ANNEX Table 1 Level of accuracy for operators of trading venues Table 2 Level of accuracy for members or participants of a trading venue
Table 1 Level of accuracy for operators of trading venues
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 |
1 microsecond or better |
Table 2 Level of accuracy for members or participants 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 |
1 microsecond or better |
Activity on voice trading systems |
Voice trading systems as defined in Article 5(5) of Commission 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 Article 5(4) of 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 |
Any other trading activity |
All other trading activity not covered by this table. |
1 millisecond |
1 millisecond or better |