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Page 1: The Role of Precise Timing in High-Speed, Low-Latency Trading

The Role of Precise Timing in High-Speed, Low-Latency Trading

Page 2: The Role of Precise Timing in High-Speed, Low-Latency Trading

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Whether measuring network latency or comparing real-time trading data from different computers on the planet, the common denominator is a precise time stamp. As trading networks and the computers connected to them get faster, the accuracy and precision of the time stamp must continuously improve.

Precise and accurate time stamps are used in a variety of places and purposes in the trading system•Latencymeasurementsacrossnetworksandupsoftwarestacks•Server-to-servertimesynchronization•Synchronizationtouniversaltime•Networkelementscapableoftimedistribution

Accuracy and PrecisionAccuracyandprecisionarekeyattributesthat are equally essential to the success of any time sensitive trading system. A clock that keeps time precisely (i.e., with very little variation second to second) should stillbereferencedtoamoreaccuratetimesource along with all of the other clocks in the system. This way the time across multiple servers either locally or worldwide willbemoreaccuratelyboundedintimerelative to one another.

Start with Accuracy TheSymmetricom® comprehensive time synchronizationsolutionsprovidevaryingdegrees of accuracy depending on the trading application requirements. The key here is that the accurate and precise timebedeliveredtotheapplicationwhenitneedsit.Timedeliverycanbeovera

The race to zero…nanoseconds.

Page 2 of 8

Page 3: The Role of Precise Timing in High-Speed, Low-Latency Trading

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THE ROLE OF PRECISE TIMING IN HIGH-SPEED, LOW-LATENCY TRADING

Why Time Servers MatterTheSymmetricomSyncServerTimeServersareacriticalresourceinthenetwork for precise time. Whether in the rackatdistributedvenuesorinthemaindata center, these clocks provide a variety of timing outputs to deliver precise timing to trading operations. These feature rich andeasytouseSyncServerscanalsoassuretheavailabilityoftheprecisetimebyintegratingatomicclocksforimprovedperformance.

Applications that need single digit microsecond accuracy for the trading applicationcanuseaLANbasedsolutionwithaSyncServerasthelocalPTPgrandmasterclockandPTPoptimizedsoftwareattheslaves.Sub-microsecondtimeaccuracyacrosstheLANreplacessoftware slaves with a PTP clock card in each server to deliver precise nanosecond calibertimetotheserver’smemoryforapplication access.

Accurate, Precise andSynchronized Timing Sources

Exchange/Execution Venue

• Synchronize matching engines

• Time stamp market messages

• Provide timing as a service to collocation customers

• Synchronize to universal time

• Time stamp market data

• Market data archival with precise time stamps

• Synchronize to universal time

• Synchronize network taps and probes

• Synchronize to universal time for WAN measurements

• Maintain the same precise time across all servers

• Synchronize to universal time

Order Handler

TradingApplication

Servers

Network LatencyMonitoring

Network LatencyMonitoringFeed Handler

network to an application using a high accuracy timing protocol, like Precision Time Protocol (PTP) or even via a dedicated timing signal infrastructure, depending on thesystem(s)beingsynchronized.

Symmetricom End-To-End Time SynchronizationSymmetricom’sversatileend-to-endtimesynchronizationsolutionsmakeiteasytosynchronizethemostdemandingtrading requirements. Efficient time synchronizationusesahierarchaltimedistributionmodel.StartwiththeversatileSyncServer®NetworkTimeServerasthemastertodistributetimetoavarietyofclientsandslaves.Theclientscanbeeithersoftwareorhardwarebaseddependingonthe accuracy requirements.

Page 3 of 8

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....Precise timing locations in the trading network.

Page 4: The Role of Precise Timing in High-Speed, Low-Latency Trading

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Precise Time to the Trading ApplicationAn accurate and precise time stamp matters only when a critical trading applicationneedsit.Symmetricomtimingsolutions deliver that time stamp to the application with extremely low latency and outstanding time accuracy. TimeKeeper™ softwareforLinuxcandeliversingledigitmicrosecondaccuratetime.Ifsub-microsecond accurate time is needed, the Symmetricombc750PCIePTPClockCardsynchronizeswiththeSyncServeroverthenetworkandwritesthesub-microsecondaccurate time to host memory. The time is updated so fast that an application can read the time over a million times per second and get precise monotonically advancing time stamps with every read.

Measuring Time Accuracy in Different Network TopologiesTrading system network architects are facedwithseveralchoicesindistributingtime. They include; running timing packets in-bandwithmarketdata,out-of-band,ordeployingPTPenabledswitches(calledboundaryclocksortransparentclocks).TheSyncServerend-to-endsolutioncanbeconfiguredtoworkwellinallcases.Infact,featuresintheSyncServercanmaketime transfer accuracy measurements to helpyoudecidethebestnetworktimingtopology for your application.

Page 4 of 8

BaseStation

Standard switch or PTP enabled switch

TimeKeeper PTP Softwarefor Servers & Blade Servers

SyncPoint™

PCIe-1000

SyncServer® S350PTP Grandmaster

OR

End-to-End price time synchronization

........................................................................................................................................

Delivering Accurate Time.

Page 5: The Role of Precise Timing in High-Speed, Low-Latency Trading

TheGlobalPositioningSystem(GPS)isasatellitenavigation system that provides position and time information. Each satellite has several atomic clocks onboardandthistimeispreciselytransferredtoSyncServersontheground.GPSistheaccurateglobaltimereferenceusedtosynchronizetradingsystems

anywhereonearthprovidedtheSyncServerGPSantennahasareasonablyclearviewofmostthesky(inanytypeofweathereven).Sincethesatellitesarecontinuouslymoving,SyncServerscantrack as few at 1 satellite and maintain accurate time. With the optionalrubidiumatomicclockitcanevenmaintainprecisetimeduringperiodsofnovisiblesatellites.

THE ROLE OF PRECISE TIMING IN HIGH-SPEED, LOW-LATENCY TRADING

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Accurate Worldwide Time StampsTime stamp accuracy is essential when time stamping market data that is collected at different venues located across town or around the world. These critical systemclocksneedtobereferencedtothesameexacttimescale.EnterGlobalNavigationSatelliteSystems(GNSS),suchasGPS.

TheSymmetricomSyncServerNetworkTimeServerssynchronizewithinnanoseconds of each other anywhere ontheplanetviatheGPSsatellitesystem.TheseSyncServersinturnsynchronize the critical trading systems at the different venues. The result, time stamps on trading data are well correlated in time with data collected elsewhere around the planet. Thisfacilitatesbetterdecisionmakingandtheabilitytosavehistoricaldatawithveryhigh time stamp accuracy and integrity.

Page 5 of 8

Precise time synchronization for trading networks

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.....

NYC - 1

NYC - 2Chicago

London - 1Frankfurt

London - 2Singapore

Tokyo

NYC - 1

NYC - 2Chicago

London - 1Frankfurt

London - 2Singapore

Tokyo

NYC - 1

NYC - 2Chicago

London - 1Frankfurt

London - 2Singapore

Tokyo

NYC - 1

NYC - 2Chicago

London - 1Frankfurt

London - 2Singapore

Tokyo

Page 6: The Role of Precise Timing in High-Speed, Low-Latency Trading

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Page 6 of 8

PTP

NTP

PTP

SyncPoint™

PCIe-1000

Nanosecondsto UTC at

application layer

TimeKeeperPTP Software

Microsecondsto UTC at

application layer

Millisecondsto UTC at

application layer

NTP Client

HFT Brochure Figure 302/08/12

SyncServer® S350PTP Grandmaster

Selecting the Right Time Protocol and TechnologyTimeprecisionandaccuracycanbeimprovedbyyourselectionoftimeprotocoland deployment. It all has to do with clock driftandtimingpacketdelays.Clocksnaturally drift and if you use a protocol likeNTPinitsstandardformtocorrectthe clock, time packets are exchanged betweentheclientandtheservernofasterthan once every 16 seconds. This provides time typically in the single digit millisecond realmoftimeaccuracyusingNTPd.

If you use PTP software, the timing packets canbeexchangedatmuchhigherratesallowingthePTPsoftwaretobettersteerthe server clock and accommodate some of the network induced packet delays. Thiscangettimeaccuracyintothe10ofmicrosecond realm assuming the PTP software has good packet filtering and servo algorithms.*

Packetdelaysarenotonlycausedbythenetworkbutalsobetweenthenetworkinterface card and the software application in the server (stack delay). By using the PTP packet hardware time stamping presentinboththeSyncServerandthe PTP clock card, these delays are eliminated. Thus the only time error inducing packet delays are related to the intervening network.

If PTP hardware time stamping and increased timing packet exchange ratesarecombinedwithahighqualityOCXOoscillator,itbecomespossibletosynchronizeaPTPclockcardtoamastertobetterthan10nanoseconds.Movingthattime to an application running in the server can result in time accuracy at the application layerasgoodorbetterthansixhundrednanoseconds accuracy to the master.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

*SeetheSymmetricomwhitepapertitled“A Comparison of PTP Software Slave Accuracy, Precision and Effectiveness”

Page 7: The Role of Precise Timing in High-Speed, Low-Latency Trading

THE ROLE OF PRECISE TIMING IN HIGH-SPEED, LOW-LATENCY TRADING

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KEY FEATURES KEY FEATURES KEY FEATURES

• IEEE1588-2008v2PTPGrandmaster functionality

• KernellevelPTPandNTPLinuxtimeclient • 10ns accuracy to master, typical

• Hardwarebasedtimestamping • Easyplug-and-playinstallation • 10nstimestampingprecision

• AnyS300/S350canupgradetoPTPsupportwithhardware time stamping via easy software upgrade

• Transparenttoapplicationsandlegacy timekeeping utilities

• GigabitEthernetinterface

• PTPSlaveActivitymonitoringfromSyncServer • Improvestimeaccuracyanddeterminism of local clock and system-wide time synchronization

• VerystableOCXOoscillatorstandard

• PTPGrandmasterinternalperformance monitoring

• Noapplicationsoftwaremodificationsrequired • Precision1PPSoutput

• ChartkeyPTPperformancemetricsfromweb interface

• Minimalimpactonsystemloadandthroughput • DMAtimewritestohostmemorywithaccuracy asgoodorbetterthat600ns

• SyncIntervalratesupto64/second • Improveslogfiletimestampaccuracy • Timeavailableinmajor.minorortotal nanoseconds

• Upto4000Delay_Requestsprocessedpersecond • Easyinstallationoncommercialandin-houseLinuxdistributions

• Linuxdriverwithapplicationsourcecode included

• S350:Real-time,timeintervalmeasurementsandstatisticsofPTPslave1PPSaccuracy

• Multi-coremachinefriendly • IEEE1588/PTP2008compliant

• S350:Real-timechartingoftimeintervaldataintimeseries or histogram formats

• LowprofilePCIeformfactor

SyncServer S300/S350PTP Grandmaster

TimeKeeperPTP Software

SyncPoint™ PCIe-1000

Page 7 of 8

Symmetricom’s End-to-End Low Latency Trading

Page 8: The Role of Precise Timing in High-Speed, Low-Latency Trading

2300OrchardParkway SanJose,California95131-1017 tel:408.433.0910fax:408.428.7896 www.symmetricom.com

© 2012Symmetricom.SymmetricomandtheSymmetricomlogoareregisteredtrademarks ofSymmetricom,Inc.Allspecificationssubjecttochangewithoutnotice.

THE ROLE OF PRECISE TIMING IN HIGH-SPEED, LOW-LATENCY TRADING

Symmetricom.Leadingtheworldinprecisetimesolutions.

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