ISDA and AFME have responded to the International Organisation of Securities Commissions (IOSCO) consultation on the impact of technological changes on market efficiency and integrity. The associations think changes in technology have generally had a positive impact on the markets, but support IOSCO’s initiative and agree there is a need for a full assessment, particularly on the impact of high frequency trading. Detailed comments include that proprietary traders should in principle be regulated and that firms that access markets using an intermediary’s system should be subject to some degree of supervision. (Source: ISDA and AFME Response on IOSCO Technological Change Paper.)