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COBS 6.9.7 Direct Electronic Access

Past version: effective from 21/10/2015 - 20/10/2015
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Where an Authorised Person provides a Client (including a Market Counterparty) with direct electronic access to a Recognised Body or MTF, the Authorised Person must:

(a) establish and maintain policies, procedures, systems and controls to limit or prevent a Client from placing an order that would result in the Authorised Person exceeding its existing position limits or credit limits; and
(b) ensure that such policies, procedures, systems and controls remain appropriate and effective on an on-going basis.