Since quotes are equivalent to orders, market makers and liquidity providers are also obliged to monitor their activities and detect potential market abuse.
Part of the Market Maker’s obligations is to provide statistics covering how they performed their market making in the previous quarter. The data is compiled into nine tables of information and should cover daily market making statistics per instrument. If the market maker/liquidity provider performs a non-negliable fraction of their activities OTC they are included in RTS 27.
Trading venues within the Union are required to have market making agreements in place for any firm engaged in market making or market making-like trading. A market maker needs to keep track of the parameters of their market maker agreement, such as maximum spread and minimum fraction of trading hours with valid quotes, and monitor their fulfilment of the agreement.
Market making strategies are considered to fall within the algorithmic trading category.