What you will instead find in Frankfurt and at other exchanges are vast spaces filled with high-performance computers. This example shows us that when it comes to high frequency trading, machines are making ever greater inroads into the services sector. Decisions which were once the preserve of floor traders are now being made by algorithms.
4 The Global Code takes the material in the Global Preamble and fleshes it out a bit more, including with some examples of what is, and isn’t appropriate communication, and why. There will be more examples provided in the second phase of the Code. Similarly, there have been diverse opinions around what is appropriate behaviour in terms of order handling.