(Article 48(1) of Directive 2014/65/EU)

1. Trading venues shall, prior to deploying or updating a trading system, make use of clearly defined development and testing methodologies which ensure at least that:

(a) the trading system does not behave in an unintended manner;

(b) the compliance and risk management controls embedded in the systems work as intended, including the automatic generation of error reports;

(c) the trading system can continue to work effectively in case of a significant increase of the number of messages managed by the system.

2. Trading venues shall be able to demonstrate at all times that they have taken all reasonable steps to avoid that their trading systems contribute to disorderly trading conditions.