natgillin/translations-raw huggingface dataset:
supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the organisational requirements of investment firms engaged in algorithmic trading
o dopolnitvi Direktive 2014/65/EU Evropskega parlamenta in Sveta v zvezi z regulativnimi tehničnimi standardi o organizacijskih zahtevah za investicijska podjetja, ki se ukvarjajo z algoritemskim trgovanjem
Having regard to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments amending Directive 2002/92/EC and Directive 2011/61/EU [1], and in particular points (a) and (d) of Article 17(7) thereof.
ob upoštevanju Direktive 2014/65/EU Evropskega parlamenta in Sveta z dne 15. maja 2014 o trgih finančnih instrumentov ter spremembi Direktive 2002/92/ES in Direktive 2011/61/EU [1], zlasti točk (a) in (d) člena 17(7) Direktive,
Systems and risk controls used by an investment firm engaged in algorithmic trading, providing direct electronic access or acting as general clearing members, should be efficient, resilient and have adequate capacity, having regard to the nature, scale and complexity of the business model of that investment firm.
Sistemi in nadzor tveganj, ki jih izvaja investicijsko podjetje, ki se ukvarja z algoritemskim trgovanjem, zagotavlja neposreden elektronski dostop ali deluje kot splošen klirinški član, bi morali biti učinkoviti, odporni in dovolj zmogljivi, pri čemer se upoštevajo narava, obseg in zapletenost poslovnega modela navedenega investicijskega podjetja.
To that end, an investment firm should address all risks that may affect the core elements of an algorithmic trading system, including risks related to the hardware, software and associated communication lines used by that firm to perform its trading activities.
Zato bi moralo investicijsko podjetje obravnavati vsa tveganja, ki lahko vplivajo na ključne elemente sistema za algoritemsko trgovanje, vključno s tveganji, povezanimi s strojno opremo, programsko opremo in povezanimi komunikacijskimi linijami, ki jih navedeno investicijsko podjetje uporablja za opravljanje svojih dejavnosti trgovanja.
To ensure the same conditions for algorithmic trading independently of trading form, any type of execution system or order management system operated by an investment firm should be covered by this Regulation.
Za zagotovitev enakih pogojev za algoritemsko trgovanje ne glede na obliko trgovanja bi morala ta uredba zajemati vsako vrsto sistema za izvrševanje ali za upravljanje naročil, ki ga uporablja investicijsko podjetje.
As a part of its overall governance framework and decision making framework, an investment firm should have a clear and formalised governance arrangement, including clear lines of accountability, effective procedures for the communication of information and a separation of tasks and responsibilities.
Investicijsko podjetje bi moralo imeti kot del splošnega okvira upravljanja in odločanja jasno in formalizirano ureditev upravljanja, vključno z jasnimi linijami odgovornosti, učinkovitimi postopki za sporočanje informacij ter ločitvijo nalog in odgovornosti.
That arrangement should ensure reduced dependency on a single person or unit.
Navedena ureditev bi morala zagotavljati manjšo odvisnost od ene osebe ali enote.
Conformance testing should be made in order to verify that the trading systems of an investment firm communicate and interact properly with the trading systems of the trading venue or of the direct market access (DMA) provider and that market data are processed correctly.
S preizkušanjem skladnosti bi bilo treba preveriti, da sistemi trgovanja investicijskega podjetja pravilno komunicirajo in delujejo s sistemi trgovanja mesta trgovanja ali ponudnika neposrednega dostopa do trga ter da se podatki o trgovanju pravilno obdelujejo.
Investment decision algorithms make automated trading decisions by determining which financial instrument should be purchased or sold.
Algoritmi za investicijske odločitve sprejemajo avtomatizirane odločitve o trgovanju, tako da določijo, kateri finančni instrumenti bi se morali kupiti ali prodati.
Order execution algorithms optimise order-execution processes by automatic generation and submission of orders or quotes, to one or several trading venues once the investment decision has been taken.
Algoritmi za izvrševanje naročil optimizirajo proces izvrševanja naročil, tako da samodejno ustvarijo in predložijo naročila ali ponudbe enemu ali več mestom trgovanja, ko se sprejme investicijska odločitev.
Trading algorithms that are investment decision algorithms should be differentiated from order execution algorithms having regard to their potential impact on the overall fair and orderly functioning of the market.
Algoritme za trgovanje, ki so algoritmi za investicijske odločitve, bi bilo treba razlikovati od algoritmov za izvrševanje naročil, saj je treba upoštevati njihov morebitni učinek na splošno pravično in pravilno delovanje trga.
The requirements concerning the testing of trading algorithms should be based on the potential impact that those algorithms may have on the overall fair and orderly functioning of the market.
Zahteve za preizkušanje algoritmov za trgovanje bi morale temeljiti na morebitnem učinku, ki ga navedeni algoritmi lahko imajo na splošno pravično in pravilno delovanje trga.
In this regard, only pure investment decision algorithms which generate orders that are only to be executed by non-automated means and with human intervention should be excluded from the testing requirements.
Zato bi bilo treba iz zahtev za preizkušanje izvzeti le algoritme za izključno investicijske odločitve, ki ustvarjajo naročila, ki se izvršijo zgolj z neavtomatiziranimi sredstvi in človeškim posredovanjem.
When introducing trading algorithms, an investment firm should ensure controlled deployment of trading algorithms, regardless of whether those trading algorithms are new or previously have been successfully deployed in another trading venue, and whether their architecture has been materially modified.
Pri uvedbi algoritmov za trgovanje bi moralo investicijsko podjetje zagotoviti nadzorovano namestitev algoritmov za trgovanje ne glede na to, ali so navedeni algoritmi za trgovanje novi ali so že bili uspešno nameščeni na drugem mestu trgovanja in ali je bila njihova arhitektura bistveno spremenjena.
The controlled deployment of trading algorithms should ensure that the trading algorithms perform as expected in a production environment.
Nadzorovana namestitev algoritmov za trgovanje bi morala zagotoviti, da algoritmi za trgovanje v skladu s pričakovanji uspešno delujejo v produkcijskem okolju.
The investment firm should therefore set cautious limits on the number of financial instruments being traded, the price, value and number of orders, the strategy positions and the number of markets involved and by monitoring the activity of the algorithm more intensively.
Investicijsko podjetje bi torej moralo določiti zadržane omejitve glede števila finančnih instrumentov, s katerimi se trguje, cene, vrednosti in števila naročil, strateških pozicij in števila vključenih trgov ter intenzivneje spremljati dejavnosti algoritmov.
Compliance with the specific organisational requirements for an investment firm should be determined according to a self-assessment which includes an assessment of compliance with the criteria set out in Annex I to this Regulation.
Skladnost s specifičnimi organizacijskimi zahtevami za investicijsko podjetje bi bilo treba ugotoviti s samoocenjevanjem, ki vključuje oceno skladnosti z merili iz Priloge I k tej uredbi.
That self-assessment should furthermore include all other circumstances that may have an impact on the organisation of that investment firm.
Navedeno samoocenjevanje bi moralo vključevati tudi vse druge okoliščine, ki bi lahko vplivale na organizacijo navedenega investicijskega podjetja.
That self-assessment should be made regularly and should allow the investment firm to gain a full understanding of the trading systems and trading algorithms it uses and the risks stemming from algorithmic trading, irrespective of whether those systems and algorithms were developed by the investment firm itself, purchased from a third party, or designed or developed in close cooperation with a client or a third party.
Samoocenjevanje bi se moralo redno izvajati in investicijskemu podjetju omogočati, da v celoti razume sisteme trgovanja in algoritme za trgovanje, ki jih uporablja, ter tveganja, ki izhajajo iz algoritemskega trgovanja, ne glede na to, ali je navedene sisteme in algoritme razvilo investicijsko podjetje, jih kupilo od tretje osebe ali jih zasnovalo oziroma razvilo v tesnem sodelovanju s stranko ali tretjo osebo.
For such a withdrawal to be effective, an investment firm should always be in a position to know which trading algorithms, traders or clients are responsible for an order.
O sumljivih poslih ali naročilih bi bilo treba v skladu z navedeno uredbo obvestiti pristojne organe.
An investment firm engaged in algorithmic trading should monitor that its trading systems cannot be used for any purpose that is contrary to Regulation (EU) No 596/2014 of the European Parliament and of the Council [2] or to the rules of a trading venue to which it is connected.
Različne vrste tveganj bi bilo treba obravnavati z različnimi vrstami kontrol.
Suspicious transactions or orders should be reported to the competent authorities in accordance with that Regulation.
Kontrole pred trgovanjem bi bilo treba izvesti, preden se naročilo predloži mestu trgovanja.
Different types of risks should be addressed by different types of controls.
Investicijska podjetja bi morala spremljati tudi svojo dejavnost trgovanja in uvesti opozorila v realnem času, s katerimi bi odkrila znake neurejenega trgovanja ali kršitve omejitev pred trgovanjem.
Pre-trade controls should be conducted before an order is submitted to a trading venue.
Vzpostaviti bi bilo treba kontrole po trgovanju, da bi se spremljali trg in kreditna tveganja investicijskega podjetja prek uskladitve po trgovanju.
An investment firms should also monitor its trading activity and implement real-time alerts which identify signs of disorderly trading or a breach of its pre-trade limits.
Poleg tega bi bilo treba preprečiti morebitno zlorabo trga in kršitve pravil mesta trgovanja s posebnimi sistemi nadzora, ki najpozneje naslednji dan ustvarijo opozorila in ki so kalibrirana za čim večje zmanjševanje lažno pozitivnih in lažno negativnih opozoril.
Post-trade controls should be put in place to monitor the market and credit risks of the investment firm through post-trade reconciliation.
Zagotoviti bi bilo treba, da se opozorila na podlagi spremljanja v realnem času ustvarijo takoj, ko je to tehnično izvedljivo.
In addition, potential market abuse and violations of the rules of the trading venue should be prevented through specific surveillance systems that generate alerts on the following day at the latest and that are calibrated to minimise false positive and false negative alerts.
Morebitne ukrepe na podlagi navedenega spremljanja bi bilo treba sprejeti takoj, ko je to izvedljivo, pri čemer je treba upoštevati razumno raven učinkovitosti in odhodkov zadevnih oseb in sistemov.
The generation of alerts following real time monitoring should be done as instantaneously as technically possible.
Investicijsko podjetje, ki zagotavlja neposreden elektronski dostop (v nadaljnjem besedilu: ponudnik neposrednega elektronskega dostopa), bi moralo vedno ohraniti odgovornost za trgovanje, ki ga njegove stranke, ki uporabljajo neposreden elektronski dostop, izvajajo z uporabo njegove identifikacijske kode.
Any actions following that monitoring should be undertaken as soon as possible having regard to a reasonable level of efficiency and expenditure of the persons and systems concerned.
Ponudnik neposrednega elektronskega dostopa bi moral zato vzpostaviti politike in postopke za zagotavljanje, da je trgovanje njegovih strank, ki uporabljajo neposreden elektronski dostop, skladno z zahtevami, ki veljajo za navedenega ponudnika.
An investment firm providing direct electronic access (‘DEA provider’) should remain responsible for the trading carried out through the use of its trading code by its DEA clients.
Ta odgovornost bi morala biti glavni dejavnik za vzpostavitev kontrol pred trgovanjem in po njem ter za ocenjevanje primernosti potencialnih strank, ki bi uporabljale neposreden elektronski dostop.
A DEA provider should therefore establish policies and procedures to ensure that trading of its DEA clients complies with the requirements applicable to that provider.
Ponudnik neposrednega elektronskega dostopa bi torej moral biti dovolj seznanjen z namerami, sposobnostmi, finančnimi viri in verodostojnostjo strank, ki uporabljajo neposreden elektronski dostop, vključno z informacijami o preteklih disciplinskih ukrepih, ki so jih pristojni organi in mesta trgovanja naložili potencialnim strankam, ki bi uporabljale neposreden elektronski dostop, če so javno objavljene.
That responsibility should constitute the principal factor for establishing pre-trade and post-trade controls and for assessing the suitability of prospective DEA clients.
Ponudnik neposrednega elektronskega dostopa bi moral zagotavljati skladnost z določbami te uredbe tudi, če se ne ukvarja z algoritemskim trgovanjem, saj lahko njegove stranke neposreden elektronski dostop uporabijo za algoritemsko trgovanje.
A DEA provider should therefore have sufficient knowledge about the intentions, capabilities, financial resources and trustworthiness of its DEA clients, including, where publicly available, information about the prospective DEA clients' disciplinary history with competent authorities and trading venues.
Ocenjevanje potrebne skrbnosti potencialnih strank, ki bi uporabljale neposreden elektronski dostop, bi moralo biti prilagojeno tveganjem, ki izhajajo iz narave, obsega in zapletenosti pričakovanih dejavnosti trgovanja, in neposrednemu elektronskemu dostopu, ki se zagotavlja.
A DEA provider should comply with the provisions of this Regulation even where it is not engaged in algorithmic trading, since its clients may use the DEA to engage in algorithmic trading.
Oceniti bi bilo treba zlasti pričakovano raven trgovanja in količino naročil ter vrsto ponujene povezave z ustreznimi mesti trgovanja.
Due diligence assessment of prospective DEA clients should be adapted to the risks posed by the nature, scale and complexity of their expected trading activities and to the DEA being provided.
Določiti bi bilo treba tudi vsebino in obliko obrazcev, ki jih uporablja investicijsko podjetje, ki se ukvarja z visokofrekvenčnim trgovanjem, za predložitev evidenc predloženih naročil pristojnim organom, ter trajanje obdobja, v katerem je treba voditi navedene evidence.
In particular, the expected level of trading and order volume and the type of connection offered to the relevant trading venues should be assessed.
Za zagotavljanje skladnosti s splošnimi obveznostmi investicijskega podjetja, da vodi evidence naročil, bi bilo treba določena obdobja za vodenje evidenc za investicijsko podjetje, ki se ukvarja z visokofrekvenčnim algoritemskim trgovanjem, uskladiti z obdobji iz člena 25(1) Uredbe (EU) št. 600/2014 Evropskega parlamenta in Sveta [3].
The content and format of the forms to be used by an investment firm engaged in high frequency trading technique for submitting to the competent authorities the records of its placed orders and the length of time that those records should be kept should be laid down.
Zaradi doslednosti in zagotavljanja nemotenega delovanja finančnih trgov je nujno, da določbe iz te uredbe in povezane nacionalne določbe, s katerimi se Direktiva 2014/65/EU prenese v nacionalno zakonodajo, veljajo od istega datuma.
To ensure consistency with the general obligation for an investment firm to keep records of orders, the required record keeping periods for an investment firm engaging in high-frequency algorithmic trading technique should be aligned with the ones laid down in Article 25(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council [3].
Ta uredba temelji na osnutkih regulativnih tehničnih standardov, ki jih je Komisiji predložil Evropski organ za vrednostne papirje in trge (ESMA).
For reasons of consistency and in order to ensure the smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the related national provisions transposing Directive 2014/65/EU apply from the same date.
ESMA je o osnutkih regulativnih tehničnih standardov, na katerih temelji ta uredba, opravila javna posvetovanja, analizirala morebitne povezane stroške in koristi ter zaprosila za mnenje interesno skupino za vrednostne papirje in trge, ustanovljeno v skladu s členom 37 Uredbe (EU) št. 1095/2010 Evropskega parlamenta in Sveta [4] –
This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority (‘ESMA’) to the Commission.
SPREJELA NASLEDNJO UREDBO:
ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council [4],
POGLAVJE I
HAS ADOPTED THIS REGULATION:
SPLOŠNE ORGANIZACIJSKE ZAHTEVE
CHAPTER I
(člen 17(1) Direktive 2014/65/EU)
Article 1 General organisational requirements
jasno opredeljene linije odgovornosti, vključno s postopki za odobritev razvoja, namestitve in naknadnih posodobitev algoritmov za trgovanje ter za reševanje težav, odkritih pri spremljanju algoritmov za trgovanje;
(Article 17(1) of Directive 2014/65/EU)
učinkovite postopke za sporočanje informacij znotraj investicijskega podjetja, ki omogočajo iskanje navodil in njihovo izvrševanje na učinkovit in pravočasen način;
As part of its overall governance and decision making framework, an investment firm shall establish and monitor its trading systems and trading algorithms through a clear and formalised governance arrangement, having regard to the nature, scale and complexity of its business and setting out:
ločitev nalog in odgovornosti trgovalnih enot ter podpornih funkcij, vključno s funkcijami nadzora tveganj in spremljanja skladnosti, da se prepreči prikrivanje nepooblaščenih dejavnosti trgovanja.
clear lines of accountability, including procedures to approve the development, deployment and subsequent updates of trading algorithms and to solve problems identified when monitoring trading algorithms;
Investicijsko podjetje zagotovi, da ima osebje, odgovorno za spremljanje skladnosti, vsaj osnovno znanje o načinu delovanja sistemov za algoritemsko trgovanje in algoritmov za trgovanje investicijskega podjetja.
effective procedures for the communication of information within the investment firm, such that instructions can be sought and implemented in an efficient and timely manner;
Osebje, odgovorno za spremljanje skladnosti, je stalno v stiku z osebami znotraj podjetja, ki imajo poglobljeno tehnično znanje o sistemih za algoritemsko trgovanje in algoritmih podjetja.
Article 2 Role of the compliance function
Če se funkcija spremljanja skladnosti ali njeni elementi oddajo v izvajanje zunanji tretji osebi, investicijsko podjetje zagotovi tretji osebi enak dostop do informacij kot svojim zaposlenim, odgovornim za spremljanje skladnosti.
An investment firm shall ensure that its compliance staff has at least a general understanding of how the algorithmic trading systems and trading algorithms of the investment firm operate.
Investicijsko podjetje zagotovi, da je s tako zunanjo funkcijo spremljanja skladnosti:
The compliance staff shall be in continuous contact with persons within the firm who have detailed technical knowledge of the firm's algorithmic trading systems and algorithms.
zagotovljena zasebnost podatkov;
An investment firm shall also ensure that compliance staff have, at all times, contact with the person or persons within the investment firm who have access to the functionality referred to in Article 12 (‘kill functionality’) or direct access to that kill functionality and to those who are responsible for each trading system or algorithm.
lahko funkcijo spremljanja skladnosti revidirajo notranji ali zunanji revizorji ali pristojni organ.
Where the compliance function or elements thereof are outsourced to a third party, an investment firm shall provide the third party with the same access to information as it would to its own compliance staff.
Investicijsko podjetje zagotovi zadostno število osebja s spretnostmi, potrebnimi za upravljanje sistemov za algoritemsko trgovanje in algoritmov za trgovanje, in z zadostnim tehničnem znanjem o:
An investment firm shall ensure that through such external compliance function:
ustreznih sistemih trgovanja ali algoritmih za trgovanje;
privacy of data is guaranteed;
spremljanju in preizkušanju takih sistemov in algoritmov;
Article 3 Staffing
pravnih obveznostih investicijskega podjetja.
An investment firm shall employ a sufficient number of staff with the necessary skills to manage its algorithmic trading systems and trading algorithms and with sufficient technical knowledge of:
Investicijsko podjetje opredeli potrebne spretnosti iz odstavka 1.
the relevant trading systems and algorithms;
Osebje iz odstavka 1 ima navedene potrebne spretnosti ob zaposlitvi ali pa jih pridobi z usposabljanjem po zaposlitvi.
the monitoring and testing of such systems and algorithms;
Investicijsko podjetje s stalnim usposabljanjem zagotovi, da se spretnosti navedenega osebja posodabljajo, in redno ocenjuje spretnosti zaposlenih.
the trading strategies that the investment firm deploys through its algorithmic trading systems and trading algorithms;
Usposabljanje osebja iz odstavka 2 je prilagojeno izkušnjam in odgovornostim osebja, pri čemer se upoštevajo narava, obseg in zapletenost dejavnosti investicijskega podjetja.
the investment firm's legal obligations
Zlasti osebje, vključeno v predložitev naročil, se udeleži usposabljanj o sistemih za predložitev naročil in zlorabi trga.
An investment firm shall specify the necessary skills referred to in paragraph 1.
Investicijsko podjetje zagotovi, da ima osebje, odgovorno za funkciji nadzora tveganj in spremljanje skladnosti pri algoritemskem trgovanju:
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.
zadostno znanje o algoritemskem trgovanju in strategijah;
The investment firm shall ensure that those staff's skills remain up-to-date through continuous training and shall evaluate their skills on a regular basis.
zadostne spretnosti za naknadno spremljanje informacij iz samodejno ustvarjenih opozoril;
The staff training referred to in paragraph 2 shall be tailored to the experience and responsibilities of the staff, having regard to the nature, scale and complexity of the investment firms' activities.
zadostne pristojnosti, da nasprotuje osebju, odgovornemu za algoritemsko trgovanje, če tako trgovanje povzroči neurejene pogoje trgovanja ali sum zlorabe trga.
In particular, staff involved in order submission shall receive training on order submission systems and market abuse.
Investicijsko podjetje ostane v celoti odgovorno za svoje obveznosti iz te uredbe, če programsko ali strojno opremo, ki se uporablja pri dejavnostih algoritemskega trgovanja, pridobi z nabavo ali zunanjim izvajanjem.
An investment firm shall ensure that the staff responsible for the risk and compliance functions of algorithmic trading have:
Investicijsko podjetje ima dovolj znanja in potrebno dokumentacijo, da zagotovi učinkovito skladnost z odstavkom 1 v zvezi z vsako strojno ali programsko opremo, ki se uporablja pri algoritemskem trgovanju, pridobljeno z nabavo ali zunanjim izvajanjem.
sufficient knowledge of algorithmic trading and strategies;
POGLAVJE II
sufficient skills to follow up on information provided by automatic alerts;
ODPORNOST SISTEMOV TRGOVANJA
Article 4 IT outsourcing and procurement
Preizkušanje in namestitev sistemov za algoritemsko trgovanje in strategij algoritemskega trgovanja