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 once daylight saving time (DST) begins in New York on 9 March 2025.
TRAction recommends 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 files
11 March 2025 will be the first day that you receive your handback file for trades/transactions carried out after the end of NY’s DST.
You will need to cross check the time of your trades/transactions against the UTC time recorded under the following 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 handback files
Firms will receive the handback files for trades/transactions carried out after the end of daylight saving from 11 March 2025 onwards.
You will need to cross check the time of your trades/transactions against the UTC time recorded under the following DTCC fields:
- ExecutionTimestamp field in your handback files. 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 handback files.
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.
11 March 2025 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 that 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.
