Time Server Service

Time Server Service

Borsa İstanbul Time Server service, enabling to receive time information provided by “National Institute of Standards and Technology” (NIST) which is accepted as standard by regulatory authorities, went live. Time information may be received with millisecond sensitivity (NTP) or microsecond sensitivity (PTP) via this service.

While using Time Server service for its own needs, Borsa İstanbul also offers the service to its members and investment companies.

Institutions aiming to synchronize their system time with NIST by using Borsa İstanbul Time Server Service are welcome to contact with Borsa İstanbul Marketing and Sales Department.

Questions- answers regarding Time Server Service;

  • What are the specifications of the system established in Borsa İstanbul which enables sensitive time synchronization with NIST via satellite?

The system consists of Microsemi’s TP-5000 devices which are top-class equipments in this field. Many institutions that grant time server service including NIST use TP-5000 devices in their infrastructure.

  • Why should we use Borsa İstanbul’s Time Server infrastructure to synchronize our time with NIST?

As it is known, either domestic or international regulation requires financial institutions to use NIST time in their systems. Borsa İstanbul offers the financial institutions the opportunity to reach the NIST time with its infrastructure.

  • Are NIST time and Borsa İstanbul’s time exactly same?

The time deviation between Borsa İstanbul’s time and NIST’s time is ± 100ns (nano second). In other words, the infrastructure established in Borsa İstanbul for Time Server guarantees ± 100ns of deviation at most.

  • Which protocols can be used to receive time information from the system?

The established infrastructure in Borsa İstanbul is suitable for both NTP and PTP. Either or both of the protocols can be used depending of operating system (Window, Unix etc.) and hardware you use.

  • Which protocol (NTP or PTP) is more sensitive to receive time information?

NTP protocol offers 10-3 (1 millisecond) sensitivity whereas PTP protocol offers 10-7 (100 nanoseconds) Members with servers in colocation area are suggested to use PTP and/or NTP whereas members accessing Borsa İstanbul via wide area network are suggested to use NTP only.

  • Is there any possibility for the system to send incorrect time information?

TP5000 communicates with multiple satellites via GPS simultaneously to receive and distribute time information. In order for Borsa İstanbul Time Server System to send incorrect time information is to receive incorrect information from GPS. In case the communication disconnected between satellite and GPS, Rubidium Oscillator inside the device steps in to transmit the time through the system accurately up to 1 month.

  • What does time information complies with MiFID II mean?

MiFID (EU-Markets in Financial Instruments Directive), an EU regulation for financial institutions, requires several basic and general legislation. According to Microsemi, MiFID II dictates at least 100 us accuracy (micro seconds) with NIST.

  • Does time information received through Borsa İstanbul Time Server System comply with MiFID II?

Borsa İstanbul Time Server infrastructure consists of TP5000 NTP/PTP server PRTC devices thereby offers time information with 100ns accuracy to UTC. In other words, the devices used in the infrastructure can transmit time 1000 times better than MiFID II requirement.

  • What is the up-time SLA for Borsa İstanbul Time Server Service?

According to Microsemi, IOC (Rb) up-time of the two TP5000 devices working 1:1 backup is %99.9999. Borsa İstanbul provides double-full redundancy by using two identical systems.

Also, the satellite system established for Time Server System is double-full redundant. Each satellite dish receives the GPS information from 8 different satellites.

  • Has Time Server System been launched?

Yes, currently all Borsa İstanbul systems receive time information from Time Server System.

  • Is there any other stock exchange using the same system Borsa İstanbul does?

Stock Exchanges using the system can be seen in below map.