LegalizeCommission 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
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
| # | Field identifier | Description and details to be published | Type of execution or publication venue | Format to be populated as defined in Table 1 Equivalent formats can be used, depending on the syntax used for data transmission | Input/ Output data field |
|---|---|---|---|---|---|
| 1 | Trading date and time | Table 3, Field 1, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 2 | Instrument identification code | Table 3, Field 2, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 3 | Price | Table 3, Field 3, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 4 | Missing Price | Table 3, Field 4, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 5 | Price currency | Table 3, Field 5, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 6 | Quantity | Table 3, Field 7, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 7 | Venue of execution | Table 3, Field 8, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 8 | Third-country trading venue of execution | Table 3, Field 9, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 9 | Date and Time when the data contributor received the data | Date and time when the transaction report was received by an APA. The level of granularity shall be in accordance with the requirements set out in Article 15. | APA | {DATE_TIME_ FORMAT} | Input |
| 10 | Trading system | Table 3, Field 10, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 11 | Date and Time when the data contributor published the transaction | Table 3, Field 11, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 12 | Venue of Publication | Table 3, Field 12, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 13 | Transaction identification code | Table 3, Field 13, of Annex I to Delegated Regulation (EU) 2017/587. | Both | ||
| 14 | Date and Time of reception by the CTP | Date and time when the transaction was received by the CTP. The level of granularity shall be in accordance with the requirements set out in Article 15. | CTP | {DATE_TIME_ FORMAT} | Output |
| 15 | Date and Time of publication by the CTP | Date and time when the transaction was published by the CTP. The level of granularity shall be in accordance with the requirements set out in Article 15. | CTP | {DATE_TIME_ FORMAT} | Output |
| 16 | Flags | This field shall be populated with the list of all applicable flags set out in Table 4 of Annex I to Delegated Regulation (EU) 2017/587. Where none of the specified circumstances apply, the transaction shall be published without a flag. | RM, MTF, APA | As per Table 4 of Annex I to Delegated Regulation (EU) 2017/587 | Both |
| 17 | Suspicious Data Flag | Data quality flag to be populated by the CTP when the APA or the CTP have identified trades that, in their view, might be subject to data quality issues. | CTP | TRUE or FALSE | Output |
ANNEX III
Pre-trade data to be transmitted to and disseminated by the CTP for shares and ETFs according to Articles 6 and 8
Table 1
Symbols used in Tables 2, 3 and 4
| Symbol | Data Type | Definition |
|---|---|---|
| {DATE_TIME_FORMAT} | ISO 8601 date and time format | Date and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ. — ‘YYYY’ is the year; — ‘MM’ is the month; — ‘DD’ is the day; — ‘T’ – means that the letter ‘T’ shall be used — ‘hh’ is the hour; — ‘mm’ is the minute; — ‘ss.dddddd’ is the second and its fraction of a second; — ‘Z’ is UTC time. Dates and times shall be reported in UTC. |
| {ISIN} | 12 alphanumerical characters | ISIN code, as defined in ISO 6166 |
| {MIC} | 4 alphanumerical characters | Market identifier as defined in ISO 10383 |
| {DECIMAL-n/m} | Decimal number of up to n digits in total of which up to m digits can be fraction digits | Numerical field for both positive and negative values. — decimal separator is ‘.’ (full stop); — negative numbers are prefixed with ‘–’ (minus); Where applicable, values shall be rounded and not truncated. |
| {CURRENCYCODE_3} | 3 alphanumerical characters | 3-letter currency code, as defined by ISO 4217 currency codes |
Table 2
Pre-trade data to be transmitted to the CTP for shares and ETFs
| # | Field identifier | Description and details to be published | Format to be populated as defined in Table 1 Equivalent formats may be used, depending on the syntax used for data transmission |
|---|---|---|---|
| 1 | Update date and time | For continuous order book trading systems, Table 1b, Field 1, of Annex I to Delegated Regulation (EU) 2017/587. For periodic auction trading systems, Table 1b, Field 1, of Annex I to Delegated Regulation (EU) 2017/587. For auction trading systems, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 4) or quantity (Field 6) thereafter. The level of granularity shall be in accordance with the requirements set out in Article 12. | |
| 2 | Instrument identification code | Table 1b, Field 2, of Annex I to Delegated Regulation (EU) 2017/587. | |
| 3 | Side | Table 1b, Field 3, of Annex I to Delegated Regulation (EU) 2017/587. This field is mandatory only for continuous order book trading systems. | |
| 4 | Price | For continuous order book trading systems, Table 1b, Field 5, of Annex I to Delegated Regulation (EU) 2017/587 of the best bid and offer. For periodic auction trading systems, Table 1b, Field 5, of Annex I to Delegated Regulation (EU) 2017/587. For auction trading systems, the price at which the auction trading system would best satisfy its trading algorithm. The price shall be provided in the major currency unit. Where price is currently not available but pending (‘PNDG’) or not applicable (‘NOAP’), this field shall not be populated. | |
| 5 | Price currency | Table 1b, Field 6, of Annex I to Delegated Regulation (EU) 2017/587. | |
| 6 | Quantity | For continuous order book trading systems, Table 1b, Field 8, of Annex I to Delegated Regulation (EU) 2017/587. For periodic auction trading systems, Table 1b, Field 8, of Annex I to Delegated Regulation (EU) 2017/587. For auction trading systems the aggregated quantity attached to the price that would best satisfying the trading algorithm. | |
| 7 | Venue | Table 1b, Field 11, of Annex I to Delegated Regulation (EU) 2017/587. | |
| 8 | Trading system | Table 1b, Field 12, of Annex I to Delegated Regulation (EU) 2017/587. This field shall be populated for central limit order book trading systems and periodic auction trading systems. | |
| 9 | Trading system phase | Table 1b, Field 13, of Annex I to Delegated Regulation (EU) 2017/587. | |
| 10 | Publication date and time | Table 1b, Field 14, of Annex I to Delegated Regulation (EU) 2017/587. |
Table 3
Pre-trade core market data to be disseminated by the CTP for shares and ETFs – EBBO
| # | Field identifier | Description | Format as defined in Table 1 Equivalent formats can be used, depending on the syntax used for data transmission |
|---|---|---|---|
| 1 | Entry date and time | Table 2, Field 1, of Annex III to this Regulation applied to the best bids and offers entered into the order book, as reported by the trading venue. The CTP shall publish the most recent amongst the dates and times of the best bids and offers entered into the order book that participate in the EBBO as reported by the data contributors. | {DATE_TIME_FORMAT} |
| 2 | Instrument identification code | Table 2, Field 2, of Annex III to this Regulation. | {ISIN} |
| 3 | Currency | Major currency unit in which the European best bid and offer prices are expressed. This corresponds to Table 2, Field 5, of Annex III to this Regulation. | {CURRENCYCODE_3} |
| 4 | Best bid | European best bid in continuous order books. This corresponds to Table 2, Field 4, of Annex III to this Regulation. | {DECIMAL-18/13} |
| 5 | Best bid volume | The aggregated volume attached to the European best bid. This corresponds to Table 2, Field 6, of Annex III to this Regulation. | {DECIMAL-18/17} |
| 6 | EBBO timestamp | Date and time of the calculation of the EBBO. The level of granularity shall be in accordance with the requirements set out in Article 12. | {DATE_TIME_FORMAT} |
| 7 | Most Relevant Market in terms of liquidity | Most relevant market in terms of liquidity as laid down in Article 4 of Delegated Regulation (EU) 2017/587. | {MIC} |
| 8 | Best offer | European best offer in continuous order books. This corresponds to Table 2, Field 4, of Annex III to this Regulation. | {DECIMAL-18/13} |
| 9 | Best offer volume | The aggregated volume attached to the European best offer. This corresponds to Table 2, Field 6, of Annex III to this Regulation. | {DECIMAL-18/17} |
| 10 | Dissemination date and time | Date and time when the data related to the order was disseminated by the CTP. The level of granularity shall be in accordance with the requirements set out in Article 15. | {DATE_TIME_FORMAT} |
| 11 | Publication date and time | Table 2, Field 10, of Annex III to this Regulation. | {DATE_TIME_FORMAT} |
Table 4
Pre-trade core market data to be disseminated by the CTP for shares and ETFs – indicative auction price (except when trading phase is set to ‘ODAU’)
| # | Field identifier | Description | Format as defined in Table 1 Equivalent formats can be used, depending on the syntax used for data transmission |
|---|---|---|---|
| 1 | Indicative date and time | Table 2, Field 1, of Annex III to this Regulation. The CTP shall publish the most recent amongst the dates and times of the prices that participate in the CTP’s indicative auction price as reported by the data contributors. | {DATE_TIME_FORMAT} |
| 2 | Instrument identification code | Table 2, Field 2, of Annex III to this Regulation. | {ISIN} |
| 3a | Lowest auction price | Table 2, Field 4, of Annex III to this Regulation applied to the lowest auction price. | {DECIMAL-18/17} |
| 3b | Highest auction price | Table 2, Field 4, of Annex III to this Regulation applied to the highest auction price. | {DECIMAL-18/17} |
| 3c | Volume weighted auction price | Volume weighted auction price. This field corresponds to Table 2, Field 4, of Annex III to this Regulation weighted by Table 2, Field 6, of Annex III to this Regulation. | {DECIMAL-18/17} |
| 4 | Currency | Major currency unit in which the auction price is expressed. This field corresponds to Table 2, Field 5, of Annex III to this Regulation. | {CURRENCYCODE_3} |
| 5 | Auction volume | Total auction volume, where applicable, across venues. This corresponds to Table 2, Field 6, of Annex III to this Regulation. | {DECIMAL-18/13} |
| 6 | Dissemination date and time | Date and time when the data related to the indicative auction price and size was disseminated by the CTP to the subscribers. The level of granularity shall be in accordance with the requirements set out in Article 15. | {DATE_TIME_FORMAT} |
| 7 | Publication date and time | Table 2, Field 10, of Annex III to this Regulation. | {DATE_TIME_FORMAT} |
| 8 | Most Relevant Market in terms of liquidity | Most relevant market in terms of liquidity as laid down in Article 4 of Delegated Regulation (EU) 2017/587. | {MIC} |
Table 5
Pre-trade core market data to be disseminated by the CTP for shares and ETFs – indicative auction price when trading phase is set to ‘ODAU’
| # | Field identifier | Description | Format as defined in Table 1 Equivalent formats can be used, depending on the syntax used for data transmission |
|---|---|---|---|
| 1 | Indicative date and time | Table 2, Field 1, of Annex III to this Regulation. The CTP shall publish the most recent amongst the dates and times of the prices that participate in the CTP’s indicative auction price as reported by the data contributors. | {DATE_TIME_FORMAT} |
| 2 | Instrument identification code | Table 2, Field 2, of Annex III to this Regulation. | {ISIN} |
| 3a | Lowest auction price | Table 2, Field 4, of Annex III to this Regulation applied to the lowest auction price. | {DECIMAL-18/17} |
| 3b | Highest auction price | Table 2, Field 4, of Annex III to this Regulation applied to the highest auction price. | {DECIMAL-18/17} |
| 3c | Volume weighted auction price | Volume weighted auction price. This field corresponds to Table 2, Field 4, of Annex III to this Regulation weighted by Table 2, Field 6, of Annex III to this Regulation. | {DECIMAL-18/17} |
| 4 | Currency | Major currency unit in which the auction price is expressed. This field corresponds to Table 2, Field 5, of Annex III to this Regulation. | {CURRENCYCODE_3} |
| 5 | Auction volume | Total auction volume, where applicable, across venues. This corresponds to Table 2, Field 6, of Annex III to this Regulation. | {DECIMAL-18/13} |
| 6 | Dissemination date and time | Date and time when the data related to the indicative auction price and size was disseminated by the CTP to the subscribers. The level of granularity shall be in accordance with the requirements set out in Article 15. | {DATE_TIME_FORMAT} |
| 7 | Publication date and time | Table 2, Field 10, of Annex III to this Regulation. | {DATE_TIME_FORMAT} |
| 8 | Most Relevant Market in terms of liquidity | Most relevant market in terms of liquidity as laid down in Article 4 of Delegated Regulation (EU) 2017/587. | {MIC} |
ANNEX IV
Level of accuracy of business clocks
Table 1
Level of accuracy for operators of trading venues and systematic internalisers
| 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 | Increase granularity to 0,1 microseconds or better |
Table 2
Level of accuracy for members, participants or users 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 | 0,1 microseconds or better |
| Activity on voice trading systems | Voice trading systems as defined in Table 2 of Annex II to 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 Table 2 of Annex II to 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 |
ANNEX V
Correlation table referred to in Article 25
| Delegated Regulation (EU) 2017/574 | Delegated Regulation (EU) 2025/1155 |
| Article 1 | Article 11 |
| Article 2 | Article 12 |
| Article 3 | Article 13 |
| Article 14 | |
| Article 15 | |
| Article 4 | Article 16 |
| Article 5 | |
| Annex | Annex IV |
ELI: http://data.europa.eu/eli/reg_del/2025/1155/oj
ISSN 1977-0677 (electronic edition)
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