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The SEC Rule 613 Compliance Audit Trail (CAT) NMS requires anyone trading on the National Market System (NMS) to report all transactions (quotes and orders) with an accuracy within 50 milliseconds for FINRA Industry Members and 100 microseconds for FINRA Participants, forensically traceable to the National Institute of Standards and Technology (NIST) time standard. FINRA CAT Alert 2020-02 further specifies these latest standards:
Time synchronization log and timestamping data for CAT repository are retrieved from a mix of GPS/GNSS-sourced global navigation satellite systems time and NTP/PTP network time on each trading machine, with any offset forensically traceable to UTC/NIST time standard. To conduct these transactions, specific infrastructure, connectivity and software must be implemented to comply accordingly.
The FINRA Industry Members’ rules pertain to any broker-dealer and financial firm that trades with FINRA-regulated Participants, national securities exchanges, and receives, originates and/or handles orders in NMS Securities, which includes NMS stocks and Listed Options and/or OTC Equity Securities.
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