The STAC-TS Working Group has poured a lot of effort into developing standards and software for demonstrating timestamp accuracy to the satisfaction of European regulators concerned with RTS 25 of MiFID 2. Much of that effort has concerned software-application timestamps. App timestamping is central to many firm's plans but is one of the most misunderstood issues with RTS 25.
It was great to see packed houses in London, Chicago, and New York at the STAC Summits this past May and June (in fact, there was 15% higher attendance by user firms than 2015!). For those who couldn’t make it, I thought I’d share a few photos.
Last week, ESMA said its MiFID II rules may take an extra year to implement. Steven Maijoor, ESMA's chair, said that "building of some complex IT systems can only really take off when the final details are firmly set in the [regulations]." I don't know which part of the 552-page regs he's referring to, but based on just two little sections called RTS 6 and RTS 25, I can see what he means.