# 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), Article 20: Pre-trade and post-trade controls(Article 48(4) and (6) of Directive 2014/65/EU)

Extent: E+W+S+N.I.

1. Trading venues shall carry out the following pre-trade controls adapted for each financial instruments traded on them:
(a) price collars, which automatically block orders that do not meet pre-set price parameters on an order-by-order basis;
(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;
(c) maximum order volume, which automatically prevents orders with an uncommonly large order size from entering the order book.
2. The pre-trade controls laid down in paragraph 1 shall be designed so as to ensure that:
(a) their automated application has the ability to readjust a limit during the trading session and in all its phases;
(b) their monitoring has a delay of no more than five seconds;
(c) an order is rejected once a limit is breached;
(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.
3. Trading venues may establish the post-trade controls that they deem appropriate on the basis of a risk assessment of their members' activity.

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Source: https://www.legislation.gov.uk/eur/2017/584/article/20 (the official version)
Page: https://openlegislation.uk/eu-regulation-2017-584/article-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.