(3)To ensure timely availability of consolidated market data to investors, data contributors should be subject to strict submission latency requirements. Such requirements should however be calibrated to reflect the varying degrees of time-sensitivity in market data. In particular, pre- and post-trade data for equities require tighter latency standards compared to bonds and derivatives, given higher time-sensitivity of equities data. Furthermore, the latency thresholds should represent the maximum allowed limits, which means that a faster latency should be used whenever achievable. To meet the requirement to transmit the data as close to real time as technically possible, data should be transmitted to the data centres of CTPs without artificial delays compared to data transmission by data contributors for other purposes, including transmission of proprietary data feeds.