Source: Iosco
The Board of the International Organization of Securities Commissions today issued a report recommending that trading venues and their participants synchronise the clocks they use for timestamping a reportable event with coordinated universal time (UTC).
The synchronisation of clocks used for recording the time of a recordable event is important for establishing a clear audit trail of when trading events occur in the secondary markets. This process is increasingly important as more trading takes place across multiple venues, in different jurisdictions and at faster speeds.
IOSCO recommends that if business clocks are synchronised, they should be synchronised to a common time - UTC.