(Article 17(1) of Directive 2014/65/EU)

1. An investment firm shall carry out the following pre-trade controls on order entry for all financial instruments:

(a) price collars, which automatically block or cancel orders that do not meet set price parameters, differentiating between different financial instruments, both on an order-by-order basis and over a specified period of time;

(b) maximum order values, which prevent orders with an uncommonly large order value from entering the order book;

(c) maximum order volumes, which prevent orders with an uncommonly large order size from entering the order book;

(d) maximum messages limits, which prevent sending an excessive number of messages to order books pertaining to the submission, modification or cancellation of an order.

2. An investment firm shall immediately include all orders sent to a trading venue into the calculation of the pre-trade limits referred to in paragraph 1.

3. An investment firm shall have in place repeated automated execution throttles which control the number of times an algorithmic trading strategy has been applied. After a pre-determined number of repeated executions, the trading system shall be automatically disabled until re-enabled by a designated staff member.