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Delegated Regulation (EU) 2025/1155 · binding · OJ L, 2025/1155, 3.11.2025 · dated 12 Jun 2025 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2025-06-12","published_on":"2025-11-03","entry_into_force":"2025-11-23","locators":{"document_date":"CELLAR 32025R1155 work_date_document","published_on":"CELLAR 32025R1155 official-journal-act_date_publication","entry_into_force":"CELLAR 32025R1155 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2025-1155-commission-delegated-regulation-eu-2025-1155-of-12-june","path":"/mifir/level-2/rts/2025-1155-commission-delegated-regulation-eu-2025-1155-of-12-june","name":"Commission Delegated Regulation (EU) 2025/1155","number":"2025/1155","celex":"32025R1155","title_official":"COMMISSION DELEGATED REGULATION (EU) 2025/1155 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Commission Delegated Regulation (EU) 2017/574 (Text with EEA relevance)","document_date":"2025-06-12"},"position":{"kind":"article","key":"12","index":12,"articles":26,"annexes":5},"prev":{"path":"/mifir/level-2/rts/2025-1155-commission-delegated-regulation-eu-2025-1155-of-12-june/articles/11","key":"11","title":"Article 11 — Reference time (Article 22c(1) of Regulation (EU) No 600/2014)"},"next":{"path":"/mifir/level-2/rts/2025-1155-commission-delegated-regulation-eu-2025-1155-of-12-june/articles/13","key":"13","title":"Article 13 — Level of accuracy for members, participants or users of a trading venue (Article 22c(1) of Regulation (EU) No 600/2014)"},"act_anchor":"#art-12"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2025/1155/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2025-1155-commission-delegated-regulation-eu-2025-1155-of-12-june.md","unit_text_sha256":"7bd1b4780fc10a38de7dd8a568563aa5fbcff9e72124fdbd3319a511f59d66de","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2025-1155-commission-delegated-regulation-eu-2025-1155-of-12-june/art-12","kind":"article","key":"12","heading":"Article 12 — Level of accuracy for operators of trading venues and systematic internalisers (Article 22c(1) of Regulation (EU) No 600/2014)","text":"## <a id=\"art-12\"></a>Article 12 — Level of accuracy for operators of trading venues and systematic internalisers (Article 22c(1) of Regulation (EU) No 600/2014)\n\n1. <a id=\"art-12-p-1\"></a>Operators of trading venues and systematic internalisers shall ensure that their business clocks adhere to the levels of accuracy specified in Table 1 of Annex IV according to the gateway-to-gateway latency of each of their trading systems. Gateway-to-gateway latency shall be the time measured from the moment a message is received by an outer gateway of the trading venue’s system, sent through the order submission protocol, processed by the matching engine, and then sent back until an acknowledgement is sent from the gateway.\n1. <a id=\"art-12-p-2\"></a>By way of derogation from paragraph 1, operators of trading venues and systematic internalisers that operate a voice trading system, or a request for quote trading system where the response requires human intervention or does not allow for algorithmic trading, or a system that formalises negotiated transactions in accordance with Article 4(1), point (b), of Regulation (EU) No 600/2014, shall ensure that their business clocks do not diverge by more than one second from UTC referred to in Article 11. The operator of the trading venue or systematic internaliser shall ensure that times are recorded to at least a one second granularity.\n1. <a id=\"art-12-p-3\"></a>Operators of trading venues and systematic internalisers that operate multiple types of trading systems shall ensure that each system adheres to the level of accuracy applicable to that system in accordance with paragraphs 1 and 2.\n\n","marks":[],"text_hash":"7bd1b4780fc10a38de7dd8a568563aa5fbcff9e72124fdbd3319a511f59d66de","revision":1}}