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. 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
