ANNEX IVSupplementary provisions
ANNEX IV Level of accuracy of business clocks Table 1 Level of accuracy for operators of trading venues and systematic internalisers 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 Increase granularity to 0,1 microseconds or better Table 2 Level of accuracy for members, participants or users 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 0,1 microseconds or better Activity on voice trading systems Voice trading systems as defined in Table 2 of Annex II to 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 Table 2 of Annex II to 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