ESMA · ESMA_QA_2881 Answer Published
Consolidated Tape Provider (CTP)
- Regulation
- Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
- Article
- Commission Delegated Regulation (EU) 2025/1155 of 12 June 2025
- Topic
- Data reporting services providers
- Submitted
- 2026-07-06
- Answered
- 2026-07-10
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?
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.
This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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