FIA Issues Guidance Regarding "Leap Second" Event

The Futures Industry Association ("FIA") issued guidance to help market participants prepare for the "leap second" event that will realign Coordinated Universal Time ("UTC") with mean solar time.

The guidance is intended to help market participants prepare not only for the event but also for potential disruptions to trading systems and operations. Additionally, FIA explained, it is collecting information on how exchanges around the world accommodate this extra second and will publish recommendations in the upcoming weeks.

The event, like the additional second to be added to the UTC day to account for variability in the earth's rotation, will occur on June 30, 2015.

See: FIA Guidance.