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 former requirement. Article 4 of Commission Delegated Regulation (EU) 2017/574 states that ’Operators of Trading Venues and their members or participants should establish a system of traceability to UTC’. This includes ensuring that their systems operate within the granularity and a maximum tolerated divergence from UTC as per Commission Delegated Regulation (EU) 2017/574. Furthermore operators of Trading Venues and their members or participants should evidence that the crucial system components used meet the accuracy standard levels on granularity and maxim um divergence of UTC as guaranteed and specified by the manufacturer of such system components (component specifications should meet the required accuracy levels) and that these system components are installed in compliance with the manufacturer’s installation guidelines.

 Relevant and proportionate testing of the system should be required along with relevant and proportional monitoring thereof to ensure that the divergence from UTC remains within tolerance. The relevance and proportionality will depend on the applicable maximum divergence from UTC.