Certification service for MiFID II/RTS 25 compliance
The Markets in Financial Instruments Directive regulates organisations providing services to clients linked to financial instruments – for example, shares, bonds, units in collective investment schemes and derivatives. Revised and updated to MiFID II in January 2018, the regulations aim to improve the functioning of financial markets following the financial crisis.
MiFID II regulations mandate that trading venues and their members/participants establish and demonstrate a system of traceability to Universal Co-ordinated Time (UTC). There is a requirement to synchronise the business clocks used to record the date and time of any reportable event and that reviews of compliance must be performed yearly.
Prove your MiFID II compliance with our timing certification service
Proving compliance requires specialist test equipment, knowledge of timing networks and the associated infrastructure. APC Time’s MiFID II certification service ensures that all relevant systems and documentation are compliant, ensuring resilience and traceability, backed up with full certification for 12 months. APC Time has over fifteen years’ experience in designing, specifying and supporting time and frequency synchronisation systems within the UK and Ireland – our partnership with Edge Networks means we can offer the technical expertise required to provide a service that is second to none in this arena.
Using specialist timing test equipment, the APC Time MiFID II certification service provides nanosecond resolution measurements to analyse timing performance, network and cable delays. We will recommend any configuration corrections required following the analysis. Our timing experts use their knowledge of best practice timing architecture and equipment operation to audit specifications, documentation and designs for performance, resilience and certification of compliance with the relevant regulations. Full documentation and certification are delivered upon the completion of on-site activities.
Most timing implementations rely on a rooftop GPS/GNSS antenna as the primary reference for the entire timing infrastructure. As the antenna and associated infrastructure are externally located, it is a common point of failure. The physical audit and maintenance activities we perform ensure that this vital component will not fail.
Accurate reference times
Many software applications and hardware solutions exist for distributing and monitoring time within a MiFID II regulated organisation. However, they all rely on local clocks to generate the time in the first place or use these for the reference time to measure client performance against. If the local equipment is incorrectly configured, faulty, uncalibrated or sits within architecture that is not fault-tolerant, then all distributed time and measurements could be compromised and outside the accuracy mandated by regulations.
- MiFID II / RTS 25 / Article 4 compliance audit and certification
- Testing, calibration and certification of all master and boundary clocks
- Audit and maintenance of GPS/GNSS antenna, cabling and infrastructure
- Compliance audit of timing network architecture design and documentation
- Analysis of fail-mode scenarios and overall timing system resiliency
- Equipment functional specification compliance audit
- Full report with recommendations and 12-month Certificate of Compliance
- Proven and documented compliance to MiFID II regulations
- Assurance that all timing services delivered to business systems, platforms and monitoring software (including timing analytics software) are receiving an accurate reference
- Increased visibility into the performance and health of your timing equipment and infrastructure
- Confidence in the fault tolerance and resilience of your end-to-end timing system