See SG24-2070 S/290 Time Management and IBM 9037 Sysplex Timer

300 plus pages.

My interpretation is that the Sysplex Timer IS the ETR. 

You connect it to an ETS (External Time Source), modem dialing NIST (what 
we do here),
GPS or WWV receiver and that gets the timer in sync with the rest of the 
world. 

The timer then causes the clock(s) in the processor to be adjusted to this 
time.

Coming in z/OS 1.7 is a feature called STP (if I remember right) that 
makes the Sysplex
timer obsolete and allows getting time from the network. 

Alan 

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