It’s time! For a new Precision Time Protocol (PTP).
Would you believe that some unscrupulous financial traders have actually claimed that they submitted their transactions after they were subsequently executed? Furthermore, they claim the transactions should have been conducted at a different price point! Due to the variable latency within large networks, especially the Internet, some of these claims have been impossible to either confirm or refute. This is where a new timing protocol comes into the picture. (Well, actually it is over a decade old, but it is just now beginning to be implemented.) This is known as the Precision Time Protocol (PTP), and it is specified in the IEEE 1588 standard. In Europe, this will soon be required for accurately time stamping every hop of a financial transaction’s packet flow. View a simple diagram that provides a description of this protocols’s multi-tiered structure, here.
While the Financial Services information is certainly the driving force behind this protocol’s adoption, this will also be very useful for accurate logging, metrics, and analysis. For additional information about the PTP click here.
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