Resync on Clock Sync
In January 2018, MiFID2 became law across the European Union, and with it came a brand-new obligation for all venues and direct participants to synchronize their business clocks. While a requirement existed in the U.S., the MiFID2 requirements were a significant step up from anything previously implemented. Now, over one year later, TABB Group’s latest outreach to financial industry market participants found the ideal solution for clock sync is still uncertain. A push to cloud by many financial institutions presents further challenges. This Market Note examines industry best practice, drivers, emerging solutions, and the future of clock synchronization.