diff --git a/docs/time-scale.md b/docs/time-scale.md
index 9246e90fbe..f9b9c02956 100644
--- a/docs/time-scale.md
+++ b/docs/time-scale.md
@@ -16,7 +16,7 @@ Time scale (or time axis) is a horizontal scale at the bottom of the chart that
 |`visible`|`boolean`|`true`|If true, the time scale is shown on a chart|
 |`timeVisible`|`boolean`|`false`|If true, the time is shown on the time scale and in the vertical crosshair label|
 |`secondsVisible`|`boolean`|`true`|If true, seconds are shown on the label of the crosshair vertical line in `hh:mm:ss` format on intraday intervals|
-|`tickMarkFormatter`|`(TimePoint, TickMarkType, locale) => string`|Default tick marks formatter|Allows to override the tick marks formatter (see below)|
+|`tickMarkFormatter`|`(TimePoint, TickMarkType, locale) => string` | `undefined`|`undefined`|Allows to override the tick marks formatter (see below)|
 
 ### Tick marks formatter
 
@@ -25,12 +25,12 @@ Tick marks formatter can be used to customize tick marks labels on the time axis
 To customize it, you need to provide the `tickMarkFormatter` option. It's a function with the following declaration:
 
 ```typescript
-export type TickMarkFormatter = (timePoint: TimePoint, tickMarkType: TickMarkType, locale: string) => string;
+export type TickMarkFormatter = (time: UTCTimestamp | BusinessDay, tickMarkType: TickMarkType, locale: string) => string;
 ```
 
-Where `timePoint` is [Time](./time.md) object, `type` is [TickMarkType](./constants.md#TickMarkType) enum and `locale` is the currently applied locale of the string type.
+Where `time` is [Time](./time.md) object, `type` is [TickMarkType](./constants.md#TickMarkType) enum and `locale` is the currently applied locale of the string type.
 
-This function should return `timePoint` as a string formatted according to `tickMarkType` type (year, month, etc) and `locale`.
+This function should return `time` as a string formatted according to `tickMarkType` type (year, month, etc) and `locale`.
 
 Note that the returned string should be the shortest possible value and should have no more than 8 characters.
 Otherwise, the tick marks will overlap each other.
@@ -50,9 +50,10 @@ chart.applyOptions({
         visible: true,
         timeVisible: true,
         secondsVisible: false,
-        tickMarkFormatter: function(timePoint, tickMarkType, locale) {
-            console.log(timePoint, tickMarkType, locale);
-            return String(new Date(timePoint.timestamp * 1000).getUTCFullYear());
+        tickMarkFormatter: function(time, tickMarkType, locale) {
+            console.log(time, tickMarkType, locale);
+            const year = LightweightCharts.isBusinessDay(time) ? time.year : new Date(time * 1000).getUTCFullYear();
+            return String(year);
         },
     },
 });
diff --git a/src/api/options/time-scale-options-defaults.ts b/src/api/options/time-scale-options-defaults.ts
index 2d35891b69..230753abd9 100644
--- a/src/api/options/time-scale-options-defaults.ts
+++ b/src/api/options/time-scale-options-defaults.ts
@@ -1,4 +1,3 @@
-import { defaultTickMarkFormatter } from '../../model/default-tick-mark-formatter';
 import { TimeScaleOptions } from '../../model/time-scale';
 
 export const timeScaleOptionsDefaults: TimeScaleOptions = {
@@ -12,5 +11,4 @@ export const timeScaleOptionsDefaults: TimeScaleOptions = {
 	visible: true,
 	timeVisible: false,
 	secondsVisible: true,
-	tickMarkFormatter: defaultTickMarkFormatter,
 };
diff --git a/src/model/time-scale.ts b/src/model/time-scale.ts
index 4d4025d04e..2f44fa1185 100644
--- a/src/model/time-scale.ts
+++ b/src/model/time-scale.ts
@@ -9,11 +9,12 @@ import { DeepPartial, isInteger, merge } from '../helpers/strict-type-checks';
 
 import { ChartModel } from './chart-model';
 import { Coordinate } from './coordinate';
+import { defaultTickMarkFormatter } from './default-tick-mark-formatter';
 import { FormattedLabelsCache } from './formatted-labels-cache';
 import { LocalizationOptions } from './localization-options';
 import { areRangesEqual, RangeImpl } from './range-impl';
 import { TickMarks } from './tick-marks';
-import { Logical, LogicalRange, SeriesItemsIndexesRange, TickMark, TimedValue, TimePoint, TimePointIndex, TimePointsRange } from './time-data';
+import { BusinessDay, Logical, LogicalRange, SeriesItemsIndexesRange, TickMark, TimedValue, TimePoint, TimePointIndex, TimePointsRange, UTCTimestamp } from './time-data';
 import { TimePoints } from './time-points';
 import { TimeScaleVisibleRange } from './time-scale-visible-range';
 
@@ -53,7 +54,7 @@ export const enum TickMarkType {
 	TimeWithSeconds,
 }
 
-export type TickMarkFormatter = (timePoint: TimePoint, tickMarkType: TickMarkType, locale: string) => string;
+export type TickMarkFormatter = (time: UTCTimestamp | BusinessDay, tickMarkType: TickMarkType, locale: string) => string;
 
 export interface TimeScaleOptions {
 	rightOffset: number;
@@ -66,7 +67,7 @@ export interface TimeScaleOptions {
 	visible: boolean;
 	timeVisible: boolean;
 	secondsVisible: boolean;
-	tickMarkFormatter: TickMarkFormatter;
+	tickMarkFormatter?: TickMarkFormatter;
 }
 
 export class TimeScale {
@@ -727,7 +728,18 @@ export class TimeScale {
 			tickMarkType = TickMarkType.Year;
 		}
 
-		return this._options.tickMarkFormatter(timePoint, tickMarkType, this._localizationOptions.locale);
+		if (this._options.tickMarkFormatter !== undefined) {
+			// this is temporary solution to make more consistency API
+			// it looks like that all time types in API should have the same form
+			// but for know defaultTickMarkFormatter is on model level and can't determine whether passed time is business day or UTCTimestamp
+			// because type guards are declared on API level
+			// in other hand, type guards couldn't be declared on model level so far
+			// because they are know about string representation of business day ¯\_(ツ)_/¯
+			// let's fix in for all cases for the whole API
+			return this._options.tickMarkFormatter(timePoint.businessDay ?? timePoint.timestamp, tickMarkType, this._localizationOptions.locale);
+		}
+
+		return defaultTickMarkFormatter(timePoint, tickMarkType, this._localizationOptions.locale);
 	}
 
 	private _setVisibleRange(newVisibleRange: TimeScaleVisibleRange): void {
diff --git a/tests/e2e/graphics/test-cases/initial-options/tick-marks-formatter.js b/tests/e2e/graphics/test-cases/initial-options/tick-marks-formatter.js
index c577a8b6ed..5730cd4ca1 100644
--- a/tests/e2e/graphics/test-cases/initial-options/tick-marks-formatter.js
+++ b/tests/e2e/graphics/test-cases/initial-options/tick-marks-formatter.js
@@ -23,8 +23,11 @@ function runTestCase(container) {
 		timeScale: {
 			timeVisible: true,
 			secondsVisible: true,
-			tickMarkFormatter: function(timePoint, tickMarkType, locale) {
-				var date = new Date(timePoint.timestamp * 1000);
+			tickMarkFormatter: function(time, tickMarkType, locale) {
+				var date = LightweightCharts.isBusinessDay(time)
+					? new Date(Date.UTC(time.year, time.month - 1, time.day))
+					: new Date(time * 1000);
+
 				switch (tickMarkType) {
 					case LightweightCharts.TickMarkType.Year:
 						return 'Y' + date.getUTCFullYear();