Daylight Saving Time Starts This Sunday in Europe and the UK – What Does This Mean for Your Trade Reporting?

Daylight Saving

Most European countries alongside the UK will need to turn their clocks forward by 1 hour this Sunday, 27 March 2022. While you enjoy the sun and longer days, you will also need to check that the time settings in your trade/transaction reporting are correct.

Here are TRAction’s two tips to help you ensure your trades/transactions are reported at the correct time.

1. Check the Time fields in your handback files

29 March 2022 will be the first day that you receive handback files for trades/transactions carried out after the commencement of daylight savings. Hence, it’s important to do the following check and act promptly if there is any problem.

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

  • MiFIR – Trading Date Time field (UnaVista);
  • EMIR – Execution Timestamp field (UnaVista);
  • SFTR – Execution Timestamp field (DTCC).

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.

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 by avoiding the need to submit corrections for inaccurately reported trades.

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

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