iX-Time (PTP)

With market regulations, such as MiFID II in Europe and SEC Rule 613 in the US, electronic trading firms need to make changes to remain compliant and meet technical standards in relation to clock synchronisation.

A core regulatory requirement for all trading firms and liquidity venues is to timestamp trades so that they can be traced back to when they occurred relative to Coordinated Universal Time (UTC). This will help regulatory bodies investigating market events or suspected abuse of the markets.

RTS 25, the specific technical standard relating to timestamping for MiFID II, places a requirement for clock synchronisation between the client application and UTC to be accurate to within one hundred microseconds for high frequency algorithmic trading. In the US, SEC Rule 613 states that member firms will have to be able to provide an order audit trail with clock synchronisation accurate to within 50 milliseconds.

Fixnetix has implemented iX-Time, a cost effective solution that enables trading firms to synchronise business clocks. It will ensure that customers remain compliant with impending regulations, whilst benefitting their trading strategies with a greater level of accuracy and reliability of time stamping on data for post-trade analysis and the testing of future trading strategies.

Customers also have the option of employing an end-to-end monitoring service for the solution of downstream appliances.


  • MiFiD II & RTS 25 Compliant in Europe as well as FINRA Rules 7410-7470 & SEC Rules 613 Compliant in the US
  • Great reliance and accuracy of timestamps over competing offerings
  • Direct Traceability and Certification to UTC for Audit
  • Does not require any major swap out of existing infrastructure
  • Significant cost benefits over competing offerings
  • Monitoring and storage of time-stamped data available
  • Accuracy of iX-Time (PTP) is to within 10 microseconds
  • Fully resilient time source with multiple failovers including WAN synchronisation
  • Time-stamping accuracy to within 1 microsecond of UTC based on platform capabilities
  • Monitoring of hardware failure, GPS failure and drift between data centres

iX-Time does not require a market participant to undertake any major swap out of existing infrastructure. Fixnetix utilises NTP service on an interim basis whilst the client’s hardware is upgraded to be PTP compatible. This delivers a significant cost benefit over other PTP solutions.