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Delegated Regulation (EU) 2017/584 · binding · OJ L 87, 31.3.2017 · dated 14 Jul 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-07-14","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0584 work_date_document","entry_into_force":"CELLAR 32017R0584 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues","path":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues","name":"Commission Delegated Regulation (EU) 2017/584","number":"2017/584","celex":"32017R0584","title_official":"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)","document_date":"2016-07-14"},"position":{"kind":"article","key":"12","index":12,"articles":24,"annexes":1},"prev":{"path":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/articles/11","key":"11","title":"Article 11 — Trading venues' capacity (Article 48(1) of Directive 2014/65/EU)"},"next":{"path":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/articles/13","key":"13","title":"Article 13 — Ongoing monitoring (Article 48(1) of Directive 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robust enough to ensure continuity and regularity in the performance of the markets on which they operate, regardless of the trading model used.\n1. <a id=\"art-12-p-2\"></a>Trading venues shall conduct real time monitoring of their algorithmic trading systems in relation to the following:\n\n    <a id=\"art-12-p-2-a\"></a>**(a)** their performance and their capacity referred to in Article 11(4);\n\n    <a id=\"art-12-p-2-b\"></a>**(b)** orders sent by their members on an individual and an aggregated basis.\n\n    In particular, trading venues shall operate throttling limits and monitor the concentration flow of orders to detect potential threats to the orderly functioning of the market.\n\n1. <a id=\"art-12-p-3\"></a>Real-time alerts shall be generated within five seconds of the relevant event.\n\n","marks":[],"text_hash":"fea4465f1027a7dbead2d64b6196f7f591e3f9bf244dd60de565e8e68d4fdeef","revision":1}}