COBS 6.9.7 Direct Electronic Access

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.