Colt Technology Services is offering financial firms using its colocation services a timestamping capability that more than meets the requirements of Markets in Financial Instruments Directive II (MiFID II).
The company has partnered with the UK National Physical Laboratory (NPL) to deliver precise timing capabilities to firms using its colocation services in Equinix data centres in Slough and Interxion facilities in London. This enables firms to timestamp all reportable trades to within one microsecond of Coordinated Universal Time (UTC), significantly improving on the smallest 100 microsecond level stipulated by the RTS 25 timing regulation under MiFID II.
The Precision Time Protocol (PTP), based on the Coordinated Universal Time (UTC) signal sourced directly from NPL, is being integrated by Colt at the network level, offering a consistent time across multiple trading applications. The company says the service introduced at Equinix and Interxion will be will be rolled out to other UK colocation sites according to customer demand.
Andrew Housden, vice president of capital markets at Colt, comments: “NPL has one of the world’s most accurate time signals, providing our financial markets customers with a highly reliable solution.” NPL’s CsF2 atomic clock is accurate to one second every 158 million years.