Execution Timestamp

Field 2.12 | Matching Date: 2020-04-01 | Tolerance: 1 HOUR | Agent Lender Data Provision: Yes>

Status: Best Practice Finalised, Last Updated: 26/04/2021

Field 2.12 | Matching Date: 2020-04-01 | Tolerance: 1 HOUR | Agent Lender Data Provision: Yes

Description:
Date and time when the SFT was executed.

Best Practice:
In all cases the execution timestamp must be populated with the date and time of when the SFT was executed, this time should then be carried over on any subsequent reports including rebooking. For loans managed by agent lenders who utilise bulking/bulk delivery/omni models, the timestamp will be applied at beneficial owner allocation level. Where reallocating to an existing fund or allocation within this model, then the latest execution timestamp must be stated when the reallocation is made.

Execution timestamp should always be reported in Coordinated Universal Time (UTC).

The timestamp is derived from each allocation on the understanding that:

1) For new loans that the allocations will have the same timestamp as the omni or street side trade, and;
2) For re-allocations or substitutions that the allocations will have a different timestamp as the omni or street side of the trade.

For bilaterally transacted loans, if a loan is not booked electronically within the one hour tolerance (i.e. SFTR validation rule), parties should ensure that the time reported should be when the loan was executed (concluded) . This may require an additional time entry point in a booking system used for SFTR reporting purposes.

For non-MTF electronically executed trades, ISLA's recommendation is to book the loan immediately into your trading system to best capture the time the trade was executed and therefore within the matching tolerance.

When reporting execution timestamp for a corporate action event, please see here. (SFTR-32)