ASIC
How Does The End of Daylight Saving Affect Your ASIC Reporting?
Daylight saving time has ended in Australia. Here are our tips on how to ensure the time settings in your trade/transaction reporting are correct.
April 5, 2024
Menu
Daylight saving time has ended in Australia. Here are our tips on how to ensure the time settings in your trade/transaction reporting are correct.
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).
Under ASIC’s Reporting Rules, most Australian margin FX and CFD brokers are Reporting Entities that are required to report their transactions as they are considered to be over-the-counter (OTC) derivatives.
We take a look at what a trade repository or ASIC can surmise about your business from the data they receive.
TRAction has identified a few common mistakes in ASIC trade reporting data. Ensuring the completeness and accuracy of your ASIC trade reporting is important so please take the time to review the errors in this article.
Public holidays and bank holidays can have a major impact on trade and transaction reporting requirements; especially if you are an entity operating under multiple regimes.
When there is a public holiday where the regulatory body (or regulated entity) is located, it is likely that the timing of report submissions will be extended commensurately.
New release of DTCC ASIC and MAS Rewrite Specifications version 0.2
One of ASIC’s goals is to align the Australian reporting regime with international standards. Harmonising the data collected according to the critical data elements introduced in the CDE Guidance aims to improve data quality for sharing between regulators globally.
