# Commission Delegated Regulation (EU) 2017/574 of 7 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the level of accuracy of business clocks (Text with EEA relevance), Annex

Extent: E+W+S+N.I.

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) 2017/583
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

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Source: https://www.legislation.gov.uk/eur/2017/574/annex (the official version)
Page: https://openlegislation.uk/eu-regulation-2017-574/annex
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.