Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

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