Article 50 of MiFID II applies to a broad range of reportable events (section 7.1). Commission Delegated Regulation (EU) 2017/574 specifies two types of accuracy requirements: the maximum divergence from UTC and the timestamp granularity. This section of the guidelines only concerns the latter requirement.
It should be noted that Article 50 of MiFID II only applies to reportable events that take place on a Trading Venue. For example, it does not apply to OTC transactions.
A member or participant of a Trading Venue is not required to follow the same time-stamping requirements that apply to the Trading Venue of which it is a member or participant. The member or participant should only time-stamp according to the requirements that apply to its Firm’s trading activity under Article 50 of MiFID II.
In the case where a transaction is executed through a chain of Investment Firms (so that the initial order is transmitted down the chain from one Investment Firm to the other), each Investm
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