European Algorithmic Regulation in Trading: Liability Profiles, Protection of The Market and Injured Parties.

The progressive algorithmization of financial markets is one of the most advanced manifestations of the integration between artificial intelligence and economic decision-making, posing legal questions that go beyond the traditional dichotomy between market regulation and individual responsibility. The paper systematically analyzes the European regulatory framework on artificial intelligence, with particular attention to Regulation (EU) 2024/1689 (AI Act), assessing its impact on algorithmic trading systems and on the forms of protection prepared in favor of the market and injured parties. Starting from a dogmatic reconstruction of the notion of algorithmic risk, the article investigates the structural limits of the European preventive approach, focusing on the profiles of civil, administrative and defective product liability, as well as on the persistent evidentiary difficulties related to the decision-making opacity of AI systems. The analysis is completed by a broad comparative comparison with the US and Chinese models, highlighting how the European choice of ex ante regulation, although advanced in terms of the protection of fundamental rights, presents significant critical issues in terms of the effectiveness of compensation protection and adaptability to technological evolution. The work aims to contribute to the doctrinal debate on algorithmic responsibility, identifying possible evolutionary trajectories de iure condendo for a more coherent and effective AI governance system.