ESMA want HFT venues to syncronize their clocks to within a nano second to help exchange supervisors track market abuses . This is a proirity to link the time stamp acknowledging an order after receiving a trade request ; ie  gateway to gateway latency and time .

              This ability of HFT to process orders faster than rivals using technology such as microwave towers has led to accusations of "front running " orders without regulators knowledge . Syncronizing trading clocks will aid our exchanges ; currently FINRA allows time stamps to be of a 1 second frame and therefore an easy loophole for abuse .

           One of the main reasons for exiting "open outcry" markets was the plague of front running retail clients orders and now hopefully this reduction of the time stamp will also assist in eliminating this unwanted trading pattern . This should encourage  the retail trader to enter and hold orders and enhance confidence ;liquidity and of course real volume !

  Finally I feel confident that a time stamp of a nano second will make exchanges also aware of who the guilty parties are and remove them from the system ; sadly they are probably their high volume clients but illegal .