Orders per second limit and requirement of empanelment of system auditors for algorithmic trading in commodity derivatives

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....requirement of empanelment of system auditors for algorithmic trading in commodity derivatives 1. Vide circular SEBI/HO/CDMRD/DMP/CIR/P/2016/97 dated September 27, 2016, SEBI had issued broad guidelines on algorithmic trading for National Commodity Derivatives Exchanges. 2. The circular inter-alia required exchanges to place a limit on the number of orders per second from a particular CTCL ID/AT....

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....set by a particular CTCL ID/ATS User-ID shall be measured over a rolling period of five seconds (i.e., 5X orders for 0th - 5th second, 5X orders for 1st-6th second, 5X orders for 2nd to 7th second and so on). For number of orders exceeding the limit (X) set by the exchange, the exchange shall prescribe economic disincentives and inform the same to SEBI." Exchange shall ensure that the limits i....