UBS to deploy new timestamping system
Written by Chris Lemmon
UBS has signed an agreement with the National Physical Laboratory and TMX Atrium for a new precise timing service that will certify trading transactions.
The solution, NPLTime, provides a precise time signal directly traceable to Coordinated Universal Time (UTC) and independent of GPS. The service provides users with a distributed solution that is certified at their premises via the TMX Atrium infrastructure.
Accurate traceability will ensure that transactions completed in microseconds can be easily certified. The solution aims to provide UBS with a trusted timestamp, regardless of how many locations the trades cross.
Chris McConville, global co-head of equity electronic agency trading at UBS, said: “The solution will provide UBS infrastructure with a stable, accurate and resilient time signal whilst simplifying the MiFID II time synchronisation traceability requirements.”