When building an automated trading system the first thing you write should be the risk system. Simply having a 'MaxExposure' per exchange doesn't cut it. This

When building an automated trading system the first thing you write should be the risk system. Simply having a 'MaxExposure' per exchange doesn't cut it. This has nothing to do with it being a market-neutral strategy or not. All code has bugs in it, exchanges have hiccups, quotes from many exchanges are notoriously wonky, programs freeze, Internet connections go down, users fat finger inputs etc. This needs a real risk system built into it.