They argue that incoming regulations governing the monitoring of algorithmic trading are often counterintuitive and leave them potentially liable for unforeseeable trading risks.
Asian investors are increasingly using single-dealer e-trading platforms that they say offer anonymity and spread improvement, rather like dark pools for equities.
As the buy-side shifts to electronic trading for low-touch orders, banks' program trading desks are redefining themselves to assume more of a hand-holding role.
Sebi has streamlined rules on algo connectivity, but whether this brings about improved execution in India is open to debate as smaller players oppose greater usage.
Stamp duty is seen as prohibitively expensive for high-frequency traders after IMC shuts its Hong Kong trading desk and makes two-thirds of its HK staff redundant.
Australia's move to charge HFT participants based on the number of messages they send to the exchange is self-defeating, but may be copied, warns Deutsche Bank.