OATS Compliance

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OATS Compliance








OATS (Order Audit Trail System)
Compliant Time Keeping with ClockWatch
  • All trades for NASD must show the complete date and time to the second.
  • That the time is set to Eastern Standard Time and must be corrected to the NIST Atomic Clock. Computer clocks must be set within 3 seconds of the atomic clock.
  • Dealers must keep a log or record of each time a clock receives a time synch from NIST and each time it sends out a correction to the trade clocks, and the trades clocks must indicate if it received this signal before the Market opens.
  • Paper order tickets must be also stamped with the exact time in seconds.

 Beagle Software has an OATS compliant solution that keeps your Windows computer or network synchronized to the atomic clock.

OATS Compliance
FINRA compliance
Single Computer Solution
Network Solutions with Client/Server
Time Stamping Orders
How to Order

Beagle Software's Solution for OATS Compliance

For dealers handling electronic transactions, Beagle Software's approach is a simple yet powerful software application that use the hardware and system software you already run.  In essence the approach features a main time-synchronization program that keeps the computer it is running on set to the correct time.  The approach is scalable - it allows other computers on the network to get the correct time or can provide the exact time to a specialized time stamping order printer.

Beagle Software's systems offer you an easy way to implement OATS compliance at your firm:

  • Single computers can keep in sync by running ClockWatch Pro
  • Networked computers can run ClockWatch Client/Server.  
  • DocuClock will handle printing time on trades with order slips.

The advantages of Beagle Software's OATS compliant time synchronization solution include:

  • Your computer or network stays within 1 second of the atomic time.
  • The solution meets NASD OATS Rules 6950 - 6957.

  • The solution meets FINRA rule 7430 for synchronization of member business clocks

  • ClockWatch software maintains the correct time and logs all time settings with the NIST
  • Clocks can be locked down to prevent unauthorized users from changing date or time.

FAQ about OATS compliance

FINRA Compliance

The Financial Industry Regulatory Authority (FINRA) was created in July 2007 when the National Association of Securities Dealers (NASD) merged with the self-regulatory functions of the New York Stock Exchange (NYSE). FINRA is a private corporation that acts as a self-regulatory organization. FINRA is not part of the U.S. government and is not a government agency—it is a private corporation that performs market regulation under contract with brokerage firms and trading markets.

FINRA Rule 7430 - Synchronization of Member Business Clocks
Rule 7430 requires any FINRA member firm that records order, transaction or related data to synchronize all business clocks used to record the date and time of any market event. Clocks, including computer system clocks and manual time stamp machines, must record time in hours, minutes and seconds with to-the-second granularity and must be synchronized to a source that is synchronized to within three seconds of the National Institute of Standards’ (NIST) atomic clock. Clocks must be synchronized once a day prior to the opening of the market, and remain in synch throughout the day. In addition, firms are to maintain a copy of their clock synchronization procedures on-site. Clocks not used to record the date and time of market events need not be synchronized.

Beagle Software's DocuClock time stamp solution complies with FINRA Rule 7430.

Synchronizing a Single Computer with the Atomic Clock

ClockWatch Pro offers a simple and effective means of keeping a single computer synchronized with the atomic clock. More...

Client/Server for Network Time Synchronization

When maintaining two or more networked computers at the correct time, we offer a Client/Server software solution that will keep an entire network set to the correct time.

ClockWatch OATS solution
ClockWatch Client/Server Topology

In the diagram, ClockWatch Server is  servicing the time requests from workstations running ClockWatch Client. ClockWatch Server also keeps the computer it is running on set to the correct time by accessing external timeservers over the Internet or through a directly dialed connection. The trader's applications use the correct time maintained by ClockWatch. The optional DocuClock time stamper provides a printed record of the exact time. More on networking the DocuClock time stamper....

The ClockWatch host server's job is to keep the time accurate on the host and to process requests and send appropriate responses. The ClockWatch Client's job is to send requests to the ClockWatch server to maintain the correct time.  All interaction with external timeservers is done by the host server. The communication link with the clients must be a network (e.g. Ethernet) connection.

How it works

  • Server is installed as an application or an NT Service on the computer which acts as the enterprise-wide timeserver.
  • Server is listening on the LAN / WAN for client requests.
  • Server makes periodic calls to the NIST to keep the time accurate on the computer it is running on. To make the connection it uses the native Internet connection or dials the NIST directly over the phone line.
  • Independently, a workstation running ClockWatch Client can synchronize to standard   time from Server over the LAN or WAN using the sockets protocol.
  • Server responds to each client with correct time, logging client request.
  • Since clients don't need to talk to timeservers on the Internet therefore Internet traffic is reduced and the integrity of corporate firewalls is maintained.
  • The application architecture is very scalable - one ClockWatch Server can handle 1-2000 different clients.
  • Client adjusts time for time zone and sets internal clock to correct time, logging the time change.
  • "Zero-admin"' ClockWatch Client deployment options

Time Stamping
Orders slips must also be stamped with the exact time. The DocuClock time stamper offers an effective and economical way to stamp order tickets with the exact time. More..

Why Use Beagle Software?

As a potential Beagle Software customer, you can be secure in the knowledge that you would be working with a vendor who specializes in installing Client/Server time synchronization solutions for the Securities Industry.

Evaluating and Purchasing ClockWatch Client/Server

ClockWatch Pro and Client/Server software can be downloaded from our web site to allow for real-time evaluation. Just choose the packages from the Download Page. Please note that the evaluation version of ClockWatch Server will only work with a single ClockWatch Client.  When Client licenses are purchased, Beagle Software will provide the key codes to handle multiple clients. All products can be ordered on-line.

Potential customers can also request a free demonstration CD-ROM containing working versions of all the Client/Server application.  Request the free CD-ROM.

For more information or field engineering support contact Beagle Software.

Frequently Asked Questions about ClockWatch and OATS
ClockWatch main Page

DocuClock main page

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Last reviewed August 18, 2009