Recorded Webinar: Trade/Order Tracking & Time-Stamping for Regulatory Compliance16 March 2017
At the beginning of 2018 in Europe, and before the end of 2017 in the US, new time-stamping requirements will come into force, under European MiFID II regulation and the US SEC’s Consolidated Audit Trail (CAT) project. The RTS 25 provision of MiFID II sets exact millisecond and microsecond levels for time-stamp accuracy depending on whether the party involved is a trading venue, high-frequency trader, algorithmic trader or manual, human trader. CAT will require self-regulatory organizations to report time-stamped information at a certain standard as well. Both the European and US time-stamping rules will affect how trades and orders may be tracked.
- For trade reporting operations, what burdens do MiFID II’s RTS 25 standards create, particularly for time-stamping and tracking orders?
- Is MiFID II too reliant on accurate time-stamps? Is the emphasis on time-stamp accuracy justified and helpful?
- Are the provisions of MiFID II and CAT concerning time-stamping very similar or very different?
- Can SROs adequately address industry standards for clock synchronization, or do so better than the industry as a whole? Is MiFID II’s approach to clock synchronization better than a SRO-led approach?
- How reasonable is CAT’s clock synchronization standard of within 100 microseconds of the time maintained by the National Institute of Standards and Technology?
Moderator: Michael Shashoua Editor
More about our speakers:
Bob is a senior trading systems technologist with more than 20 years’ experience in Blue Chip Investment Banking Institutions. His career has spanned a variety of business facing technology roles, helping to support, enhance and migrate systems on behalf heads of trading desks, IT managers, operations, legal and compliance teams.
FIX Global Technical Committee
Jim Northey (B.S. University of Indianapolis, M.S. Illinois Institute of Technology), works in product strategy and research at Itiviti AB. He is the co-chair of the FIX Global Technical Committee and is convener of ISO TC68/WG5 semantics. Jim is a past member of the US Treasury OFR Advisory Committee and the US CFTC Technology Advisory Committee – Subcommittee on HFT. Jim is an adjunct instructor of Finance at Michigan Technological University, where he teaches Derivatives and Financial Engineering.
Senior Vice President – Regulatory Solutions
Dermot Harriss joined OneMarketData in 2015, and is responsible for delivering solutions that help firms meet their regulatory compliance needs. Mr. Harriss brings over twenty years of financial industry experience from roles involving futures trading, quantitative strategy development, derivatives risk management, program trading, execution services, and technology management.
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