A French high-speed trading firm has urged Europe’s top markets regulator to close what it says is a loophole at futures exchange Eurex that gives some traders an “unfair” advantage.
Paris-based Mosaic Finance, which specialises in trading derivatives, has called on the European Securities and Markets Authority to end a “significant” flaw in the German exchange’s systems that it claims has existed for three years and allows some traders to break the exchange’s rules.
It said some traders were able to bypass Eurex’s monitoring system, which checks incoming orders against its rules, by sending “corrupted” data orders that did not conform to the exchange’s standards and were therefore not spotted by the system.
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