Table 1.

Stock market synchronization requirements

Rule Number	Author	Year of Origin	Current Status	Reference Time Source	Synchronization Requirements with Respect to Reference Time Source
OATS Rule 6953	NASD	1998	Superseded by 7430	NIST	All clocks	3 s
NYSE Rule 132A	NYSE	2003	Superseded by 7430	NIST	All clocks	3 s
OATS Rule 7430	FINRA	2008	In effect	NIST	All clocks	1 s
Regulatory Notice 16–23	FINRA	2016	In effect in 2017	NIST	Computer clocks	50 ms
					Mechanical clocks	1 s
CAT NMS Plan	SEC	2012	Proposed	NIST	Automated orders	50 ms
					Manual orders	1 s
					Time stamp resolution	1 ms
MiFID II	ESMA	2015	Proposed	UTC	Manual orders	1 s
					Automated orders, non-HFT	1 ms
					HFT	0.1 ms
					HFT time stamp resolution	1 μs