Annex
Table 1 Level of accuracy for operators of trading venues
Gateway-to-gateway latency time of the trading system | Maximum divergence from UTC | Granularity of the timestamp |
|---|---|---|
> 1 millisecond | 1 millisecond | 1 millisecond or better |
≤ 1 millisecond | 100 microseconds | 1 microsecond or better |
Table 2 Level of accuracy for members or participants of a trading venue
Type of trading activity | Description | Maximum divergence from UTC | Granularity of the timestamp |
|---|---|---|---|
Activity using high frequency algorithmic trading technique | High frequency algorithmic trading technique. | 100 microseconds | 1 microsecond or better |
Activity on voice trading systems | Voice trading systems as defined in Article 5(5) of Commission Delegated Regulation (EU) 2017/583 [Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (see page 229 of this Official Journal).] | 1 second | 1 second or better |
Activity on request for quote systems where the response requires human intervention or where the system does not allow algorithmic trading | Request for quotes systems as defined in Article 5(4) of Delegated Regulation (EU) 2017/583 | 1 second | 1 second or better |