Certain forms of DMA, most notably "sponsored access", have raised substantial regulatory concerns because of the possibility of a malfunction by an investor to cause widespread market disruption.
Recognising the threat to their own businesses, investment banks began acquiring these companies (e.g. the purchase of Instinet in 2007 by Nomura Holdings)[2] and developing their own DMA technologies.
Order flow can be routed directly to the line handler where it undergoes a strict set of Risk Filters before hitting the execution venue(s).
Typically, ULLDMA systems built specifically for HFT can currently handle high amounts of volume and incur no delay greater than 500 microseconds.
FX DMA infrastructures, provided by independent FX agency desks or exchanges, consist of a front-end, API or FIX trading interfaces that disseminate order and available quantity data from all participants and enables buy-side traders, both institutions in the interbank market and individuals trading retail forex in a low latency environment.