Make sure you check if your ASIC OTC derivative reporting is using the correct time settings

The daylight saving time (DST) in Australia ended last Sunday (5 April 2020). While you have turned your clocks and watches back by 1 hour at home, have you checked if your ASIC OTC derivative reporting is using the correct time settings?

Here are 2 tips to help you ensure your trades are reported at the correct time:

1. Check your Time fields in your handback files

It’s important to do the following check when you receive handback files for trades carried out after DST ended. Act promptly if there is any problem.

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

  • DTCC clients – Confirmationtimestamp field in your Trade State Report
  • CME clients – ExecutionDateTime field

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 the handback files.

If the time does not match, please contact us.

In cases where you are not using Sydney local time as your server time, this check also aims to ensure you are reporting your time correctly regarding any changes in other time zones such as New York.

2. Check time recorded for daily snapshot (if applicable)

For firms who do a daily snapshot for ASIC trade 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 Yang

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.