Today, High Frequency Trading (HFT) requires low latency and knowledge of UTC time in capital markets where a difference of better than one millisecond provides a competitive advantage to trading firms. HFTs co-locate high speed computer systems in rented space next to the market centers to reduce latency of raw data, giving them advanced knowledge of the market orders. Better than 10-microsecond accuracy to UTC can be achieved using Code Division Multiple Access (CDMA), in compliance with Telecommunications Industry Association (TIA/EIA) Standard IS-95 and IEEE-1588 Precision Time Protocol (PTP) without routing an external antenna. This paper will present a method to provide UTC time using CDMA and PTP to these trading firms, why microsecond accuracy is required, and the performance of UTC time transfer as compared to GPS-derived UTC time.
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