Order Audit Trail System - OATS
The NASD created OATS to ensure that the time sensitive information relating to the events throughout the order execution process is recorded accurately.
For example, according to NASD rule 6953, all "computer clocks and timestamping devices must be synchronized to be within three seconds of the National Institute of Standards and Technology atomic clock". (This atomic clock is highly accurate; it will not gain or lose one second of time in more than 60 million years)
Investment dictionary. Academic. 2012.
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