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Responding to this paper
ESMA invites comments on all matters in this paper and in particular on the specific questions summa-rised in Annex 1. Comments are most helpful if they:
respond to the question stated;
indicate the specific question to which the comment relates;
contain a clear rationale; and
describe any alternatives ESMA should consider.ESMA will consider all comments received by
3 October 2011
. All contributions should be submitted online at www.esma.europa.euunder the heading ‘Consultations’ by the aforementioned deadline.
Publication of responses
All contributions received will be published following the close of the consultation, unless you requestotherwise. Please clearly and prominently indicate in your submission any part you do not wish to bepublicly disclosed. A standard confidentiality statement in an email message will not be treated as a re-quest for non-disclosure. A confidential response may be requested from us in accordance with ESMA’srules on access to documents. We may consult you if we receive such a request. Any decision we make isreviewable by ESMA’s Board of Appeal and the European Ombudsman.
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Who should read this paper
This paper is of interest to operators of regulated markets and multilateral trading facilities, investmentfirms executing orders on behalf of clients and/or dealing on own account, particularly when their busi-ness models include automated trading or they provide direct market access or sponsored access to theirclients or eligible counterparties, as well as high frequency traders directly or indirectly accessing Euro-pean markets. It will also be of interest to other users of European trading platforms including managersof pension funds, collective investment schemes and retail investors. National and European trade associa-tions and consumer bodies representing these groups may also be interested in this paper.
Date: 20 July 2011ESMA/2011/224