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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

You are viewing the version of the document as on 2021-01-01.

Article 5 Staffing(Article 48(1) of Directive 2014/65/EU)

  1. (1)

    Trading venues shall employ a sufficient number of staff with the necessary skills to manage their algorithmic trading systems and trading algorithms and with sufficient knowledge of:

    1. (a)

      the relevant trading systems and algorithms;

    2. (b)

      the monitoring and testing of such systems and algorithms;

    3. (c)

      the types of trading undertaken by the members, participants or clients of the trading venue ("members");

    4. (d)

      the trading venue's legal obligations.

  2. (2)

    Trading venues shall define the necessary skills referred to in paragraph 1. The staff referred to in paragraph 1 shall have those necessary skills at the time of recruitment or shall acquire them through training after recruitment. The trading venues shall ensure that those staff's skills remain up-to-date and shall evaluate their skills on a regular basis.

  3. (3)

    The staff training referred to in paragraph 2 shall be tailored to the experience and responsibilities of the staff, taking into account the nature, scale and complexity of their activities.

  4. (4)

    The staff referred to in in paragraph 1 shall include staff with sufficient seniority to perform their functions effectively within the trading venue.