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

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.... Sir / Madam, Sub: Orders per second limit and 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....

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....eding hundred orders per second. Compliance with the limit "X" so 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 disincentive....