 on NTP's ability to distribute time with moderate accuracy (approximately 10-100 ms) to reconstruct faults across the network (for example, from syslog event notifications) and ascertain the order in which a sequence of events occurred. However, as machines and networks get faster and more complex, it becomes necessary for time synchronization to move from the millisecond to the microsecond level. A case in point is the 2014/65/EU directive for the finance industry that the European Union released as a response to the financial industry crisis in 2008. This directive is commonly known as the "Markets in Financial Instruments Directive," or MiFID II. The aim of MiFID II is to regulate trading in financial instruments by operators of trading systems, particularly those known as high-frequency traders. Imagine that a trader is in a favored location with very low-latency connections to the exchange trading systems and an insurance company is- sues a very large buy order for a security. It might be technically possible for the high-frequency trader to preempt that transaction by first buying the securities cheaply and then offering them for sale to the insurance company at a premium-making a handy, but illegal, profit. One way to catch traders doing this is to accurately timestamp every business transaction, which is one reason why the European Union is mandating accurate time synchronization in MiFID II. Large traders are required to timestamp all business and trading transactions to the millisecond, and they must be able to trace the source of that timestamp (for example, UTC sourced from GPS) and docu- ment the accuracy of the source at that point of time. For further information, refer to Commission Delegated Regulation (EU) 2017/574 of 7 June 2016, which is the portion of the directive concern- ing time accuracy. NTP is normally not implemented well enough to deliver that level of accuracy because many serv- ers and routers are only software implementations of the protocol, which limits the degree of time accura