The FIA Market Technology Division today published a set of recommendations to help the industry prepare for the upcoming leap second event on June 30 and reduce the likelihood of market disruption. The recommendations were drafted by a working group of member firms, exchanges and vendors and focus on encouraging each firm to understand its environment and review key areas in order to anticipate the impact of the leap second.
The recommendations cover five areas:
- Develop and Implement a Continuity and Recovery Plan
- Implement Enterprise Time Management
- Update Vulnerable Systems
- Actively Monitor Critical Systems
- Consider Adjusting Market Activity
The recommendations also include four appendices:
- Appendix A: a matrix with information on specific exchanges and their approaches to handling the leap second event
- Appendix B: an overview of Network Time Protocol and Precision Time Protocol
- Appendix C: a description of two approaches to leap second dilution
- Appendix D: links for leap second information published by hardware and software providers
The Division also plans to hold a conference call on June 30 at 7:00 p.m. EDT to share information and further develop the recommendations. Details are in the full report.