30 Jan '17, 5pm

Regulatory Compliance: Will traders need dedicated time-distribution networks?

Download this article in .PDF format This file type includes high-resolution graphics and schematics when applicable. Increasingly strict industry mandates for highly accurate and traceable network time are today’s norm in order to confirm when transactions occur and provide order audit trails. In the European Union, for example, the European Securities and Markets Authority (ESMA) adopted its Markets in Financial Instruments Directive 2 (MiFID 2). Effective as of January 2018, MiFID 2 requires synchronization of high-frequency trading systems to within 100 μs of UTC with 1-μs precision granularity. Similarly in the United States, the U.S. Securities and Exchange Commission (SEC) is tightening requirements related to clock accuracy, granularity, and maximum clock drift in financial trading systems. For example, for manual orders, the SEC requires stock transactions to be d...

Full article: http://electronicdesign.com/digital-ics/synchronizing-tra...

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