Algorithmic trading regulation: managed co-location, mandatory algorithm identifiers and free tick-by-tick feeds to enhance market fairness. Exchanges must implement Managed Co-location Services allowing vendors to provide and maintain co-location infrastructure to members while exchanges remain accountable for vendor actions and data integrity. Exchanges shall publish expanded latency metrics including minimum, maximum, mean and percentile figures and a reference latency. Tick-by-tick data feeds must be provided free to members (subject to infrastructure), OTR penalties tightened by narrowing exempted price bands and extending coverage, each approved algorithm must receive a unique identifier and all algorithmic orders must be tagged for surveillance, and exchanges should provide enhanced testing environments for algorithms.