[LEAPSECS] Synchronization requirement

[christopher hoover]

Gerry Ashton wrote:

> There have been requests on this list to gather requirements

> for civil time keeping. I would like to suggest one. Anyone

>

> Let me summarize my requirement:

> 

>    The legal definition of time shall be sufficiently

>    unambiguous that those with adequate equipment will

>    be able to determine the correct time to an accuracy

>    of 0.1 s or better.


This might make sense for situations involving a small number of parties,
say closing escrow in a real estate transaction, but it will be entirely
insufficient when large number of parties are involved or if the transaction
interarrival rate is of the same order.

Consider orders and quotes for securities.  A lot of orders and still more
(3-10x) quotes happen in 0.1 s.     The S.E.C does not allow you to
"shuffle" those about within a 0.1 s window.     Cf. [1].     

-ch


[1] http://en.wikipedia.org/wiki/RegNMS