Skip to the text
In this act Article 19 of 24

Article 19 — Mechanisms to manage volatility (Article 48(5) of Directive 2014/65/EU)

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

19(1)

1.Trading venues shall ensure that appropriate mechanisms to automatically halt or constrain trading are operational at all times during trading hours.

Copy link
19(2)

2.Trading venues shall ensure that:

Copy link
19(2)(a)
(a)mechanisms to halt or constrain trading are tested before implementation and periodically thereafter when the capacity and performance of trading systems is reviewed;
Copy link
19(2)(b)
(b)IT and human resources are allocated to deal with the design, maintenance and monitoring of the mechanisms implemented to halt or constrain trading;
Copy link
19(2)(c)
(c)mechanisms to manage market volatility are continuously monitored.
Copy link
19(3)

3.Trading venues shall maintain records of the rules and parameters of the mechanisms to manage volatility and any changes thereof, as well as records of the operation, management and upgrading of those mechanisms.

Copy link
19(4)

4.Trading venues shall ensure that their rules of the mechanisms to manage volatility include procedures to manage situations where the parameters have to be manually overridden to ensure orderly trading.

Copy link