MiFID II, Clock Sync in European Banks: A Report from the Trenches
Wednesday | 9:15 - 9:35 am
- Neil Horlock - Independent IT Consultant, Zyxt Technology
In January 2018, MiFID2 became law across Europe and with it, the most stringent clock synchronization requirements ever asked for in Financial Services. This talk will cover the experience from within a large bank and through working in industry groups. The difficulties and the solutions chosen. This talk will briefly outline the expectations of the regulators before focusing on the implementations, and will try to round up with an appraisal of how successful the industry was as a whole. Throughout the MiFID2 consultation and implementation I was working for a large global investment bank. From 2016 I was chair of the FIX protocol working group on Time Synchronization, an industry group looking to form consensus around the, often vague, regulations. During the course of this we fought back against the uniformed, we discovered the limitations of GNSS, we developed strategies for traceability and explored testing and certification. I will discuss the challenges faced in banks around infrastructure and technology adoption. The barriers technologists typically have to navigate in the political world of a financial institution and if time allows explain where I think work still needs to be done.