Daylight Saving Begins This Weekend in Australia, What Do You Need to Do?

Daylight Saving Time (DST) starts this weekend (Sunday, 1 October 2023) in Australia for most states. While you enjoy the sun and longer days, you’ll need to check your ASIC OTC derivative reporting is using the correct time settings after the time change.

Here are 2 tips to help you ensure your trades/transactions 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 starts. Act promptly if there is any problem.

Cross check the time of your trades 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.

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

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 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 the time and effort from submitting corrections for your trades.  This will also minimise breaches in the future.

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

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