Independent standards body FIX trading community has announced that FIX protocol will support higher time stamp resolution in line with upcoming MiFID II regulations.
The group formed its clock synchronisation working group in June 2015 to look at regulatory technical standard (RTS) on the group’s clock synchronisation. As specified within the RTS, there are requirements to communicate time stamps with granularities of one microsecond.
The Working Group is comprised of different market participants currently looking at MiFID II in order to address compliance issues.
“By proactively making this adjustment, we are giving clear guidance to the industry on how to use FIX for MiFID II compliant time stamps, Neil Horlock, Director – Global Market Connectivity, Credit Suisse and Co-Chair Clock Synchronisation Working Group, FIX Trading Community
“We also hope to protect the integrity of the standard while ensuring that all FIX encodings – past and present – are suitable not only for the MiFID II legislation but any likely future requirements for high-precision time stamps”