{
  "url": "https://openlegislation.uk/eu-regulation-2017-584/article-20",
  "json_url": "https://openlegislation.uk/eu-regulation-2017-584/article-20.json",
  "legislation": "eur/2017/584",
  "legislation_title": "Commission Delegated Regulation (EU) 2017/584 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying organisational requirements of trading venues (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2017-584",
  "path": "article/20",
  "kind": "article",
  "number": "20",
  "heading": "Pre-trade and post-trade controls(Article 48(4) and (6) of Directive 2014/65/EU)",
  "text": "1. Trading venues shall carry out the following pre-trade controls adapted for each financial instruments traded on them:\n(a) price collars, which automatically block orders that do not meet pre-set price parameters on an order-by-order basis;\n(b) maximum order value, which automatically prevents orders with uncommonly large order values from entering the order book by reference to notional values per financial instrument;\n(c) maximum order volume, which automatically prevents orders with an uncommonly large order size from entering the order book.\n2. The pre-trade controls laid down in paragraph 1 shall be designed so as to ensure that:\n(a) their automated application has the ability to readjust a limit during the trading session and in all its phases;\n(b) their monitoring has a delay of no more than five seconds;\n(c) an order is rejected once a limit is breached;\n(d) procedures and arrangements are in place to authorise orders above the limits upon request from the member concerned. Such procedures and arrangements shall apply in relation to a specific order or set of orders on a temporary basis in exceptional circumstances.\n3. Trading venues may establish the post-trade controls that they deem appropriate on the basis of a risk assessment of their members' activity.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2017/584/article/20",
    "retrieved_at": "2026-11-01T14:45:05.196100+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}