The Futures Industry Association Market Access Working Group, consisting of representatives from derivatives exchanges, clearing firms and trading firms, has published risk management recommendations for futures and options exchanges offering direct access trading. The recommendations are intended to establish industry best practices for exchanges offering direct access by identifying risk-specific controls that are already in place at some exchanges, clearing firms and direct access trading firms and by recommending controls that should be in place before direct access trading is permitted.
The recommendations cover a number of topics including pre-trade order checks, post-trade checks, conformance testing and error trade policies, and are divided into guiding principles and specific implementation recommendations. There is an additional section on collocation policies, which, while not specifically related to risk management, is a topic of interest to exchanges offering direct access and to clearing firms and direct access trading firms.
The recommendations can be found here.