ESMA_QA_1599

19/12/2016

Subject Matter

Automated Order Router (AOR) and algorithmic trading

Original question

Can a functionality be considered as an Automated Order Router (AOR) if it submits the same order to several trading venues? Would that qualify as algorithmic trading?

ESMA Answer

19-12-2016

Original language

This question was deleted on 21 October 2026.

Status: Published Answer Updated

Additional Information

Level 1 Regulation

Markets in Financial Instruments Directive II (MiFID II) Directive 2014/65/EU- Secondary Markets

Level 2 Regulation

Regulation 2017/565 - MiFID II Delegated Regulation

Topic

Direct Electronic Access and algorithmic trading