TransactTime (60) is a standard field within the FIX (Financial Information eXchange) protocol, specifically designated to represent the time of the actual transaction or event occurrence. In the context of crypto trading systems, it denotes the precise timestamp when an order or trade event was processed. This field is crucial for auditing, latency measurement, and regulatory reporting requirements.
Mechanism
When a trading system processes an event, such as an order submission, modification, or execution, it records the exact time of that action. This timestamp is then populated into the TransactTime (60) field and embedded within FIX messages transmitted between trading participants and exchanges. Precise synchronization of all system clocks across the distributed trading infrastructure is essential to ensure the accuracy and consistency of this timestamp.
Methodology
The strategic importance of TransactTime (60) lies in establishing an unambiguous record of event sequencing and execution timing, which is vital for compliance, post-trade analysis, and dispute resolution. Its consistent application across crypto RFQ platforms and institutional trading systems allows
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