20121 Milan T. +39 229 01 35 83 F. +39 229 01 03 04 r.zallone@studiozallone.it www.studiozallone.it LUXEMBOURG Philippe & Partners Marc Gouden, François Cautaerts & Jean-François Henrotte 41 avenue de la Liberté 1931 Luxembourg T. +352 266 886 F. +352 266 887 00 luxembourg@philippelaw.eu www.philippelaw.eu MEXICO Langlet, Carpio y Asociados Enrique Ochoa Torre Punta Santa Fe ProlongaciónPaseo de la Reforma #1015, Torre B, Piso 3, Desp. 303 Col. Desarrollo Santa Fe C.P. 01376, México, D.F. T. +52 55 25 91 070 eochoa@lclaw.com.mx www.lclaw.com.mx NORWAY Føyen Advøkatfirma DA Arve Føyen Postboks 7086 St. Olavs pl. 0130 Oslo T. +47 21 93 10 00 F. +47 21 93 10 01 arve.foyen@foyen.no www.foyen.no U.K Preiskel & Co LLP Danny Preiskel 4 King’s Bench Walk Temple London EC4Y 7DL T. +44 20 7332 5640 F. +44 20 7332 5641 dpreiskel@preiskel.com www.preiskel.com SWITZERLAND Sébastien Fanti Avocat & Notaire 8B rue de Pré-Fleuri, CP 497 1951 Sion T. +41 27 322 15 15 F. +41 27 322 15 70 sebastien.fanti@sebastienfanti.ch www.sebastienfanti.ch SOUTH AFRICA Michalsons Attorneys John Giles john@michalsons.co.za www.michalsons.co.za Johannesburg Ground Floor Twickenham Building The Campus, 57 Sloane & Cnr Main Road 2021 Bryanston T. +27 11 568 0331 F. +27 86 529 4276 Cape Town Boyes Drive St James 7945 Cape Town T. +27 21 300 1070 F. +27 86 529 4276 TUNISIA Cabinet Younsi & Younsi Yassine Younsi 4, Rue Petite Malte 1001 Tunis T. +216 71 346 564 cabinetyounsi_younsi@yahoo.fr www.younsilawyers.com ARGENTINA Estudio Millé Rosario Millé Suipacha 1111 - piso 11 C1008AAW Buenos Aires T. +54 11 5297 7000 F. +54 11 5297-7009 estudio@mille.com.ar www.mille.com.ar BRAZIL Melchior, Micheletti e Amendoeira Advogados Silvia Regina Barbuy Melchior Rua do Rócio, 351 cj 102 Vila Olímpia 04552-000 São Paulo SP T./F. +55 11 3845-1511 melchior@mmalaw.com.br www.mmalaw.com.br CHINA Jade & Fountain Jun Yang jun.yang@jadefountain.com www.jadefountain.com Shanghai 31/F Tower B Far East International Plaza 317 Xian Xia Road, Zip code: 200051l T. +86 21 62351488 F. +86 21 62351477 Beijing Unit 803, Floor 8, Tower E1 Oriental Plaza, No.1 E.Chang An Avenue, Zip code: 100738 T. +86 10 85183285 F. +86 10 85183217 COLOMBIA Marrugo Rivera & Asociados Ivan Dario Marrugo Jimenez Cra. 52 No. 45-15 P. 1 La Esmeralda Bogotá T. +57 571 4760798 - 3158738 F. +57 571 3244200 imarrugo@marrugorivera.com www.marrugorivera.com LEBANON Kouatly & Associates Attorneys Rayan Kouatly 63, rue Amine Mneimné, BP 11 2242 Beirut T. +961 175 17 77 F. +961 175 17 77 info@kouatlylaw.com www.kouatlylaw.com JAPAN Hayabusa Asuka Law Offices Koki Tada 4ème étage Kasumigaseki Building 3-2-5 Kasumigaseki Chiyoda-ku Tokyo 100-6004 T. +81- ( 3 ) -3595-7070 F. +81- ( 3 ) -3595-7105 koki.tada@halaw.jp www.halaw.jp PORTUGAL Alves Pereira & Teixeira de Sousa RL João P. Alves Pereira Avenida da Liberdade 38 3º 1250-145 Lisbon T. +351 21 370 01 90 F. +351 21 382 90 03 jpereira@alvespereira.com www.alvespereira.com NEW-CALEDONIA Cabinet Franck Royanez Franck Royanez 15 rue Edouard Glasser Motor Pool 98800 Noumea T. +687 24 24 48 F. +687 20 24 24 49 fr.avocat@cabinetroyanez.com GREECE Ballas Pelecanos & Associates L.P.C George Ballas & Theodore Konstantakopoulos 10 Solonos Street, Kolonaki, 106 73 Athens T. +30 210 36 25 943 F. +30 210 36 47 925 george.ballas@balpel.gr theodore.konstantakopoulos@balpel.gr http://www.ballas-pelecanos.com INDIA Poovayya & Co Siddhartha George Dharani Polavaram siddhartha@poovayya.net dharani@poovayya.net www.poovayya.net Bangalore The Estate, Level One, 121, Dickenson Road, Bangalore 560 042 Karnataka, India. T. +91 80 4115 6777 F. +91 80 4115 6888 Mumbai Free Press House, 8th Floor, #83, Nariman Point, Mumbai, 400021, Maharashtra, India. T. +91 22 3072 2426 F. +91 22 3072 2437 SENEGAL SCP Faye et Diallo Cheikh FAYE 40, Avenue Malick SY, Résidence « Linguère », 4ème Étage Dakar Sénégal T. +221 33 823 60 60 fayetdiallo@orange.sn COSTA RICA Lex Investments & Services (Lexis Abogados) Gabriel Lizama Oliger Ofiplazadel Este, EdificioA , tercer piso Distrito de Mercedes Canton de Montes de Oca, Provincia de San José T. : +506 2253-1726 F. : +506 8378-6229 glizama@lexiscostarica.com www.lexisabogados.com
  17. 17. L e x i n g ® Argentina | Belgium | Brazil | Canada | China | Colombia |Costa Rica | France | Germany | Greece | India | Israel | Italy | Japan | Lebanon | Luxemburg | Mexico | New-Caledonia | Norway | Portugal | Senegal| South Africa| Spain | Switzerland | Tunisia | United Kingdom | United States of America

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