Special requirements for multilateral trading facilities

(1) The rules for access to a multilateral trading facility must satisfy at least the requirements of section 19(2) and (4), first and second sentences, of the Stock Exchange Act.
(2) The rules for trading and price formation may not grant the operator of a multilateral trading facility any discretion; in doing so, prices on the multilateral trading facility must be formed in accordance with the rules of section 24(2) of the Stock Exchange Act.
(3) The operator of a multilateral trading facility must take arrangements to 1. be able appropriately to manage the risks to which the system is exposed, in particular to be able to identify and effectively limit all risks material to the operation of the trading facility, and 2. facilitate the orderly and timely completion of transactions executed within its systems.
(4) The operator of a multilateral trading facility must continuously have sufficient financial resources to ensure the orderly functioning of the system, having regard to the nature and scale of the transactions concluded on the trading facility and to the nature and level of the risks to which it is exposed.
(5) The operator of a multilateral trading facility is not permitted to execute client orders on a multilateral trading facility using its own capital, or to make use of matched principal trading within the meaning of section 2(29).