icon menu smartphone

Time Suite: Clock Synchronization for Business initiatives, Financial Regulations and Payment Directive compliance (CAT NMS, MiFID II, PSD2)

"Time-as-a-Service" is cost effective, simple to implement, highly scalable and supports most OS systems (Linux/Windows)

  1. Global coverage across 92 Datacentres through our local (Taas) hubs.
  2. Full SLA and can be operational in less than a week across your entire estate.
  3. All synchronization data is stored for over 5 years.

  4. Full monitoring and reporting in order to evidence full traceability to Compliance and regulators.
  5. Uninterrupted trading (in the event of UTC feed failure), TaaS is highly resilient and able to maintain holdover accuracy for up to eight weeks.

Time Suite Web UI

MiFID II requires that application/trading servers are synced to :

High Frequency Trading (HFT/colo/no-touch/high message intraday rates, i.e. 2-4 msg/s)

     100 microsecond maximum divergence from UTC

  1 microsecond granularity


Algos (Low touch/DEA)

    1 millisecond maximum divergence from UTC

    1 millisecond granularity


Manual/Voice Trading

1 second maximum divergence from UTC

1 second granularity


Request a demo

  1. With a view to increase transparency and Investor Protection, Article 50 of MiFID II requires all trading venues, and their members or participants (Buy/Sell side) shall establish a system of traceability to UTC and synchronize their business clocks to record the date and time of any reportable event (quotes, orders, trades, etc…) using an accurate time source (UTC time) with a maximum allowable divergence from UTC based on the type of trading platform.
  2. emagine offers a modulated Clock Synchronisation platform that can operate as a full, seamless unit which enables regulatory or business driven clock synchronisation, with industry leading accuracies.
  3. The KPIs displayed are based on the most stringent interpretation of clock sync rules, encompassing fully traceable sources of UTC.
  4. Time Suite can fill in gaps for monitoring, alerting and regulatory KPI compliance reporting (namely your traceability).
  5. Time Suite can also be used as an Independent Time Audit service, using a national body UTC time certification, to comply with the Directive (“Relevant and proportionate testing of the system and relevant and proportional monitoring, thereof, to ensure that the divergence from UTC remains within tolerance.”) 


MiFID II - RTS 25 Summary Table: Level of business clock accuracy for members or participants of a trading venue:


 Type of trading activity 


Maximum divergence from


Granularity of the



Activity using high frequency algorithmic trading technique


High frequency algorithmic trading technique

100 microseconds

 1 microsecond or better 

Activity on voice trading systems

Voice trading systems as defined in Article 5(5) of Commission Delegated Regulation (EU) 2017/583

1 second

 1 second or better 


Activity on request for quote systems where the response requires human intervention or where the system does not allow algorithmic trading


Request for quotes systems as defined in Article 5(4) of Delegated Regulation (EU) 2017/583

1 second

1 second or better


Activity of concluding negotiated transactions


Negotiated transaction as set out in Article 4(1)(b) of Regulation (EU) No 600/2014

1 second

1 second or better


 Any other trading activity


 All other trading activity not covered by this table.

1 millisecond

1 millisecond or better


USA : Consolidated Audit Trail (“CAT”), the“CAT NMS Plan”or the Plan



CAT Clock Synchronization Requirements

Each Industry Member shall synchronize its Business Clocks, other than such Business Clocks used solely for Manual Order Events or used solely for the time of allocation on Allocation Reports, at a minimum to within a fifty (50) millisecond tolerance of the time maintained by the atomic clock of the National Institute of Standards and Technology ("NIST"), and maintain such synchronization.

Each Industry Member shall synchronize (A) its Business Clocks used solely for Manual Order Events and (B) its Business Clocks used solely for the time of allocation on Allocation Reports at a minimum to within a one second tolerance of the time maintained by the NIST atomic clock, and maintain such synchronization.


Payment Services Directive 2

PSD2 is an EU Directive which sets requirements for firms that provide payment services, and will affect banks and building societies, payment institutions, e-money institutions and their customers. As well as promoting innovation, PSD2 aims to improve consumer protection, make payments safer and more secure, and drive down the costs of payment services. The new regime will be in force from 13 January 2018.

Regulatory Technical Standards (RTS) for strong customer authentication and common and secure open standards of communication

Article 29 - Traceability

  1. Payment  service  providers  shall  have  processes  in  place  which  ensure  that  all payment  transactions  and  other  interactions  with  the  payment  services  user,  with other  payment  service  providers  and  with  other entities,  including  merchants,  in  the context  of  the  provision  of  the  payment  service  are  traceable,  ensuring  knowledge ex-post of all events relevant to the electronic transaction in all the various stages.
  2. For  the  purpose  of  paragraph  1,  payment  service  providers  shall  ensure  that  any communication  session  established  with  the  payment  services  user,  other  payment service  providers  and  other  entities,  including  merchants,  relies  on  each  of  the following:           
  1. a unique identifier of the session;
  2. security  mechanisms  for  the  detailed  logging  of  the  transaction,  including transaction number, timestamps and all relevant transaction data;
  3. timestamps which shall be based on a unified time-reference system and which shall be synchronised according to an official time signal.



Benefits at a glance

Time Suite is the only solution that delivers traceable UTC, all the way down to the application level – providing MiFID II compliant levels for all reportable events and trading activity.


Originally designed for the financial industry, TaaS business advantages include:



"Time Suite uses rack mounted, non-invasive technology that works as a grandmaster time source for your entire data centre infrastructure."

Compliance from start to finish

Time Suite monitors, logs and reports timestamping data which ensures full MiFID II clock synchronisation compliance. emagine’s Web platform permits the interrogation of all data in real-time, or historically. This enables analysis for production / support environments which can identify system inefficiencies.

With a range of delivery models, emagine’s capabilities are flexible. We put the needs of your business first. With deployed or hosted solutions, we can ensure compliance, even in scenarios where others may not be able too. For example, in situations where there is no access to GPS antennas or, a reduction of the high overhead of hardware purchases.

Learn more about emagine’s Time Suite,
or, download Clock Synchronisation: Monitoring & Reporting


To find out more contact us: Time(at)emagine.co.uk

Or alternatively request to be contacted

ACCEPTOur website uses cookies so that we can provide you with the best possible user experience.
More information