Please explain what is meant by Article 17(3) of RTS 6 which requires investment firms to “reconcile” their own electronic logs with information about their outstanding orders and risk exposures as provided by the trading venues to which they send orders, their brokers or DEA providers, their clearing members or CCP, their data providers or other relevant business partners?

Does the MiFID II obligation relating to algorithmic trading apply to electronic OTC trading? Are algorithms that provide quotes/orders to customers subject to the requirements set out in MiFID II?

Does a fully automated system exclude the exercise of discretion and should therefore be automatically classified as an MTF?

When would an investment firm using only algorithms which draw human traders’ attention to trading opportunities qualify as engaged in algorithmic trading?

Can DEA users be identified as applying a HFT technique?