Page 55 - 期货和衍生品行业监管动态（2026年2月）

期货和衍生品行业监管动态

The briefing provides National Competent Authorities (NCAs) with practical

tools and clarified expectations for supervising firms engaged in algorithmic trading

under MiFID II. It focuses on key areas where supervisory practices have diverged,

including pre-trade controls, governance arrangements, testing frameworks and

outsourcing of algorithmic trading systems.

Given the extended use of artificial intelligence in algorithmic trading, the

briefing also touches upon these emerging technological developments, outlining

considerations for the use of AI. This section aims to help supervisors assess new

risks and ensure that firms adopt robust and responsible approaches when deploying

advanced technologies in their trading operations.

As a nonbinding convergence tool, the briefing complements the existing

requirements and supports NCAs in taking a harmonised approach to oversight.

Next steps

ESMA will share the supervisory briefing with NCAs to support day to day

supervision. ESMA will continue to monitor market and technological developments

and may update the briefing or develop further convergence tools as needed.

https://www.esma.europa.eu/press-news/esma-news/esma-issues-supervisory-briefing
-algorithmic-trading

20. 欧盟证券与市场管理局就《欧盟市场基础设施监管条例 3》下的交易后风险

缓释服务征求意见（2026 年 2 月 26 日）

欧盟证券与市场管理局（ESMA，欧盟金融市场监管机构）就交易后风险缓

释（PTRR）服务如何受益于《欧盟市场基础设施监管条例 3》（EMIR 3）引入

的有条件清算义务豁免的相关要求征求意见。

ESMA 正在就交易后风险缓释服务提供商在豁免条件下运营框架的几个要

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