Global network provider, BSO has partnered with Hoptroff London, the time-synchronization software experts, to provide the financial services community with the first fully traceable accurate Time-as-a-Service (TaaS) on the market.
Since MiFID II went live in January, the entire financial ecosystem has a growing demand for a precise reading of when a trade is executed, so traceable accurate synchronised timing has become crucial. This new partnership combines Hoptroff’s market-leading Global Timing Network and AI enabled Time-Suite software with BSO’s global low-latency network reach, providing firms with a timestamp of trades to within ten micro-seconds of the primary reference standard of Universal Time (UTC).
This will also enable market participants to meet additional regulatory demands, such as CAT and PSD2. New requirements have put technological and operational strains on firms who risk heavy fines if they fail to comply, so BSO and Hoptroff’s complete and scalable technology allows for a quick, smooth and cost-efficient implementation, eliminating risk of any regulatory infringements across the globe.
BSO and Hoptroff’s TaaS model means firms can simply cross-connect into the Hoptroff traceable time feed from any of BSO’s 100+ points of presence around the world and eliminate the need for capital investment in expensive timing hardware at each of their PoP requiring compliance.
Commenting on the partnership, Fraser Bell, Chief Commercial Officer of BSO said: “Having an accurate time-stamp is imperative for firms to adhere to a number of global regulations. With our far-reaching and reliable network infrastructure underpinning Hoptroff’s exceptional software, firms can rest assured they have a fully compliant time-stamping service. It’s an extremely beneficial arrangement for both parties and we’re excited to be bringing it to market.”
Simon Kenny, CEO of Hoptroff added “Choosing Time-as-a-Service instead of installing and integrating local timing hardware and software, saves our clients money and provides them with fully traceable timing that meets all current compliance standards at any PoP on demand. We believe accurate timing is a critical service for financial services firms across the globe and we wanted to make sure that delivery of our time feed was underpinned with the most reliable and fastest low latency network available.”
“We believe accurate timing will become a universal service as demand grows to synchronize different locations to understand, in real time, how processes running across distributed computing infrastructure are actually performing. This will bring benefits not just to the financial trading community but to a wide range of other industries that include Gaming, Media & Broadcast, E-commerce and the emerging Blockchain applications.”