Book IV: Markets

I. – The operator of a trading venue shall put in place effective systems, procedures and mechanisms to ensure that its trading systems are resilient, have sufficient capacity to handle high volumes of orders and messages and allow for an orderly trading process during periods of market stress. These trading systems are tested to confirm that these conditions are met in situations of extreme market volatility. The operator of a…

I. – The operator of a trading venue shall enter into written contracts with all investment service providers other than portfolio management companies that apply a market-making strategy, within the meaning of 3° of Article L. 533-10-3, on the trading venue and shall put in place arrangements to ensure that a sufficient number of investment service providers enter into such contracts. These contracts shall require these investment services providers, where…

The operator of a trading venue shall ensure that its rules on collocation services are transparent, fair and non-discriminatory, in accordance with the provisions of Commission Delegated Regulation (EU) 2017/573 of 6 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments by technical regulatory standards as regards requirements to ensure that collocation services and fee structures are fair and non-discriminatory.

I. – The operator of a trading venue shall ensure that its pricing structures, including execution fees, ancillary fees and any rebates, are transparent, fair and non-discriminatory and do not create incentives to submit, modify or cancel orders or execute trades in a way that contributes to disorderly trading conditions or leads to market abuse. To this end, the rates for cancelled orders may be adapted according to the length…

The operator of a trading platform shall make available to the Autorité des marchés financiers, at its request, data relating to the order book or provide access to the order book so that it can monitor transactions.

I. – The operator of a trading venue shall implement quotation step regimes for shares, representative certificates, listed funds, preferential certificates and other similar financial instruments, as well as for any other instruments in accordance with the provisions of Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments by regulatory technical standards concerning the…