Article 18
Prevention of disorderly trading conditions
1. Trading venues shall have at least the following arrangements in place to prevent disorderly trading and breaches of capacity limits:
| (a) | limits per member of the number of orders sent per second; | 
| (b) | mechanisms to manage volatility; | 
| (c) | pre-trade controls. | 
2. For the purposes of paragraph 1, trading venues shall be able to:
| (a) | request information from any member or user of sponsored access on their organisational requirements and trading controls; | 
| (b) | suspend a member's or a trader's access to the trading system at the initiative of the trading venue or at the request of that member, a clearing member, the CCP, where provided for in the CCP's governing rules, or the competent authority; | 
| (c) | operate a kill functionality to cancel unexecuted orders submitted by a member, or by a sponsored access client under the following circumstances: 
 
 
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| (d) | cancel or revoke transactions in case of malfunction of the trading venue's mechanisms to manage volatility or of the operational functions of the trading system; | 
| (e) | balance entrance of orders among their different gateways, where the trading venue uses more than one gateway in order to avoid collapses. | 
3. Trading venues shall set out policies and arrangements in respect of:
| (a) | mechanisms to manage volatility in accordance with Article 19; | 
| (b) | pre-trade and post-trade controls used by the venue and pre-trade and post-trade controls necessary for their members to access the market; | 
| (c) | members' obligation to operate their own kill functionality; | 
| (d) | information requirements for members; | 
| (e) | suspension of access; | 
| (f) | cancellation policy in relation to orders and transactions including: 
 
 
 
 
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| (g) | order throttling arrangements including: 
 
 
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4. Trading venues shall make public their policies and arrangements set out in paragraphs 2 and 3. That obligation shall not apply with regard to the specific number of orders per second on pre-defined time intervals and the specific parameters of their mechanisms to manage volatility.
5. Trading venues shall maintain full records of their policies and arrangements under paragraph 3 for a minimum period of five years.