(1) A regulated market shall have in place effective systems, procedures and arrangements to ensure that its trading systems -
(a) are resilient,
(b) have sufficient capacity to deal with peak order and message volumes,
(c) are able to ensure orderly trading under conditions of severe market stress,
(d) are able to reject orders that exceed predetermined volume and price thresholds or are clearly erroneous, and
(e) ensure that algorithmic trading systems cannot create or contribute to disorderly trading conditions on the market and manage any disorderly trading conditions which do arise from such algorithmic trading systems, including -
(i) by requiring members or participants to carry out appropriate testing of algorithms and providing environments to facilitate such testing, and
(ii) by limiting the ratio of unexecuted orders to transactions that may be entered into the system by a member or participant, by being able to slow down the flow of orders if there is a risk of its system c
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