Watching the MiFID II-Mandated Clock
Timestamping requirements under MiFID II may have unexpected consequences for traders in fixed income. Joanna Wright reports
There's something quite geeky about the clock synchronization and timestamping rules in the updated Markets in Financial Instruments Directive (MiFID II), says Anna Pajor, principal consultant and director at GreySpark, a capital markets consultancy.
Certainly, it's true that if you do any reading into the regulation, you encounter concepts such as Coordinated Universal Time (UCT)—the global reference to which all venues and participants covered by MiFID II have to synchronize—and the super
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