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 |