UBS has signed an agreement with the National Physical Laboratory, (NPL) to implement its time accuracy technology ahead of regulatory time synchronisation reporting requirements.
NPLTime is a new service which provides a precise time signal directly traceable to coordinated universal time (UTC), and gives end-users a timestamp, regardless of how many locations trades cross.
Dr Leon Lobo, strategic business development manager at NPL, explained the group operates two of the world’s “most accurate atomic clocks”, accurate to one second every 158 million years.
Lobo added that NPL is already working on an upgrade will be accurate to one second in every 14 billion years.
He said: “By launching this new solution, with a direct connection to UTC, we are able to provide users of NPLTime with a trusted and traceable distribution service that completely eliminates reliance on GPS."
Global co-head of equity electronic agency trading at UBS, Chris McConville, said the solution will “provide UBS infrastructure with a stable, accurate and resilient time signal, whilst simplifying the MiFID II time synchronisation traceability requirements.”
TMX has also signed up to use the product, as its market insights and group head of information services, Eric Sinclair, explained the demand for “higher degrees of timestamp accuracy continues to grow.”
He added: “The provision of NPLTime on the TMX Atrium network enables our community to receive a highly accurate time signal that cannot be disrupted by outside interference.”