(10)The number of orders that operators of trading venues and systematic internalisers receive every second can be very high and be much higher than that of executed transactions. Especially when using high-frequency trading techniques, the number of orders may extend to several thousands per second, depending on the trading venue, the systematic internaliser, the type of members, participants, or users and clients, and the financial instruments’ volatility and liquidity. The minimum granularity requirements for recording the date and time of reportable events by operators of trading venues and systematic internalisers should therefore be proportionate to the speed at which they process and acknowledge orders.