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Reminder: Daylight Saving Time for New York Starts This Weekend

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 since daylight saving time (DST) starts in the US this Sunday (10 March 2024).

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

EMIR, MiFIR and SFTR Reporting

Check the Time fields in your handback file

12 March 2024 will be the first day that you receive your trade state report for trades/transactions carried out after the commencement of daylight savings.


You will need to cross check the time of your trades/transactions against the UTC time recorded under the following LSEG Post Trade (formerly 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

      12 March 2024 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.
           
          *Please note, 11 March is a public holiday in many parts of Australia this year. 

          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.

          Canada Reporting

          Check the Time fields in your handback file

          12 March 2024 will be the first day that you receive your handback file for trades/transactions carried out after the commencement of daylight savings.

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

             

              • IIROC – ExecutionDateTime

            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.

              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.

              Article Author:

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              Sophie Gerber

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              Sophie Gerber

              Sophie works in our Sydney office. She is co-CEO and founder of TRAction and focuses on assisting clients in Australia, Europe and Asia to meet their regulatory requirements with trade and transaction reporting solutions as well as development of the best execution platform. She has extensive experience in providing compliance and legal services to Australia’s financial services and credit participants. Her vast experience coupled with in-depth knowledge of business practicalities, regulatory compliance and financial services laws allow her to effectively and efficiently engage with clients.