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In this act Article 12 of 29
Text as of 26 Oct 2026 · Commission Delegated Regulation (EU) 2017/589, OJ L 87, 31.3.2017 · Same wording as today’s text.Today’s text

Article 12 — Kill functionality (Article 17(1) of Directive 2014/65/EU)

Financial servicesLevel 2RTSMiFID IIIn forceOfficial source

12(1)

1.An investment firm shall be able to cancel immediately, as an emergency measure, any or all of its unexecuted orders submitted to any or all trading venues to which the investment firm is connected (‘kill functionality’).

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12(2)

2.For the purposes of paragraph 1, unexecuted orders shall include those originating from individual traders, trading desks or, where applicable, clients.

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12(3)

3.For the purposes of paragraph 1 and 2, an investment firm shall be able to identify which trading algorithm and which trader, trading desk or, where applicable, which client is responsible for each order that has been sent to a trading venue.

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