[LEAPSECS] euro financial market clocks

[Steve Allen]

In May the european financial market authority issued a discussion
paper with a response deadline of August 1 that suggests all
transactions be timestamped to within 1 microsecond.

the timing bits are on page 520ff of this
http://www.esma.europa.eu/system/files/2014-548_discussion_paper_mifid-mifir.pdf

They make no mention of leap seconds, note that UTC is the basis of
the industry standard, and that a lot of sites are already employing
GPS time and IEEE 1588.

They pose 3 questions including this familiar problem:

> Which would be the maximum divergence that should be permitted with
> respect to the reference clock?  How often should any divergence be
> corrected?

--
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