The European Securities and Markets Authority (ESMA) published a supervisory briefing providing guidance on algorithmic trading under MiFID II on February 26, 2026. The briefing draws on insights from the 2022 Common Supervisory Action (CSA) on pre-trade controls, as well as ongoing supervisory experience and discussions with national competent authorities (NCAs). It
ESMA supervisory briefing on algorithmic trading in the EU
6 min read
Key points and practical implications in the areas of governance, testing, outsourcing, and pre-trade controls.