ESMA’s ‘Final Countdown’ to MiFID 2 Targets Time Synch, Data Disaggregation
ESMA's new rules target time synchronization to ensure consistent, standardized timestamps for best execution.
To facilitate best execution across pan-European markets, ESMA’s RTS 25 proposal essentially implements a pan-European timestamp, by mandating the synchronization of industry clocks that provide time information to market participants’ trading systems to within a variance of 100 microseconds, so they can confirm exactly when a trade was executed and whether there was a better price available to customers at that exact time.
With RTS 25, ESMA has gone further than many market participants
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