Tough Time: MiFID II Clock Synchronization Proposals Seen as Too Harsh
Jock Percy, founder and CEO of managed services provider Perseus, says the Mifid II requirements to sync industry clocks go too far.
The difference between a millisecond and a nanosecond might be indistinguishable to the human eye, but the gap between a thousandth and a billionth of a second could cost the industry loads more money to remain in compliance.
That's the case when it comes to the new Markets in Financial Industry Directive II (Mifid II) rules around clock synchronization. A recent European Securities and Markets Authority (ESMA) proposal asks firms to offer nanosecond-level granularity on time-stamping, a
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