[...] the German High Frequency Trading will require exchanges to determine appropriate order-to-trade ratios and a fee for excessive system usage. Moreover, rules for flagging orders that were generated through algorithmic trading are to be included in the exchange regulations. These requirements are not only relevant for high frequency traders, but for all participants who generate orders algorithmically (e.g. participants facilitating quote machines).
[...] the German High Frequency Trading will require exchanges to determine appropriate order-to-trade ratios and a fee for excessive system usage. Moreover, rules for flagging orders that were generated through algorithmic trading are to be included in the exchange regulations. These requirements are not only relevant for high frequency traders, but for all participants who generate orders algorithmically (e.g. participants facilitating quote machines).