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Precision Time Protocol (PTP)
12 1
Enabling the Financial Services Industry to meet all MiFID 2 market regulations
The Financial Services Industry (FSI)
Trading Type
In the space of a second the FSI can see several thousand orders
and transactions pass through a trading venue. With trillions of
dollars at stake, the ability to audit and reconstruct all of these
events is paramount.
In early 2018 the European Commission will implement the Markets
in Financial Instruments Directive 2 (MiFID 2), providing regulators
with the ability to reconstruct all events relating to the lifetime of
each order in an accurate time sequence.
60
59
58
.0006 a millisecond?
How many clocks57does it take to measure
.0005
The IEEE 1588v2
time-stamps data and defines the system56 PTP standard
.0004
wide method for exchanging and hard time-stamping messages between
clocks.55
The clocks
are defined as grandmaster, boundary, and transparent,
.0003
53
Maximum Divergence
from UTC
HFC
High-frequency algorithmic
trading technique.
Voice
Voice trading systems in
respect to bonds, structured
financial products, etc.
2018 1 Second
1 Second
or better
Activity on
Request
for Quote
Response requires human
intervention or the system does
not allow algorithmic trading.
2018 1 Second
1 Second
or better
Concluding
Negotiated
Transactions
A share, depositary receipt,
ETF, certificate, or other similar
financial instrument transaction
negotiated privately but reported
under the rules of a trading venue.
2018 1 Second
Any Other
Trading
Activity
All other trading activity.
2018 100 Microseconds
2
2018 1 Millisecond
.0002
NOTE: Transparent clocks measure and adjust for packet delay. The
transparent clock computes the variable delay as the PTP packets pass
through the device.
.0001
Granularity of
the Timestamp
1 Microsecond
or better
1 Second
or better
1 Millisecond
or better
MiFID 2 requires all FSI companies to provide accurate time stamping at all points in
a data network by drastically tightening the requirements for time stamping from
one second down to 100 microseconds for high-frequency computer (HFC) trading.
and they use enterprise profile multicast over IPv4 and IPv6 to transport
PTP messages.
54
Description
12
1
11
2
The Juniper QFX Series
The Juniper QFX Series meets the needs of today’s most demanding FSI environments.
Designed for top-of-rack, end-of-row, and spine-and-core aggregation deployments in
modern data centers, the QFX Series can be deployed as 10GbE, 40GbE, or 100GbE
access, spine, core, or aggregation devices in IP CLOS, Virtual Chassis, Virtual Chassis
Fabric, Multi-Chassis LAG, and Junos Fusion architectures.
59 60 1 2
58
57 .0016 .0017 .0018 3 4
56
5
The QFX10000 switch implements.0015
both boundary clocks and.0019
transparent clocks
55connections
supporting multiple PTP
and client6using
.0014 while acting as both source .0020
7
the Best Master Clock Algorithm (BMCA) to select the best master clock source.
54 .0013
.0021
8
53 .0012
.0022
9
Clock Flexibility
52 .0011
.0010 to deploy clocking in different layers of the network. In the10example below, the QFX10000* devices act as boundary
The Juniper QFX Series provides flexibility
clocks at the spine layer, with a mixture of QFX5000 devices as leaf layer top-of-rack switches for the transparent clocks. The grandmaster connects to slave
.0009
ports on the spine layer of the solution.
.0008 topologies that meet all the demands of the new MiFID 2 directive already exist in Juniper’s IP CLOS architectures.
Different implementations of clock-based
.0007
GPS Antenna
GPS Antenna
Connectivity
.0006
or Clock Service
or Clock Service
to WAN
.0004
.0003
.0002
.0001
MX Series
10
9
8
8
4
7 65
3
Boundary Clock
Grandmaster
Grandmaster
7 6 5
QFX10000
Series
Boundary Clock
Transparent
Clock
3
4
QFX5000
Series
Servers
Servers
Servers
Servers
*The QFX10008 and QFX10016 do not include boundary clock at the time of this poster’s publication.
For additional technical resources, please
visit: www.juniper.net/documentation/
Web page. TechLibrary documentation.
PTP overview, configuration samples,
and examples.
http://www.juniper.net/techpubs/en_US/
junos/topics/concept/ptp-overview.html
©2016 by Juniper Networks, Inc. All rights reserved.
Juniper Networks assumes no responsibility for any
inaccuracies in this document. Juniper Networks
reserves the right to change, modify, transfer, or
otherwise revise this publication without notice.
ISBN: 978-1-941441-34-3
234567
Web Page. Compare QFX5000 and
QFX10000 Series devices.
http://www.juniper.net/us/en/products-services/
switching/qfx-series/compare/#a=
P10000,P3500,P3600,P5100,P5200&p=
Web page. QFX Series.
Web page. European Commission.
Landing page for the QFX Series.
Official pages for the MiFID 2 directive.
http://www.juniper.net/us/en/
products-services/switching/qfx-series/
http://ec.europa.eu/finance/securities/isd/
mifid2/index_en.htm
DAY O NE POSTER
Precision Time Protocol
Juniper Networks
Information and
Learning Experience (iLX)
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