European daylight saving time is about to end, what do you need to do?

European daylight saving time

Daylight saving time (DST) is coming to an end for most European countries on 31 October 2021. While you prepare to turn your clocks and watches back by 1 hour at home, you will also need to ensure the time settings in your trade/transaction reporting are correct.

Here are TRAction’s top 2 tips to help you ensure your trades/transactions are reported at the correct time:

1. Check the Time fields in your handback file

1 November 2021 will be the first day that you receive your handback file for trades/transactions carried out after the end of daylight saving. 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 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 populated under the fields as described above in your handback file.

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.

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