Accurate, traceable, and verifiable time synchronization for world financial markets

Abstract

The National Institute of Standards and Technology (NIST), through a collaboration with Perseus, a global provider of telecommunication services, is providing accurate, traceable, and verifiable time synchronization to stock exchanges in the United States, Europe, and Asia. The paper describes why accurate time is necessary for fair and equitable financial markets and summarizes current and proposed future synchronization requirements in the financial sector. We discuss reference time sources and provide a technical overview of how NIST transfers time to data center hosted stock exchange. We also discuss how Perseus distributes NIST time to financial market customers and describes how the time is verified. Measurement data are presented, along with a discussion of measurement uncertainty.