1.   Operators of trading venues and systematic internalisers shall ensure that their business clocks adhere to the levels of accuracy specified in Table 1 of Annex IV according to the gateway-to-gateway latency of each of their trading systems. Gateway-to-gateway latency shall be the time measured from the moment a message is received by an outer gateway of the trading venue’s system, sent through the order submission protocol, processed by the matching engine, and then sent back until an acknowledgement is sent from the gateway.

2.   By way of derogation from paragraph 1, operators of trading venues and systematic internalisers that operate a voice trading system, or a request for quote trading system where the response requires human intervention or does not allow for algorithmic trading, or a system that formalises negotiated transactions in accordance with Article 4(1), point (b), of Regulation (EU) No 600/2014, shall ensure that their business clocks do not diverge by more than one second from UTC referred to in Article 11. The operator of the trading venue or systematic internaliser shall ensure that times are recorded to at least a one second granularity.

3.   Operators of trading venues and systematic internalisers that operate multiple types of trading systems shall ensure that each system adheres to the level of accuracy applicable to that system in accordance with paragraphs 1 and 2.