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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":"20","index":20,"articles":24,"annexes":1},"prev":{"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 2014/65/EU)"},"next":{"path":"/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/articles/21","key":"21","title":"Article 21 — Pre-determination of the conditions to provide direct electronic access (Article 48(7) of Directive 2014/65/EU)"},"act_anchor":"#art-20"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2017/584/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues.md","unit_text_sha256":"1bb5fd278bf026a863997e4de4961abfb5158d924f32b03b5a7dddd5739e14cf","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifid-ii/level-2/rts/2017-584-organisational-requirements-of-trading-venues/art-20","kind":"article","key":"20","heading":"Article 20 — Pre-trade and post-trade controls (Article 48(4) and (6) of Directive 2014/65/EU)","text":"## <a id=\"art-20\"></a>Article 20 — Pre-trade and post-trade controls (Article 48(4) and (6) of Directive 2014/65/EU)\n\n1. <a id=\"art-20-p-1\"></a>Trading venues shall carry out the following pre-trade controls adapted for each financial instruments traded on them:\n\n    <a id=\"art-20-p-1-a\"></a>**(a)** price collars, which automatically block orders that do not meet pre-set price parameters on an order-by-order basis;\n\n    <a id=\"art-20-p-1-b\"></a>**(b)** maximum order value, which automatically prevents orders with uncommonly large order values from entering the order book by reference to notional values per financial instrument;\n\n    <a id=\"art-20-p-1-c\"></a>**(c)** maximum order volume, which automatically prevents orders with an uncommonly large order size from entering the order book.\n\n1. <a id=\"art-20-p-2\"></a>The pre-trade controls laid down in paragraph 1 shall be designed so as to ensure that:\n\n    <a id=\"art-20-p-2-a\"></a>**(a)** their automated application has the ability to readjust a limit during the trading session and in all its phases;\n\n    <a id=\"art-20-p-2-b\"></a>**(b)** their monitoring has a delay of no more than five seconds;\n\n    <a id=\"art-20-p-2-c\"></a>**(c)** an order is rejected once a limit is breached;\n\n    <a id=\"art-20-p-2-d\"></a>**(d)** procedures and arrangements are in place to authorise orders above the limits upon request from the member concerned. Such procedures and arrangements shall apply in relation to a specific order or set of orders on a temporary basis in exceptional circumstances.\n\n1. <a id=\"art-20-p-3\"></a>Trading venues may establish the post-trade controls that they deem appropriate on the basis of a risk assessment of their members' activity.\n\n","marks":[],"text_hash":"1bb5fd278bf026a863997e4de4961abfb5158d924f32b03b5a7dddd5739e14cf","revision":1}}