1. Member States shall require a regulated market to have in place effective systems, procedures and arrangements to ensure its trading systems are resilient, have sufficient capacity to deal with peak order and message volumes, are able to ensure orderly trading under conditions of severe market stress, are fully tested to ensure such conditions are met and are subject to effective business continuity arrangements to ensure continuity of its services if there is any failure of its trading systems.

In order to strengthen the resilience of markets in the light of technological developments, those measures should reflect and build on the technical guidelines issued by the European Supervisory Authority (European Securities and Markets Authority) ('ESMA'), established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council in February 2012 on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities (ESMA/2012/122).

These should reflect and build on the technical guidelines issued by ESMA in February 2012 on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities (ESMA/2012/122) in order to strengthen the resilience of markets in the light of technological developments.

43. Stresses the need for a comprehensive master plan setting out the overall objectives and architecture of the EU's border management strategy, including the details showing how all related programmes and schemes in this area can be better optimised; takes the view that, when considering the architecture of the EU's border management strategy, the Commission should analyse first of all the effectiveness of the existing border management systems of the Member States, in order to bring about the optimal synergies between them and provide additional information regarding the cost-effectiveness of the new proposed systems, Entry/Exit, Electronic System ...[+++]of Travel Authorisation, Automated Border Control and the Registered Traveller Programme, within the framework of EU integrated border management;

With regard to PNR, SWIFT and ATS, I will not repeat here all the expectations that we have of the PNR negotiating mandate.

Difficulties arise because of prevailing uncertainty as regards the way in which "regulated markets" should fulfil their obligations to ensure that all securities comply with the requirements for "official listing" (as specified in Directive 79/279 [10] In essence, the practice to date has been that the regulated market should provide listing functions in respect of all securities which are dealt in on that market. This practice for "regulated markets" officially to list securities prior to trading can add significantly to costs and limit the scope for competing markets and exchanges to admit the same security to trading. admission to listing and admission to trading must therefore be decoupled if more active competition betwee ...[+++]n trading systems is to be facilitated. Furthermore, structural changes such as the demutualisation of exchanges call for a redefinition of how listing and public disclosure objectives are realised. However, before such far-reaching adjustments can be envisaged, an equitable basis must be found for sharing the regulatory overheads of listing and fulfilling related requirements such as dissemination of price-sensitive information. Without appropriate arrangements, profit-driven exchanges may seek to divest costly listing functions, particularly if they perceive competitors as "free-riding" on their listing services. This would jeopardise the important "public good" functions served by listing. Implementation of this approach should be foreshadowed in an updated definition of "regulated markets". It also calls for a re-examination of the provisions of Directive 79/279 [11].