Reminder: Daylight Saving Time has Started for New York

Daylight Savings

Are you reporting trades by New York (NY) time or following NY close of business? If so, it is important to check your trades/transactions are still reported at the correct time now that daylight saving time (DST) has started in the US (13 March 2022).

TRAction suggests you undertake the following checks to ensure your trades/transactions are accurately reported under EMIR, MiFIR, SFTR, ASIC and MAS:

EMIR, MiFIR and SFTR Reporting

Check the Time fields in your handback file

14 March 2022 will be the first day that you receive your handback file for trades/transactions carried out after the end of NY’s DST.

You will need to cross check the time of your trades/transactions against the UTC time recorded under the following UnaVista fields:

  • MiFIR – Trading Date Time field
  • EMIR – Execution Timestamp field
  • SFTR – Execution Timestamp field

How do I check this?

  • Pick a few trades from your raw data and convert the time to UTC time; and
  • Compare those against the UTC time populated under the fields as described above in your handback file.

It’s important to do the following check and act promptly if there is any problem. If the time does not match, please contact our team.

ASIC and MAS Reporting

Check the Time fields in your Trade State Report

14 March 2022 will be the first day that you receive your trade state report for trades/transactions carried out after the end of daylight saving.

You will need to cross check the time of your trades/transactions against the UTC time recorded under the following DTCC fields:

  • Original Execution Timestamp field in your trade state report. This field must match your trade Open Time.

How to check?

  • Pick a few trades from your raw data and convert the time to UTC time; and
  • Compare those against the UTC populated under the fields as described above in your trade state report.

It’s important to do the following check and act promptly if there is any problem. If the time does not match, please contact our team.

Check time recorded for daily snapshot (if applicable)

For firms who do a daily snapshot for trade/transaction reporting, double check if it is taking place at the intended end-of-day time.

With these simple checks above, you will save time, effort and breaches in the future from submitting corrections for your trades.

If you have any concerns or are not sure how to do this check, please contact us.

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