Algorithmic trading systems and electronic trading

(1) The exchange must ensure that algorithmic trading systems do not lead to, or contribute to, disorderly exchange trading. To guard against the dangers to orderly exchange trading arising from algorithmic trading systems, the exchange must take suitable precautions, including precautions to limit the ratio of unexecuted trading orders to executed trading orders for the case that the exchange's system capacity is excessively used and there is a risk that the capacity limit will be reached.
(2) Trading participants are obliged to test their algorithms in an environment provided by the exchange. The Management monitors compliance with the obligation under the first sentence and notifies the exchange supervisory authority of indications of infringements.
(3) As regards the suitable precautions under subsection (1) and the requirements for the design of the tests under subsection (2), reference is made to Chapters II and IV of Regulation (EU) 2022/2554 and to 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 (OJ L 87, 31.3.2017, p. 350), in its respective current version.