the placing of orders to a trading venue, including any cancellation or modification thereof, by any available means of trading, including by electronic means, such as algorithmic and high-frequency trading strategies, and which has one of the effects referred to in paragraph 1(a) or (b), by:

To reflect the fact that trading of financial instruments is increasingly automated, it is desirable that market manipulation should be supplemented by examples of specific abusive strategies that may be carried out by any available means of trading, including algorithmic and high frequency trading, as defined in Directive [new MiFID].

(c) the placing of orders to a trading venue, including any cancellation or modification thereof, generally within a short period by any available means of trading including electronic means, such as algorithmic and high frequency trading strategies, as defined in Directive ././EU [new MiFID], which consists of at least one of the following:

3. Member States shall require a regulated market to have in place effective systems, procedures and arrangements, including requiring members or participants to carry out appropriate testing of algorithms and providing environments to facilitate such testing, to ensure that algorithmic or high-frequency trading systems cannot create or contribute to disorderly trading conditions on the market and to manage any disorderly trading conditions which do arise from such algorithmic or high/frequency trading systems, including systems to identify all orders involving high frequency trading, limit the ratio of unexecuted orders to transactions ...[+++]that may be entered into the system by a member or participant, to be able to slow down the flow of orders if there is a risk of its system capacity being reached and to limit and enforce the minimum tick size that may be executed on the market.

'high-frequency trading strategy' means a trading strategy for dealing on own-account in a financial instrument which involves high-frequency trading and has at least two of the following characteristics:

2. An investment firm that engages in algorithmic trading shall at least annually on its own initiative and at any other time on request provide to its home competent authority a detailed description of the nature of its algorithmic trading strategies, details of the trading parameters or limits to which the system is subject, the key compliance and risk controls that it has in place to ensure the conditions in paragraph 1 are satisfied and details of the testing of its systems.