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Best practice timestamping and clock synchronisation
- 1. FROM IntelligentTradingTechnology.comMay 22, 2018 Welcome to A-Team Group’s webinar Best practice timestamping and clock synchronisation
- 2. FROM IntelligentTradingTechnology.comMay 22, 2018 Join the Intelligent Trading Technology Online Community Intelligent Trading Technology is your single destination for knowledge and resources covering trading technology approaches, trends and challenges as well as all the regulations impacting financial trading technology for the enterprise. Join our 17,000 other members - it’s entirely free to join! Sign up at http://bit.ly/ITTSignup Membership entitles you to free access to expert unbiased commentary. We deliver: Regular weekly updates on the latest news and views Blogs and commentary White papers Surveys and research Trading technology handbooks Events Webinars Awards
- 3. FROM IntelligentTradingTechnology.comMay 22, 2018 A recording of this webinar can be found at http://resource.datamanagementreview.com/webina r-recording-timestamping-clock-synchronisation- may2018
- 4. FROM IntelligentTradingTechnology.comMay 22, 2018 Moderator: Sarah Underwood, Editor, A-Team Group
- 5. FROM IntelligentTradingTechnology.comMay 22, 2018 Panel Member: Rory Chisholm, IT Project Manager for FinfraG Article 38 and Article 39 programmes, UBS Investment Bank Areas of Expertise: • Managed survey for categorisation of applications with regards to their levels of required compliance to clock synchronisation rules under MiFID II • Author of the technical business requirements and controls document • Worked with infrastructure engineering and networks to identify, evaluate, pilot and implement a technical solution that was rolled out to all impacted applications across a dozen countries
- 6. FROM IntelligentTradingTechnology.comMay 22, 2018 Panel Member: Hugh Cumberland, Principal, Cumberland Caine Areas of Expertise: • Designed and built a number of dealing rooms around the world • Selected and installed numerous voice recording solutions • Sales, marketing and product management in mobile voice recording • Long experience in responding to regulatory requirements, especially MiFID II
- 7. FROM IntelligentTradingTechnology.comMay 22, 2018 Panel Member: Russell Lowes, Senior FPGA Engineer, Metamako Areas of Expertise: • Oversees product development of MetaWatch, a high-performance network application for tapping, precision timestamping and time synchronisation • With strong experience in all aspects of electronics systems design, Russell has held senior engineering roles in several defence and technology firms producing networking products • Bachelor of Engineering in Electrical Engineering from the University of Technology, Sydney
- 8. FROM IntelligentTradingTechnology.comMay 22, 2018 Panel Member: Raymond Russell, CTO, Corvil Areas of Expertise: • Mathematics of queuing and latency • Timestamping and clock-synchronisation • Transaction reconstruction and analysis
- 9. FROM IntelligentTradingTechnology.comMay 22, 2018 Regulatory drivers of timestamping and clock synchronisation How firms are coping with MiFID II requirements in this space Outstanding challenges and how they can be approached How to comply with MiFID II and the US Consolidated Audit Trail Best practice implementation of timestamping and clock sync Technology solutions to support compliance and how they work Business benefits of timestamping and clock synchronisation Advice for practitioners working on these regulatory requirements Talking Points
- 10. FROM IntelligentTradingTechnology.comMay 22, 2018 Regulatory drivers of timestamping and clock synchronisation “Regulators believe timestamping will allow them to identify the sequence of events within a trade in cases where market manipulation may have occurred of when execution has gone awry” Source: A-Team MiFID II Handbook
- 11. FROM IntelligentTradingTechnology.comMay 22, 2018 The requirements of MiFID II and the extent to which trading firms are meeting them Article 50 of MiFID II requires all trading venues (and their members and participants) to record the date and time of any reportable event using an accurate time source. Under the annex to Regulatory Technical Standard 25 (RTS 25), firms must synchronise the business clocks they use to record this information with Coordinated Universal Time (UTC)
- 12. FROM IntelligentTradingTechnology.comMay 22, 2018 Outstanding challenges of MiFID II and how they can be overcome
- 15. FROM IntelligentTradingTechnology.comMay 22, 2018 Results of failing to achieve clock synchronisation and timestamping from both a regulatory and business perspective • Non-compliance • Trade breaks • Trade reconstruction • Missed business opportunities • Business losses
- 16. FROM IntelligentTradingTechnology.comMay 22, 2018 Key requirements of clock synchronisation and timestamping for the US Consolidated Audit Trail Timestamp granularity Electronic order events: 1 millisec Manual order events: 1 second Synchronisation with UTC SRO’s order events: 100 microsecs Electronic order events: 50millisecs Manual order events: 1 second Source: Corvil
- 17. FROM IntelligentTradingTechnology.comMay 22, 2018 Best practice implementation of clock synchronisation and timestamping
- 18. FROM IntelligentTradingTechnology.comMay 22, 2018 Technology solutions and how they work
- 21. FROM IntelligentTradingTechnology.comMay 22, 2018 Potential regulatory changes to clock synchronisation and timestamping
- 22. FROM IntelligentTradingTechnology.comMay 22, 2018 Benefits of clock synchronisation and timestamping beyond compliance • Regulatory compliance • Improve understanding of trade flow • Monitor any problems in flow • Facilitate trade reconstruction • Identify business opportunities
- 23. FROM IntelligentTradingTechnology.comMay 22, 2018 Advice for practitioners working in this space
- 24. FROM IntelligentTradingTechnology.comMay 22, 2018 Thank you to our sponsors Email: info@metamako.com or go to www.metamako.com Email: Marketing@corvil.com
- 25. FROM IntelligentTradingTechnology.comMay 22, 2018 Upcoming A-Team Group Events Visit IntelligentTradingTechnology.com/events Intelligent Trading Summit (ITS) - New York City, 12th June 2018 RegTech Summit for Capital Markets - London, 4th October 2018 RegTech Summit for Capital Markets - New York City, 15th November 2018 Intelligent Trading Summit (ITS) - London, 28th November 2018
- 26. FROM IntelligentTradingTechnology.comMay 22, 2018 Upcoming A-Team Group Webinars Visit webinar section of IntelligentTradingTechnology.com May 24th – How to maximise data sources created by MiFID II May 31st – Trade reconstruction: a data and technology-led approach June 5th – Managing market data feeds in the post MiFID II world June 7th – The challenges of managing data for regulatory compliance and business performance
- 27. FROM IntelligentTradingTechnology.comMay 22, 2018 Visit the trading technology handbooks section of IntelligentTradingTechnology.com A-Team Group Handbook Series