{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-04-01","gaps":[],"covered":["ESMA Q&A 2827 — Q&A — Consolidated Tape Provider (CTP) [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-2827-consolidated-tape-provider-ctp","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-2827-consolidated-tape-provider-ctp","title":"ESMA Q&A 2827 — Q&A — Consolidated Tape Provider (CTP) [Answer 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Q&A 2827 — Q&A — Consolidated Tape Provider (CTP) [Answer Published]\"\nanswer_id: ESMA_QA_2827\ntopic: \"Data reporting services providers\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"Articles 5, 6 and 12(1) of Commission Delegated Regulation (EU) 2025/1155\"\ndate: 1 April 2026\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/2827\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 1 April 2026\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/2827\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_2827: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2026-04-01\"\n  question_submitted_on: \"2026-04-01\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_2827, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_2827, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 1 Apr 2026 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 1 April 2026 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/2827)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 2827 — Q&A — Consolidated Tape Provider (CTP) \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_2827 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 1 April 2026; question submitted 1 April 2026 |\n| **Legal basis** | Articles 5, 6 and 12(1) of Commission Delegated Regulation (EU) 2025/1155 |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Consolidated Tape Provider (CTP)**\n\n### Question\n\nFor trading venues subject to the obligations in Article 12 (1) of Commission Delegated Regulation (EU) 2025/1155, which requires business clocks capable of achieving a granularity of 0.1 microseconds, would the dissemination of timestamps at this level of granularity in their existing market data feeds be considered compliant with the requirements in Articles 5 and 6 of Delegated Regulation (EU) 2025/1155 to provide timestamps to the CTPs with a less granular precision of six decimal places?\n\n***\n\n### Answer\n\nThe RTS 2025/1155 specifies that the timestamp fields to be transmitted to the CTP must follow the ISO 8601 date‑time format with six decimal places (i.e. ss.dddddd) representing fractions of a second in microseconds, as set out in Table 1 of Annex III, where timestamps must be provided in the format YYYY‑MM‑DDThh:mm:ss.ddddddZ.\n\nESMA confirms that a data contributor will be considered compliant with the timestamp requirements of Articles 5 and 6 of Commission Delegated Regulation (EU) 2025/1155 if it transmits timestamps with at least six decimal (microsecond) digits and follows the ISO 8601 format.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/2827)\n"}