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...
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