An Authorised Market Institution must, before commencing live operation of its information technology systems or any updates thereto, use development and testing methodologies in line with internationally accepted testing standards in order to test the viability and effectiveness of such systems. For this purpose, the testing must be adequate for the Authorised Market Institution to obtain reasonable assurances that the systems, among other things:
(a) enable it to comply with all the applicable requirements, including legislation, on an on-going basis;
(b) can continue to operate effectively in stressed market conditions; and
(c) any risk management controls embedded within the systems, such as generating automatic error reports, work as intended.