Exchanges around the world should discourage market participants from “creating excessive low-quality” messages that can clog trading networks, two trade groups representing automated trading firms said this week.
Excessive messages, such as a flood of buy or sell orders and then cancellations, “can negatively impact both exchange and customer bandwidth and systems,’’ the Principal Traders Group and the European Principal Traders Association said in response to a Consultation Report from the International Organization of Securities Commissions on the impact of technology on market integrity and efficiency.
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