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In this act Article 5 of 24

Article 5 — Staffing (Article 48(1) of Directive 2014/65/EU)

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

5(1)

1.Trading venues shall employ a sufficient number of staff with the necessary skills to manage their algorithmic trading systems and trading algorithms and with sufficient knowledge of:

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5(1)(a)
(a)the relevant trading systems and algorithms;
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5(1)(b)
(b)the monitoring and testing of such systems and algorithms;
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5(1)(c)
(c)the types of trading undertaken by the members, participants or clients of the trading venue (‘members’);
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5(1)(d)
(d)the trading venue's legal obligations.
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5(2)

2.Trading venues shall define the necessary skills referred to in paragraph 1. The staff referred to in paragraph 1 shall have those necessary skills at the time of recruitment or shall acquire them through training after recruitment. The trading venues shall ensure that those staff's skills remain up-to-date and shall evaluate their skills on a regular basis.

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5(3)

3.The staff training referred to in paragraph 2 shall be tailored to the experience and responsibilities of the staff, taking into account the nature, scale and complexity of their activities.

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5(4)

4.The staff referred to in in paragraph 1 shall include staff with sufficient seniority to perform their functions effectively within the trading venue.

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