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The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Extended emagine Timestamping Service Supports MiFID II Compliance

emagine’s Time-as-a-Service (TaaS) solution, which enables market participants to timestamp trades to within 100 microseconds, has been made available across BSO’s network of 91 data centres in 20 countries.

Financial services management consultancy emagine says TaaS enables traders to comply with Markets in Financial Instruments Directive II (MiFID II), which went live this week and threatens heavy fines for firms that fail to identify precisely when a trade has been timestamped in line with co-ordinated universal time (UTC). TaaS availability on BSO’s global network means firms operating in North America and APAC can also trace trades to UTC in readiness for similar rules as they come into force in other parts of the world.

Beyond regulatory reporting, the solution offers features including fast service delivery times on any part of the global network, additional bandwidth, the ability to work on existing network infrastructure without the need for upgrades, and cost savings on colocation and data centre space.

Emmanuel Pellé, BSO chief operations officer, comments: “Having an accurate timestamp is imperative. Electronic trading activity not only needs to be measured in terms of latency, it also needs to be forensically assessed and monitored. Our tie-up with emagine enables market makers and trading venue operators to trace their trades to UTC with the utmost accuracy.”

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