Contents
- 1. An investment firm shall, during the hours it is sending o…
- 2. The real-time monitoring of algorithmic trading activity s…
- 3. Staff members in charge of the real-time monitoring shall…
- 4. An investment firm shall ensure that the competent authori…
- 5. The systems for real-time monitoring shall have real-time…
2.The real-time monitoring of algorithmic trading activity shall be undertaken by the trader in charge of the trading algorithm or algorithmic trading strategy, and by the risk management function or by an independent risk control function established for the purpose of this provision. That risk control function shall be considered to be independent, regardless of whether the real-time monitoring is conducted by a member of the staff of the investment firm or by a third party, provided that that function is not hierarchically dependent on the trader and can challenge the trader as appropriate and necessary within the governance framework referred to in Article 1.
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