Commission Delegated Regulation (EU) 2017/584 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying organisational requirements of trading venues (Text with EEA relevance)

s.art002

Self-assessments of compliance with Article 48 of Directive 2014/65/EU(Article 48 of Directive 2014/65/EU)

• Conduct annual self-assessments of compliance with trading venue rules and keep records

s.art003

Governance of trading venues(Article 48(1) of Directive 2014/65/EU)

• Set up clear governance for your trading systems

s.art004

Compliance function within the governance arrangements(Article 48(1) of Directive 2014/65/EU)

• Ensure compliance function oversees algorithmic trading obligations

s.art005

Staffing(Article 48(1) of Directive 2014/65/EU)

• Employ sufficient skilled staff to manage algorithmic trading systems

s.art006

Outsourcing and procurement(Article 48(1) of Directive 2014/65/EU)

• Manage outsourcing of algorithmic trading systems operations

s.art007

Due diligence for members of trading venues(Article 48(1) of Directive 2014/65/EU)

• Set conditions for members' electronic order submission and conduct due diligence

s.art008

Testing of the trading systems(Article 48(1) of Directive 2014/65/EU)

• Test trading systems before deploying or updating them

s.art009

Conformance testing(Article 48(6) of Directive 2014/65/EU)

• Ensure conformance testing for members' systems and algorithms

s.art010

Testing the members' algorithms to avoid disorderly trading conditions(Article 48(6) of Directive 2014/65/EU)

• Provide algorithm testing and environment for members

s.art011

Trading venues' capacity(Article 48(1) of Directive 2014/65/EU)

• Ensure trading systems have sufficient capacity and manage capacity risks

s.art012

General monitoring obligations(Article 48(1) of Directive 2014/65/EU)

• Monitor algorithmic trading systems in real-time and ensure robustness

s.art013

Ongoing monitoring(Article 48(1) of Directive 2014/65/EU)

• Monitor trading system performance in real time and address issues promptly

s.art014

Periodic review of the performance and capacity of the algorithmic trading systems(Article 48(1) of Directive 2014/65/EU)

• Periodically review performance and capacity of algorithmic trading systems

s.art015

Business continuity arrangements(Article 48(1) of Directive 2014/65/EU)

• Demonstrate system stability and resume trading within 2 hours of disruption

s.art016

Business continuity plan(Article 48(1) of Directive 2014/65/EU)

• Create and maintain a business continuity plan for your trading venue

s.art017

Periodic review of business continuity arrangements(Article 48(1) of Directive 2014/65/EU)

• Test and review your business continuity arrangements regularly

s.art018

Prevention of disorderly trading conditions(Article 48(4), (5) and (6) of Directive 2014/65/EU)

• Implement arrangements to prevent disorderly trading

s.art019

Mechanisms to manage volatility(Article 48(5) of Directive 2014/65/EU)

• Keep volatility management mechanisms running and tested at all times

s.art020

Pre-trade and post-trade controls(Article 48(4) and (6) of Directive 2014/65/EU)

• Implement pre-trade controls for all financial instruments traded on your venue

s.art021

Pre-determination of the conditions to provide direct electronic access(Article 48(7) of Directive 2014/65/EU)

• Publish rules for direct electronic access (DEA)

s.art022

Specific requirements for trading venues permitting sponsored access(Article 48(7) of Directive 2014/65/EU)

• Control and monitor sponsored access to your trading venue

s.art023

Security and limits to access(Article 48(1) of Directive 2014/65/EU)

• Implement security measures to protect trading systems and data