Article 16 - Compliance with the maximum divergence requirements (Article 22c(1) of Regulation (EU) No 600/2014)

Operators of trading venues and their members, participants, or users shall establish a system of traceability to UTC. They shall be able to demonstrate traceability to UTC by documenting the system design, functioning and specifications. They shall be able to identify the exact point at which a timestamp is applied and to demonstrate that the point within the system where the timestamp is applied remains consistent. They shall review the compliance of the system of traceability to UTC with this Regulation at least once a year.