ANNEX IV
Level of accuracy of business clocks
Table 1
Level of accuracy for operators of trading venues and systematic internalisers
|
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 |
Increase granularity to 0,1 microseconds or better |
Table 2
Level of accuracy for members, participants or users 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 |
0,1 microseconds or better |
|
Activity on voice trading systems |
Voice trading systems as defined in Table 2 of Annex II to Delegated Regulation (EU) 2017/583. |
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 Table 2 of Annex II to Delegated Regulation (EU) 2017/583. |
1 second |
1 second or better |
|
Activity of concluding negotiated transactions |
Negotiated transaction as set out in Article 4(1)(b) of Regulation (EU) No 600/2014. |
1 second |
1 second or better |