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Accurate, Traceable, and Verifiable Time Synchronization for World Financial Markets
Michael A Lombardi1, Andrew N Novick1, George Neville-Neil2
1National Institute of Standards and Technology, Boulder, CO 80305.
Summary
Accurate time synchronization is crucial for fair financial markets. The National Institute of Standards and Technology (NIST) and Perseus collaborate to provide traceable time to global stock exchanges, ensuring market integrity.
Area of Science:
- Metrology
- Financial Engineering
- Telecommunications
Background:
- Accurate time synchronization is essential for the integrity and fairness of global financial markets.
- Increasingly complex trading systems and regulatory requirements necessitate high-precision time stamping.
Purpose of the Study:
- To describe the necessity of accurate time for financial markets.
- To outline current and future time synchronization requirements in the financial sector.
- To detail the technical implementation of time transfer from NIST to stock exchanges.
Main Methods:
- Collaboration between the National Institute of Standards and Technology (NIST) and Perseus for time distribution.
- Technical overview of NIST's time transfer methods to data center-hosted exchanges.
- Description of Perseus's distribution network and verification processes for financial customers.
Main Results:
- NIST, via Perseus, delivers accurate, traceable, and verifiable time synchronization to stock exchanges in the US, Europe, and Asia.
- Measurement data and analysis of measurement uncertainty are presented, validating the synchronization service.
Conclusions:
- The implemented system ensures reliable and verifiable time synchronization for financial markets.
- This collaboration enhances the fairness and equity of global stock trading through precise timekeeping.
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