natgillin/translations-raw huggingface dataset:
Et investeringsselskabs driftsstabilitetsordninger skal på en effektiv måde håndtere forstyrrende hændelser og, når det er relevant, sikre en hurtig genoptagelse af den algoritmiske handel.
For the purposes of paragraph 1, the investment firm shall establish and maintain an automated surveillance system which effectively monitors orders and transactions, generates alerts and reports and, where appropriate, employs visualisation tools.
Disse ordninger skal tilpasses de enkelte anvendte markedspladsers handelssystemer og skal omfatte følgende:
The automated surveillance system shall cover the full range of trading activities undertaken by the investment firm and all orders submitted by it.
en governanceramme med henblik på udvikling og ibrugtagning af driftsstabilitetsordningen
It shall be designed having regard to the nature, scale and complexity of the investment firm's trading activity, such as the type and volume of instruments traded, the size and complexity of its order flow and the markets accessed.
en række mulige negative scenarier vedrørende driften af de algoritmiske handelssystemer, herunder manglende disponibilitet af systemer, personale, lokaler, eksterne leverandører eller datacentre eller tab eller ændring af kritiske data og dokumenter
The investment firm shall cross-check any indications of suspicious trading activity that have been generated by its automated surveillance system during the investigation phase against other relevant trading activities undertaken by that firm.
procedurer for flytning af handelssystemet til et backupsite og drift af handelssystemet fra det site, hvis et sådant site er hensigtsmæssigt i forhold til arten, omfanget og kompleksiteten af investeringsselskabets algoritmiske handelsaktiviteter
The investment firm's automated surveillance system shall be adaptable to changes to the regulatory obligations and the trading activity of the investment firm, including changes to its own trading strategy and that of its clients.
undervisning af personalet i driften af driftsstabilitetsordningerne
The investment firm shall review its automated surveillance system at least once a year to assess whether that system and the parameters and filters employed by it are still adequate to the investment firm's regulatory obligations and trading activity, including its ability to minimise the generation of false positive and false negative surveillance alerts.
politik for brug af funktionen omhandlet i artikel 12
Using a sufficiently detailed level of time granularity, the investment firm's automated surveillance system shall be able to read, replay and analyse order and transaction data on an ex-post basis, with sufficient capacity to be able to operate in an automated low-latency trading environment where relevant.
ordninger for nedlukning af den relevante handelsalgoritme eller det relevante handelssystem, hvis det er relevant
It shall also be able to generate operable alerts at the beginning of the following trading day or, where manual processes are involved, at the end of the following trading day.
alternative ordninger, med henblik på at investeringsselskabet kan forvalte udestående ordrer og positioner.
The investment firm's surveillance system shall have adequate documentation and procedures in place for the effective follow-up to alerts generated by it.
Et investeringsselskab skal sikre, at dets handelsalgoritme eller handelssystem kan nedlukkes i overensstemmelse med dets driftsstabilitetsordninger, uden at det skaber ureglementerede handelsvilkår.
Staff responsible for monitoring the investment firm's trading activities for the purposes of paragraphs 1 to 7 shall report to the compliance function any trading activity that may not be compliant with the investment firm's policies and procedures or with its regulatory obligations.
Et investeringsselskab skal årligt gennemgå og afprøve sine driftsstabilitetsordninger og ændre dem i lyset af denne gennemgang.
The compliance function shall assess that information and take appropriate action.
Et investeringsselskab skal for alle finansielle instrumenter udføre følgende førhandelskontroller af ordreindførelse:
Such action shall include reporting to the trading venue or submitting a suspicious transaction or order report in accordance with Article 16 of Regulation (EU) No 596/2014.
maksimale ordreværdier, der forhindrer, at ordrer med usædvanligt store ordreværdier indføres i ordrebogen
Article 14 Business continuity arrangements
maksimale ordremængder, der forhindrer, at ordrer med en usædvanligt stor ordrestørrelse indføres i ordrebogen
An investment firm shall have business continuity arrangements in place for its algorithmic trading systems which are appropriate to the nature, scale and complexity of its business.
maksimumsgrænser for meddelelser, der forhindrer, at et for stort antal meddelelser sendes til ordrebøger vedrørende indgivelse, ændring eller annullering af en ordre.
Those arrangements shall be documented in a durable medium.
Et investeringsselskab skal straks inkludere alle ordrer, der er sendt til en markedsplads, i beregningen af førhandelsgrænserne omhandlet i stk. 1.
Business continuity arrangements of an investment firm shall effectively deal with disruptive incidents and, where appropriate, ensure a timely resumption of the algorithmic trading.
Et investeringsselskab skal for gentagne automatiske ordreudførelser have etableret regulatorer, der kontrollerer, hvor mange gange en algoritmisk handelsstrategi er blevet anvendt.
Those arrangements shall be adapted to the trading systems of each of the trading venue accessed and shall include the following:
Efter et forudfastsat antal gentagne udførelser skal handelssystemet automatisk deaktiveres, indtil en udpeget medarbejder aktiverer det igen.
a governance framework for the development and of the deployment of the business continuity arrangement;
Et investeringsselskab skal fastlægge markeds- og kreditrisikogrænser, der er baseret på dets kapitalgrundlag, dets clearingordninger, dets handelsstrategi, dets risikotolerance, erfaring og visse variabler, såsom hvor længe investeringsselskabet har benyttet sig af algoritmisk handel, samt dets afhængighed af tredjepartssælgere.
a range of possible adverse scenarios relating to the operation of the algorithmic trading systems, including the unavailability of systems, staff, work space, external suppliers or data centres or loss or alteration of critical data and documents;
Investeringsselskabet skal justere disse markeds- og kreditrisikogrænser for at tage højde for ordrernes skiftende virkninger på det relevante marked som følge af forskellige pris- og likviditetsniveauer.
procedures for relocating the trading system to a back-up site and operating the trading system from that site, where having such a site is appropriate to the nature, scale and complexity of the algorithmic trading activities of the investment firm;
Et investeringsselskab skal automatisk blokere eller annullere ordrer fra en handler, hvis det bliver bekendt med, at den pågældende handler ikke har tilladelse til at handle et bestemt finansielt instrument.
staff training on the operation of the business continuity arrangements;
Et investeringsselskab skal automatisk blokere eller annullere ordrer, hvis de pågældende ordrer risikerer at skade investeringsselskabets egne risikotærskler.
usage policy regarding the functionality referred to in Article 12;
Hvis det er relevant, skal der anvendes kontrol af eksponeringer mod enkeltkunder, finansielle instrumenter, handlere, handelsenheder eller investeringsselskaber som helhed.
arrangements for shutting down the relevant trading algorithm or trading system where appropriate;
Et investeringsselskab skal have etableret procedurer og ordninger for at håndtere ordrer, som er blevet blokeret af investeringsselskabets førhandelskontroller, men som investeringsselskabet alligevel ønsker at afgive.
alternative arrangements for the investment firm to manage outstanding orders and positions.
Sådanne procedurer og ordninger skal anvendes midlertidigt og i ekstraordinære tilfælde i forbindelse med en specifik handel.
An investment firm shall ensure that its trading algorithm or trading system can be shut down in accordance with its business continuity arrangements without creating disorderly trading conditions.
Et investeringsselskab skal, i det tidsrum det sender ordrer til markedspladser, i realtid overvåge alle algoritmiske handelsaktiviteter, der finder sted under dets handelskode, herunder dets kunders, for tegn på ureglementeret handel, herunder handel på tværs af markeder, aktivklasser eller produkter, når selskabet eller dets kunder deltager i sådanne aktiviteter.
Article 15 Pre-trade controls on order entry
Realtidsovervågningen af algoritmiske handelsaktiviteter udføres af den handler, der har ansvaret for handelsalgoritmen eller den algoritmiske handelsstrategi, og af risikostyringsfunktionen eller af en uafhængig risikostyringsfunktion, der er oprettet med henblik på denne bestemmelse.
An investment firm shall carry out the following pre-trade controls on order entry for all financial instruments:
Denne risikostyringsfunktion skal anses for at være uafhængig, uanset om realtidsovervågningen udføres af et medlem af investeringsselskabets personale eller af en tredjepart, forudsat at denne funktion er ikke hierarkisk afhængig af handleren og kan gøre indsigelse over for handleren på en måde, der er hensigtsmæssig og nødvendig inden for den governanceramme, der er omhandlet i artikel 1.
price collars, which automatically block or cancel orders that do not meet set price parameters, differentiating between different financial instruments, both on an order-by-order basis and over a specified period of time;
Medarbejdere med ansvar for realtidsovervågningen skal reagere på driftsmæssige og lovgivningsmæssige problemer i tide og iværksætte afhjælpende foranstaltninger, hvis det er nødvendigt.
maximum order values, which prevent orders with an uncommonly large order value from entering the order book;
Et investeringsselskab skal sikre, at den kompetente myndighed, de relevante markedspladser og, hvor det er relevant, DEA-leverandører, clearingmedlemmer og centrale modparter til enhver tid kan få adgang til de medarbejdere, der har ansvaret for realtidsovervågningen.
maximum order volumes, which prevent orders with an uncommonly large order size from entering the order book;
I det øjemed skal et investeringsselskab kortlægge og regelmæssigt teste sine kommunikationskanaler, herunder sine kontaktprocedurer uden for åbningstiden, for at sikre, at medarbejderne med et passende beføjelsesniveau i en nødsituation kan træffe hinanden i tide.
maximum messages limits, which prevent sending an excessive number of messages to order books pertaining to the submission, modification or cancellation of an order.
Systemerne til realtidsovervågning skal omfatte realtidsalarmer, der skal hjælpe personalet med at identificere uventede handelsaktiviteter, der iværksættes ved hjælp af en algoritme.
An investment firm shall immediately include all orders sent to a trading venue into the calculation of the pre-trade limits referred to in paragraph 1.
Et investeringsselskab skal have etableret en procedure for at træffe afhjælpende foranstaltninger, hurtigst muligt efter at en alarm er blevet udløst, herunder om nødvendigt en tilbagetrækning fra markedet på en ordentlig måde.
An investment firm shall have in place repeated automated execution throttles which control the number of times an algorithmic trading strategy has been applied.
Sådanne systemer skal desuden generere alarmer i forbindelse med algoritmer og DEA-ordrer, der udløser handelsafbrydelser på en markedsplads.
After a pre-determined number of repeated executions, the trading system shall be automatically disabled until re-enabled by a designated staff member.
Der skal genereres realtidsalarmer senest fem sekunder efter den relevante begivenhed.
An investment firm shall set market and credit risk limits that are based on its capital base, its clearing arrangements, its trading strategy, its risk tolerance, experience and certain variables, such as the length of time the investment firm has been engaged in algorithmic trading and its reliance on third-party vendors.
Et investeringsselskab skal løbende foretage den efterhandelskontrol, den har etableret.
The investment firm shall adjust those market and credit risk limits to account for the changing impact of the orders on the relevant market due to different price and liquidity levels.
Når der udløses en efterhandelskontrol, skal investeringsselskabet træffe passende foranstaltninger, der kan omfatte justering eller nedlukning af den relevante handelsalgoritme eller det relevante handelssystem eller en tilbagetrækning fra markedet på en ordentlig måde.
An investment firm shall automatically block or cancel orders from a trader if it becomes aware that that trader does not have permission to trade a particular financial instrument.
Efterhandelskontrol, jf. stk. 1, skal omfatte løbende vurdering og overvågning af investeringsselskabets markeds- og kreditrisiko med hensyn til faktisk eksponering.
An investment firm shall automatically block or cancel orders where those orders risk compromising the investment firm's own risk thresholds.
Et investeringsselskab skal føre et register over handels- og kontooplysninger, som er fuldstændigt, nøjagtigt og sammenhængende.
Controls shall be applied, where appropriate, on exposures to individual clients, financial instruments, traders, trading desks or the investment firm as a whole.
Investeringsselskabet skal forene sine egne elektroniske handelslogs med oplysninger om sine udestående ordrer og engagementer fra de handelscentre, til hvilke det sender ordrer, fra dets mæglere eller DEA-leverandører, fra dets clearingmedlemmer eller centrale modparter og fra dets dataleverandører eller andre relevante forretningspartnere.
An investment firm shall have procedures and arrangements in place for dealing with orders which have been blocked by the investment firm's pre-trade controls but which the investment firm nevertheless wishes to submit.
Der skal foretages afstemning i realtid, hvis ovennævnte markedsdeltagere leverer oplysningerne i realtid.
Such procedures and arrangements shall be applied in relation to a specific trade on a temporary basis and in exceptional circumstances.
For derivater skal efterhandelskontrollen, jf. stk. 1, omfatte kontrol vedrørende de maksimale lange og korte positioner og de overordnede strategiske positioner i forhold til handelsgrænser, der skal fastsættes i enheder, der er relevante for de berørte typer af finansielle instrumenter.
Article 16 Real-time monitoring
De handlere, der er ansvarlige for algoritmen, og investeringsselskabets risikostyringsfunktion skal foretage efterhandelsovervågning.
An investment firm shall, during the hours it is sending orders to trading venues, monitor in real time all algorithmic trading activity that takes place under its trading code, including that of its clients, for signs of disorderly trading, including trading across markets, asset classes, or products, in cases where the firm or its clients engage in such activities.
Et investeringsselskab skal gennemføre en IT-strategi med veldefinerede mål og foranstaltninger, der:
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.
er i overensstemmelse med investeringsselskabets forretnings- og risikostrategi og er tilpasset til de operationelle aktiviteter og de risici, som det er udsat for
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.
er baseret på en pålidelig IT-organisation, herunder tjenester, produktion og udvikling
Staff members in charge of the real-time monitoring shall respond to operational and regulatory issues in a timely manner and shall initiate remedial action where necessary.
er i overensstemmelse med en effektiv styring af IT-sikkerheden.
An investment firm shall ensure that the competent authority, the relevant trading venues and, where applicable, DEA providers, clearing members and central counterparties can at all times have access to staff members in charge of real-time monitoring.
Et investeringsselskab skal etablere og opretholde passende ordninger for fysisk og elektronisk sikkerhed, der minimerer risiciene for angreb mod dets informationssystemer, og som omfatter en effektiv identitets- og adgangsstyring.
For that purpose, the investment firm shall identify and periodically test its communication channels, including its contact procedures for out of trading hours, to ensure that in an emergency the staff members with the adequate level of authority may reach each other in time.
Sådanne ordninger skal sikre fortroligheden, integriteten, ægtheden og tilgængeligheden af data og pålideligheden og robustheden af investeringsselskabets informationssystemer.
The systems for real-time monitoring shall have real-time alerts to assist staff in identifying unanticipated trading activities undertaken by means of an algorithm.
Et investeringsselskab skal straks underrette den kompetente myndighed om eventuelle væsentlige overtrædelser af dets fysiske og elektroniske sikkerhedsforanstaltninger.
An investment firm shall have a process in place to take remedial action as soon as possible after an alert has been generated, including, where necessary, an orderly withdrawal from the market.
Det skal forelægge en hændelsesrapport for den kompetente myndighed med angivelse arten af hændelsen, de foranstaltninger, der blev truffet efter hændelsen, og de initiativer, der er taget for at undgå, at lignende hændelser gentager sig.
Those systems shall also provide alerts in relation to algorithms and DEA orders triggering circuit breakers of a trading venue.
Et investeringsselskab skal sørge for, at det er i stand til at identificere alle personer, der har kritiske brugeradgangsrettigheder til dets IT-systemer.
Article 17 Post-trade controls
Investeringsselskabet skal begrænse antallet af sådanne personer og overvåge deres adgang til IT-systemer for at sikre sporbarhed til enhver tid.
An investment firm shall continuously operate the post-trade controls that it has in place.
KAPITEL III
Where a post-trade control is triggered, the investment firm shall undertake appropriate action, which may include adjusting or shutting down the relevant trading algorithm or trading system or an orderly withdrawal from the market.
DIREKTE ELEKTRONISK ADGANG
Post-trade controls referred to in paragraph 1 shall include the continuous assessment and monitoring of market and credit risk of the investment firm in terms of effective exposure.
(artikel 17, stk. 5, i direktiv 2014/65/EU)
An investment firm shall keep records of trade and account information, which are complete, accurate and consistent.
En DEA-leverandør skal fastsætte politikker og procedurer for at sikre, at dens DEA-kunders handel er i overensstemmelse med markedspladsens regler, for at sikre, at DEA-leverandøren opfylder kravene i henhold til artikel 17, stk. 5, i direktiv 2014/65/EU.
The investment firm shall reconcile its own electronic trading logs with information about its outstanding orders and risk exposures as provided by the trading venues to which it sends orders, by its brokers or DEA providers, by its clearing members or central counterparties and by its data providers or other relevant business partners.
En DEA-leverandør skal anvende de kontrolforanstaltninger, der er fastsat i artikel 13, 15 og 17, og den realtidsovervågning, der er fastsat i artikel 16, på hver enkelt af dens DEA-kunders ordrestrøm.
Reconciliation shall be made in real-time where the aforementioned market participants provide the information in real-time.
Kontrolforanstaltningerne og overvågningen skal være adskilt fra de kontrolforanstaltninger og den overvågning, der anvendes af DEA-kunder.
An investment firm shall have the capability to calculate in real time its outstanding exposure and that of its traders and clients.
Navnlig skal en DEA-kundes ordrer altid passere gennem den førhandelskontrol, der er etableret og kontrolleret af DEA-leverandøren.
For derivatives, the post-trade controls referred to in paragraph 1 shall include controls regarding the maximum long and short and overall strategy positions, with trading limits to be set in units that are appropriate to the types of financial instruments involved.
I alle tilfælde er DEA-leverandøren fortsat ansvarlig for effektiviteten af denne kontrol.
Article 18 Security and limits to access
DEA-leverandøren skal også sikre, at den alene er berettiget til at fastsætte eller ændre parametrene eller grænserne for denne før- og efterhandelskontrol og realtidsovervågning.
An investment firm shall implement an IT strategy with defined objectives and measures which:
DEA-leverandøren skal løbende overvåge ydeevnen af før- og efterhandelskontrollen.
is in compliance with the business and risk strategy of the investment firm and is adapted to its operational activities and the risks to which it is exposed;
Førhandelskontrollens grænser for ordreindgivelse skal være baseret på de kredit- og risikogrænser, som DEA-leverandøren anvender på sine DEA-kunders handelsaktiviteter.
is based on a reliable IT organisation, including service, production, and development;
Disse grænser skal være baseret på DEA-leverandørens oprindelige due diligence-undersøgelse og regelmæssige gennemgang af DEA-kunden.
complies with an effective IT security management.
Parametrene og grænserne i den kontrol, der anvendes på DEA-kunder, der benytter sig af sponsoreret adgang, skal være lige så strenge som dem, der gælder for DEA-kunder, der benytter sig af DMA.
An investment firm shall set up and maintain appropriate arrangements for physical and electronic security that minimise the risks of attacks against its information systems and that includes effective identity and access management.
En DEA-leverandør skal sikre, at dens handelssystemer sætter den i stand til:
Those arrangements shall ensure the confidentiality, integrity, authenticity, and availability of data and the reliability and robustness of the investment firm's information systems.
at overvåge ordrer, der afgives af en DEA-kunde ved hjælp af DEA-leverandørens handelskode
An investment firm shall promptly inform the competent authority of any material breaches of its physical and electronic security measures.
automatisk at blokere eller annullere ordrer fra enkeltpersoner, der driver handelssystemer, der afgiver ordrer vedrørende algoritmisk handel, og som ikke har tilladelse til at sende ordrer gennem DEA
It shall provide an incident report to the competent authority, indicating the nature of the incident, the measures taken following the incident and the initiatives taken to avoid similar incidents from recurring.
automatisk at blokere eller annullere ordrer fra en DEA-kunde vedrørende finansielle instrumenter, som kunden ikke er godkendt til at handle, ved hjælp af et internt mærkningssystem med henblik på at identificere og blokere DEA-enkeltkunder eller en gruppe af DEA-kunder
An investment firm shall annually undertake penetration tests and vulnerability scans to simulate cyber-attacks.
automatisk at blokere eller annullere ordrer fra en DEA-kunde, der bryder DEA-leverandørens risikostyringstærskler, ved at anvende kontrolforanstaltninger over for DEA-enkeltkunders, finansielle instrumenters eller grupper af DEA-kunders eksponeringer
An investment firm shall ensure that it is able to identify all persons who have critical user access rights to its IT systems.
at standse ordrestrømme, der er blevet formidlet af dens DEA-kunder
The investment firm shall restrict the number of such persons and shall monitor their access to IT systems to ensure traceability at all times.