Yaakov Stein wrote: > Mike > > I believe that it depends what kind of system we are talking about. > > RFC 2801 (the Internet Open Trading protocol) has (optional) timestamps > for even small transfers of money. > > Large electronic trading companies often place their servers as > geographically close > to the market's computers as they can, in order to minimize the propagation > latency. > They are assuming that the time that counts is the time a packet containing a > transaction order > ARRIVES at the market's server. > > I do not know of any case law (and perhaps others can help here) > where this has been definitively established. > If it turns out that the time that counts is the time the transaction is SENT, > then we will need a method of distributing highly accurate time to end users > along with tamper-proofing of the outgoing timestamp. > > Of course, people close to e.g. NASDAQ's computer will still have the > advantage of getting up-to-date data faster, > but will lose the advantage of lower propagation latency of their orders. >
I can probably get an answer on that since I know one of the people involved in that implementation. I know they are using standard NTP in the implementation but as I recall they were more concerned with simultaneous distribution of information to different organizations so that was cross-networks and therefore the organizations with the fastest networks were likely to get the earliest delivery of the information. Danny > Y(J)S > > > -----Original Message----- > From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] On Behalf Of [EMAIL > PROTECTED] > Sent: Thursday, September 18, 2008 11:21 PM > To: [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED] > Cc: [email protected] > Subject: Re: [TICTOC] Requirements: trading applications > > I don't think timing for trading systems is delivered across the general > internet. I would expect these to be custom designed. But then again I am > open to be proved wrong. > > Regards > > Mike > > _______________________________________________ > TICTOC mailing list > [email protected] > https://www.ietf.org/mailman/listinfo/tictoc > > _______________________________________________ TICTOC mailing list [email protected] https://www.ietf.org/mailman/listinfo/tictoc
