Abstract: As market and securities trading has shifted from an open outcry and physical presence in trading centers approach to a system based on electronic access to capital markets, algorithmic trading, high‑frequency trading and low‑latency transactions, both national and international law has been forced to deal with these new systems and create mandatory standards of security, performance, trading stability, transparency and accountability within a system that relies primarily on technological means outside of human direct intervention. This paper aims at providing an overview and key insights on the major changes in legislation, policy and technical standards brought about in Romania by the advent of high‑frequency trading.

Keywords: capital markets; securities trading; electronic trading; algorithmic trading; high frequency trading.