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Accurate, Traceable, and Verifiable Time Synchronization for World Financial Markets



Michael A. Lombardi, Andrew N. Novick, George Neville-Neil, Ben Cooke


This paper describes how the National Institute of Standards and Technology (NIST), through a collaboration with Perseus, is providing accurate, traceable, and verifiable time synchronization to stock exchanges in the United States, Europe, and Asia. The paper describes why accurate time is necessary for fair and equitable financial markets and summarizes current and proposed future synchronization requirements for financial markets. It discusses reference time sources, and provides a technical overview of how NIST transfers time to stock exchange data centers. It also discusses how Perseus distributes NIST time to financial market customers and describes how the time is verified. Measurement data are presented, along with a discussion of measurement uncertainty.
Journal of Research (NIST JRES) -


stock market, synchronization, time transfer, traceability


Lombardi, M. , Novick, A. , Neville-Neil, G. and Cooke, B. (2016), Accurate, Traceable, and Verifiable Time Synchronization for World Financial Markets, Journal of Research (NIST JRES), National Institute of Standards and Technology, Gaithersburg, MD, [online], (Accessed July 15, 2024)


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Created October 7, 2016, Updated November 10, 2018