(1) An investment firm engaging in algorithmic trading shall have effective systems and risk controls suitable to the business it operates to ensure that its trading systems -
(a) are resilient,
(b) have sufficient capacity,
(c) are subject to appropriate trading thresholds and limits,
(d) prevent the sending of erroneous orders or the systems otherwise functioning in a way that may create or contribute to a disorderly market, and
(e) cannot be used for any purpose that is contrary to Regulation (EU) No 596/2014 or to the rules of a trading venue to which it is connected.
(2) An investment firm engaging in algorithmic trading shall -
(a) have effective business continuity arrangements to deal with any failure of its trading systems, and
(b) ensure that its trading systems are fully tested and monitored to ensure compliance with the requirements of paragraph (1).
(3) An investment firm that engages in algorithmic trading in the State shall notify the Bank or the competent authority of i
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