About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Perseus Acknowledges MiFID II Time Synchronisation Standards as Fair and Reasonable

Subscribe to our newsletter

Changes made to recommendations on time synchronisation in the European Securities and Markets Authority’s (ESMA) latest technical standards for MiFID II have been welcomed by Perseus, a provider of managed services including PrecisionSync time services, and recognised as being fair and reasonable. While previous ESMA recommendations suggested nanosecond clock synchronisation for electronic trading, the standards published late last month settle on 100 microseconds for electronic trading and 1 millisecond for voice trading.

Jock Percy, founder and CEO of Perseus, explains: “We were concerned that while ESMA’s initial time synchronisation standard was achievable from a technology standpoint it was commercially too aggressive as the cost of achieving the standard would be too high. We made submissions to ESMA on time synchronisation and the outcome in the latest technical standards is good, fair and reasonable.”

With MiFID II dedicated to market transparency, clock synchronisation is important to understanding what has happened in an unusual trading scenario. Percy says: “Trying to reconstruct a trading period when trading software is clocked incorrectly is very difficult. If all parties to a trade, including an exchange, are synchronised with one time source and the accuracy level is acceptable, reconstruction is easier and there should be less settlement problems and disputes.”

ESMA’s final MiFID II rules on time synchronisation will have a knock-on effect outside Europe, but they could also form the basis of the US Financial Industry Regulatory Authority’s (Finra) final decision on time synchronisation. Finra is contemplating time synchronisation within 50 microseconds for electronic trading, but could well follow ESMA’s recommendations once they have been ratified by the European Parliament. This would provide uniformity across the US and Europe, and reduce the complexity of resolving global trading challenges.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating the Build vs Buy Dilemma: Cloud Strategies for Accelerating Quantitative Research

For many quantitative trading firms and asset managers, building a self-provisioned historical market data environment remains one of the most time-consuming and resource-intensive steps in establishing a new research capability. Sourcing data, normalising symbologies, handling corporate actions and maintaining infrastructure can take months and absorb significant budget before a single model is tested. At the...

BLOG

Defensibility: The New Watchword for Data Management

George Tziahanas, VP of Compliance at Archive360. Regulated enterprises are discovering that the hardest part of scaling new technology such as AI isn’t adoption; it’s proving those technologies are properly controlled. For financial institutions in particular – including banks, asset managers, insurers, and capital markets firms – this challenge is intensified by long-standing regulatory expectations...

EVENT

ExchangeTech Summit London

A-Team Group, organisers of the TradingTech Summits, are pleased to announce the inaugural ExchangeTech Summit London on May 14th 2026. This dedicated forum brings together operators of exchanges, alternative execution venues and digital asset platforms with the ecosystem of vendors driving the future of matching engines, surveillance and market access.

GUIDE

AI in Capital Markets Handbook 2026

AI adoption in capital markets has moved into a more disciplined phase. The priority is now controlled deployment: where AI can be used safely, where it can deliver measurable value, and how outputs can be governed, monitored and evidenced. The 2026 edition of the AI in Capital Markets Handbook examines how AI is being applied...