{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2017/584 — RTS — Organisational requirements of trading venues [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/articles/18","url":"https://www.headlesslaw.com/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/articles/18","title":"Article 18 — Prevention of disorderly trading conditions (Article 48(4), (5) and (6) of Directive 2014/65/EU)","family":"l2_unit_view","work_id":"spaces/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues","view_of":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-02","applies_from":null,"application":null,"version_label":"Commission Delegated Regulation (EU) 2017/584, OJ L 87, 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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":"18","index":18,"articles":24,"annexes":1},"prev":{"path":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/articles/17","key":"17","title":"Article 17 — Periodic review of business continuity arrangements (Article 48(1) of Directive 2014/65/EU)"},"next":{"path":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/articles/19","key":"19","title":"Article 19 — Mechanisms to manage volatility (Article 48(5) of Directive 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trading and breaches of capacity limits:\n\n    <a id=\"art-18-p-1-a\"></a>**(a)** limits per member of the number of orders sent per second;\n\n    <a id=\"art-18-p-1-b\"></a>**(b)** mechanisms to manage volatility;\n\n    <a id=\"art-18-p-1-c\"></a>**(c)** pre-trade controls.\n\n1. <a id=\"art-18-p-2\"></a>For the purposes of paragraph 1, trading venues shall be able to:\n\n    <a id=\"art-18-p-2-a\"></a>**(a)** request information from any member or user of sponsored access on their organisational requirements and trading controls;\n\n    <a id=\"art-18-p-2-b\"></a>**(b)** suspend a member's or a trader's access to the trading system at the initiative of the trading venue or at the request of that member, a clearing member, the CCP, where provided for in the CCP's governing rules, or the competent authority;\n\n    <a id=\"art-18-p-2-c\"></a>**(c)** operate a kill functionality to cancel unexecuted orders submitted by a member, or by a sponsored access client under the following circumstances:\n\n    <a id=\"art-18-p-2-c-i\"></a>**(i)** upon request of the member, or of the sponsored access client where the member, or client is technically unable to delete its own orders;\n\n    <a id=\"art-18-p-2-c-ii\"></a>**(ii)** where the order book contains erroneous duplicated orders;\n\n    <a id=\"art-18-p-2-c-iii\"></a>**(iii)** following a suspension initiated either by the market operator or the competent authority;\n\n    <a id=\"art-18-p-2-d\"></a>**(d)** cancel or revoke transactions in case of malfunction of the trading venue's mechanisms to manage volatility or of the operational functions of the trading system;\n\n    <a id=\"art-18-p-2-e\"></a>**(e)** balance entrance of orders among their different gateways, where the trading venue uses more than one gateway in order to avoid collapses.\n\n1. <a id=\"art-18-p-3\"></a>Trading venues shall set out policies and arrangements in respect of:\n\n    <a id=\"art-18-p-3-a\"></a>**(a)** mechanisms to manage volatility in accordance with Article 19;\n\n    <a id=\"art-18-p-3-b\"></a>**(b)** pre-trade and post-trade controls used by the venue and pre-trade and post-trade controls necessary for their members to access the market;\n\n    <a id=\"art-18-p-3-c\"></a>**(c)** members' obligation to operate their own kill functionality;\n\n    <a id=\"art-18-p-3-d\"></a>**(d)** information requirements for members;\n\n    <a id=\"art-18-p-3-e\"></a>**(e)** suspension of access;\n\n    <a id=\"art-18-p-3-f\"></a>**(f)** cancellation policy in relation to orders and transactions including:\n\n    <a id=\"art-18-p-3-f-i\"></a>**(i)** timing;\n\n    <a id=\"art-18-p-3-f-ii\"></a>**(ii)** procedures;\n\n    <a id=\"art-18-p-3-f-iii\"></a>**(iii)** reporting and transparency obligations;\n\n    <a id=\"art-18-p-3-f-iv\"></a>**(iv)** dispute resolution procedures;\n\n    <a id=\"art-18-p-3-f-v\"></a>**(v)** measures to minimise erroneous trades;\n\n    <a id=\"art-18-p-3-g\"></a>**(g)** order throttling arrangements including:\n\n    <a id=\"art-18-p-3-g-i\"></a>**(i)** number of orders per second on pre-defined time intervals;\n\n    <a id=\"art-18-p-3-g-ii\"></a>**(ii)** equal-treatment policy among members unless the throttle is directed to individual members;\n\n    <a id=\"art-18-p-3-g-iii\"></a>**(iii)** measures to be adopted following a throttling event.\n\n1. <a id=\"art-18-p-4\"></a>Trading venues shall make public their policies and arrangements set out in paragraphs 2 and 3. That obligation shall not apply with regard to the specific number of orders per second on pre-defined time intervals and the specific parameters of their mechanisms to manage volatility.\n1. <a id=\"art-18-p-5\"></a>Trading venues shall maintain full records of their policies and arrangements under paragraph 3 for a minimum period of five years.\n\n","marks":[],"text_hash":"ebf558e257bd90ada7b940cd75658a890124566fdb78ea7f4d613d38d7eeeb6c","revision":1}}