Annex
United Kingdom
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
| Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (see page 229 of this Official Journal). | |||
| 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) 2017/583f1 | 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 |
Annotations
Footnotes
- f1
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Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (see page 229 of this Official Journal).