The 5 primary MiFID II clock synchronisation requirements
To help simplify the process of becoming MiFID II compliant, we have identified the 5 primary time synchronisation requirements of MiFID II compliance:
The synchronisation of clocks to Coordinated Universal Time (UTC) using a traceable source like GPS
Ensuring maximum clock divergence doesn’t exceed 100 microsecond / 1 millisecond
Provision of timestamps with a granularity of 1 microsecond / 1 millisecond
The ability to prove the accuracy of clock offset
Ability to demonstrate where the timestamp is applied and that it remains consistent.