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In accordance with Article 3 of Commission Delegated Regulation (EU) 2017/566, ensuring that algorithmic trading systems cannot generate anomalies in trading conditions or contribute to such anomalies, Sociedad de Bolsas has adopted measures to detect and, where appropriate, limit the ratio between unexecuted orders and trades.


Commision Delegated Regulation (UE) 2017/566 Circular 1/2021 Operating Instruction 17/2022 on the calculation of the ratio of unexpected orders and trades Procedure for calculating and monitoring the OTR