# Case Studies
White Rabbit for Finance
White Rabbit is an ultra-accurate IEEE 1588 (PTPPrecision Time Protocol is a protocol used to synchronize clocks throughout a computer network. On a LAN network, PTP can enable the clocks on each server to be synchronized within a sub-microsecond range, thus making it suitable for demanding applications that require precise timing and control. PTP is standardized within IEEE-1588v2.) implementation that achieves sub-nanosecond accuracy. Designed for use in avionics, telecommunications, space, defence and scientific facilities, White Rabbit has become the gold standard for time distribution within electronic trading networks.
Deployed by electronic trading firms in the finance sector to improve accuracy and precision within and between trading locations, White Rabbit leverages the latest technology to improve electronic trading decisions, data science, back testing and real time latency monitoring.
White Rabbit is also leveraged by exchange operators to improve accuracy and precision within their matching networks. White Rabbit introduces significant benefits including better transparency to exchange participants, high resolution timestamping for network latency monitoring and the ability to monetize time distribution and accurate timestamped data as a service to market participants.
Why White Rabbit?
Designed to improve, augment or replace existing timing infrastructure, White Rabbit drives business value by providing:
- Better accuracy and precision between trading sites
- Automatic failover between GNSSGlobal navigation satellite system (GNSS): A general term describing any satellite constellation that provides positioning, navigation, and timing (PNT) services on a global or regional basis. See also sources at geographically diverse sites
- Simplification of existing PTP network designs with improved accuracy
- Improved accuracy and precision for timestamping cards or switches
- Removal of requirement for PPS coaxial cabling within timing infrastructure
- Reduction in overall timing infrastructure using White Rabbit time services from exchanges or service providers
Use Case: Proprietary trading firm
A proprietary based trading firm deployed White Rabbit to improve accuracy and precision for internal timestamping via FPGAField-Programming Gate Array: an integrated circuit designed to be configured by a customer or a designer after manufacturing – hence the term field-programmable. See also based switches.
Due to lack of GNSS capabilities at all locations, resilience between sites and time sources was a key business requirement. White Rabbit was used to provide resilience between timing equipment and geographic locations.
A tiered service was deployed allowing PPS to be used where sub-nanosecond accuracy was needed and an improved PTP service with ~30 ns accuracy made available to less time-sensitive users and applications.
Use Case: Exchange Operator
An exchange deployed White Rabbit to improve accuracy and precision for internal timestamping via FPGA based switches.
Timestamping was across all participant cross-connects in co-location, totaling 500+ ports, 60 devices and 4 data center modules.
White Rabbit provides sub-nanosecond level accuracy for all time stamped traffic passing through the infrastructure. This increases monitoring capability, improves historical data capture and introduces the possibility of additional client facing services related to timing.
Subsequently, this exchange, offered high precision timestamp file based services and White Rabbit co-location access to their trading participants.