As MiFID 2 Looms, TMX, NPL Begin Trials of Managed Timestamping Service
The fully managed timing service from TMX and NPL will enable firms to ensure compliance with MiFID 2's timestamping requirements, and to optimize their systems.
“With the rise of high-frequency traders, timing became very important, and it also became clear that at a microsecond level, no one in the city [of London] had the same time. Not only were clocks different, but they seemed to be drifting at different rates,” says Leon Lobo, strategic business development manager for time and frequency at NPL. “And prior to the ESMA [European Securities and Markets Authority] regulation, there was no requirement for timestamp consistency in Europe… and no
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