January 28, 2020, New York Stock Exchange
WASHINGTON, DC – ATIS today announced the opening address and keynote sessions for the Time and Money (TAM) 2020 Conference. TAM has a track record of bringing together the experts on the latest topics relevant to timing and synchronization in the world of financial transactions and technology. TAM 2020 will be an in-depth exploration on the critical role of timing and synchronization in enabling secure transactions within a distributed ledger technology (DLT) environment.
The event’s opening address highlights The Resilience of Timing Systems and DLT and is delivered by Kevin Coggins, Vice President, Booz Allen Hamilton.
Coggins’ presentation will delve into the history of time and finance, and explore the intersection of DLT and resilient timing.
“Trust and predictability of time are the underpinnings of electronic financial transactions,” said Coggins. “As our society continues to adopt new technologies our dependence on time continues to increase. The full potential of DLT can only be realized hand-in-hand with resilient timing.”
Following Coggins, the keynote Responsible Use of PNT for DLT in the Financial Services Sector is delivered by Ernest Wong, PNT Technical Manager, Science and Technology Directorate, Department of Homeland Security.
DLT in the Financial Services Industry, the closing keynote is delivered by Austin Gerig, Assistant Director – Office of Research and Data Services, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission.
Further, Enterprise Computing, Finance/Banking and the Precision Time Protocol will be covered by Steve Guendert, Ph.D., IBM Z Hardware Systems Architect, IBM.
“Ninety-two of the top 100 worldwide banks run their businesses on the latest IBM mainframes, and precision time synchronization is a top concern in these environments,” said Steve Guendert, Ph.D. “This session will discuss the drivers that led to IBM developing support for the IEEE 1588 Precision Time Protocol (PTP) for the latest IBM mainframe and also discuss IBM’s statement of direction for PTP on IBM Z going forward.”
Event Background: When it comes to financial transactions, time synchronization accuracy of all connected elements in a trading system is a critical, yet difficult, challenge. DLT is transforming trade and trade financing creating disruption in spaces typically occupied by traditional information repository methods and ledgers. The use of DLT brings timing considerations of its own.
Financial industry timing regulations are stringent, mandating that time synchronization be accurate to 100 microseconds. With the goal of eliminating fraudulent security trades, regulations specifically call for: accuracy of financial reporting based on proper time; documentation of when a transaction occurred or did not, which helps in digital forensics; and protection from change in consumer information and/or timing of modifying records. Inaccurate time in an organization’s network, as well as the impact of this error on financial applications, may result in legal action.
DLT networks and their underlying infrastructure are held to the same time synchronization accuracy requirements demanded of financial institutions. This makes precision timing a critical enabler creating a trusted environment for real-time DLT transactions. ATIS’ Time and Money 2020 sheds light on this critical issue in financial trading.
As a leading technology and solutions development organization, the Alliance for Telecommunications Industry Solutions (ATIS) brings together the top global ICT companies to advance the industry’s business priorities. ATIS’ 150 member companies are currently working to address 5G, timing and synchronization, distributed ledger/blockchain technology, robocall mitigation, IoT, Smart Cities, artificial intelligence-enabled networks, cybersecurity, emergency services, quality of service, billing support, operations, and much more. These priorities follow a fast-track development lifecycle – from design and innovation through standards, specifications, requirements, business use cases, software toolkits, open source solutions, and interoperability testing.
ATIS is accredited by the American National Standards Institute (ANSI). ATIS is the North American Organizational Partner for the 3rd Generation Partnership Project (3GPP), a founding Partner of the oneM2M global initiative, a member of the International Telecommunication Union (ITU), as well as a member of the Inter-American Telecommunication Commission (CITEL). For more information, visit www.atis.org. Follow ATIS on Twitter and on LinkedIn.