By Uri Inspector, Staff Reporter
Global network provider BSO and time synchronisation specialist Hoptroff London have partnered to create a fully traceable and accurate Time-as-a-Service (TaaS) solution. Hoptroff’s Global Timing Network and AI driven Time-Suite software will be combined with BSO’s global low-latency network to offer a time synchronisation tool that gives firms a timestamp of trades to within 10 microseconds of the primary reference standard of Universal Time (UTC).
The BSO and Hoptroff TaaS model allows market participants to cross connect into the Hoptroff traceable time feed from any of BSO’s 100+ points of presence (PoP) globally, negating the need for costly investment in expensive timing hardware at each PoP requiring compliance. The firms say the solution will address rising demand in the financial ecosystem, particularly since MiFID II went live, for a far more precise reading of time when a trade is executed. The technology will also help firms meet the requirements of regulations such as the US Consolidated Audit Trail (CAT) and the European Second Payment Services Directive (PSD2).
Simon Kenny, CEO at Hoptroff, says: “Choosing time-as-a-service instead of installing and integrating local timing hardware and software, saves our clients money and provides them with fully traceable timing that meets all current compliance standards at any PoP on demand. We believe accurate timing is a critical service for financial services firms across the globe and we wanted to make sure that delivery of our time feed was underpinned with the most reliable and fastest low-latency network available.”
Fraser Bell, chief commercial officer at BSO, concurs, saying: “Having an accurate timestamp is imperative for firms to adhere to a number of global regulations. With our far-reaching and reliable network infrastructure underpinning Hoptroff’s exceptional software, firms can rest assured they have a fully compliant timestamping service.”