Daylight saving time (DST) has come to an end for most Australian states. While you’ve turned your clocks and watches back 1 hour, you will also need to ensure the time settings in your trade/transaction reporting are correct.
Here are 2 tips to follow to ensure your trades/transactions are reported at the correct time:
1. Check the Time fields in your handback files
Wednesday, 7 April 2021, will be the first day that you receive handback files for trades/transactions carried out after the end of DST. We recommend conducting the following check and to act promptly to rectify any problems that may occur.
You will need to cross check the time of your trades/transactions against the UTC time recorded under the following DTCC fields:
- Confirmationtimestamp field in your Trade State Report
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 handback files.
In cases where you are not using Sydney local time as your server time, this check also aims to ensure you are reporting correctly where there are any changes in other time zones such as New York and London.
If the time does not match, please contact us.
2. 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.
Angela works in our Sydney office. At TRAction, she provides regulatory support to our clients, monitors changes in the worldwide regulatory environment relating to trade and transaction reporting, assists with business development and client onboarding as well as development of PR and marketing strategies. Angela has several years of experience working in legal and compliance for financial services companies. She previously practiced in a leading boutique financial services law firm in Sydney as a solicitor with a focus on licensing, compliance, AML/CTF and M&A. Angela has a double degree in Actuarial Studies and Law from the Australian National University and is admitted as a solicitor in Australia.