ESMA Q&A 2881 — Q&A — Consolidated Tape Provider (CTP) [Answer Published]

Consolidated Tape Provider (CTP)

Question

Does the timestamp of the order referred to in Article 3(2) of Commission Delegated Regulation (EU) 2025/1155 refer to the timestamp of the order reception in the system’s gateway or the timestamp that the matcher applies when the order is registered in the order book?

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Answer

For the purposes of Article 3(2) of Commission Delegated Regulation (EU) 2025/1155, the “timestamp of the order” should be understood as the timestamp corresponding to the moment the order is registered in the trading venue’s system in a manner that determines its sequencing and potential execution.

Consequently, under Article 3(2) of Commission Delegated Regulation (EU) 2025/1155, the relevant timestamp is the one applied at the moment of book registration, i.e. the timestamp generated by the venue’s matching engine.

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Source: ESMA original document