SASO: Applying the National Timing Reference in Tadawul Increases accuracy and transparency

14 Mar 2021

 

       Saudi Standards, Metrology and Quality Organization has commended the Capital Market Authority's decision that specified to set the timetable of the trading system in conformance with the timetable approved by SASO. This step was taken to promote the principles of fairness and transparency to all market members and to ensure the adjustment of timing of the order system.

       Saudi Standards called on national companies to set the timing of their order management system to match the timing of the one approved by SASO via this link: http://time.saso.gov.sa​. SASO indicates that setting the timing according to the National Timing Reference helps companies and investors to ensure the accuracy of their timing within Trading, especially at the times of the market's opening and closing.

       SASO had excreted great and sustained efforts to build an integrated national system that is definite and precise when it comes to time. SASO also contributed to the admission of Makkah Clock to the Network of Coordinated Universal Time (UTC) and obtained international recognition for the Saudi time standard. Thus, the Kingdom of Saudi Arabia is now considered a part of the system of Universal Time.

       National Timing Reference allows the Kingdom to benefit from the standardization of time in all economic and vital security-related labor activities, which require time accuracy. Examples of such activities are banking systems, the Capital Market, airports, central flight bookings, train operating systems, television channels, etc.

       It is worth noting that the National Laboratory for Frequency and Time is equipped with high-precision measuring devices and has international recognition from the International Bureau of Weights and Measures (BIPM) concerning the national standard of measuring time. The Laboratory also can transmit standardized time signals using the Internet to time users by employing the system of (NTP,Network Time Protocol), with a precision up to 5 milliseconds per second.





Last modified 17 Mar 2021
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