The German government is taking steps to tackle high-frequency trading as part of tougher regulation of the financial sector. Germany is pressing ahead without waiting for planned European regulation to take shape. The German Ministry of Finance published a draft Act for Preventing Risks and Abuses in High-Frequency Trading on 30 July 2012 (High-Frequency Trading Act) which has been adopted by the German Federal Cabinet on 26 September 2012. The core content of this Act includes: widening the concept of own-account trading for the purposes of section 1(1a) sentence 2 no. 4 of the German Banking Act (KWG) and section 2(3) sentence 1 no. 2 of the Securities Trading Act (WpHG) to include high-frequency trading; duty to adhere to an appropriate relationship between orders and transactions, i.e. the ratio between orders and transactions actually executed; introduction of separate fees for excessive use of trading systems; stricter requirements in terms of organisational duties for algorithmic trading. Further regulatory proposals are also planned, such as the duty to disclose trading strategies.