Q&A · ESMA

Trading venues

Answered

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AI-generated Summary

The limits that clearing members screen order by order using venue tools under Article 2(2) of RTS 26 are those set under Article 26 of RTS 6.

Details

Reference	ESMA_QA_1610
Issuer	ESMA
Published	7 Jul 2017
Answered	7 Jul 2017
Submitted	7 Jul 2017
ESMA topics	Direct Electronic Access and algorithmic trading
Earlier Q&A document	ESMA 70-872942901-38 MiFID II MiFIR market structures Q&A, Q&A 3.14

Provisions it relates to

Article 17 MiFID II · Algorithmic trading
MiFID II
Inferred · 70%
MiFIR (whole act)
Explicit reference

Documents it refers to

RTSIn forceExplicit reference · 90%
Commission Delegated Regulation (EU) 2017/582 of 29 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the obligation to clear derivatives traded on regulated markets and timing of acceptance for clearing
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS on clearing of exchange-traded derivatives under Article 29 MiFIR: sets pre-trade limit checks for cleared derivatives concluded on a trading venue, maximum time frames for transferring transactions to and accepting them by the CCP (for venue and bilateral trades), and what happens to transactions not accepted for clearing.
RTSIn forceExplicit reference · 90%
Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 6 on organisational requirements for investment firms engaged in algorithmic trading, providing direct electronic access or acting as general clearing members: covers governance and compliance, testing and deployment of algorithms, annual self-assessment, stress testing, kill functionality, market abuse surveillance, pre- and post-trade controls, DEA client due diligence and order record keeping.