This article describes the factors that are considered to determine whether a submission is considered to be on time per Canadian regulations.
What do the timeliness indicators mean?
- an accepted message that was reported on time
- any message where there is more than 1 hour left to report
- any message with less than 1 hour left to report
means the submission is late.png?width=128&height=24&name=localhost_4400_iframe.html_args=%26id=timelinesscomponent--not-applicable%26viewMode=story%20(1).png)
means calculating timeliness does not apply for the message
means missing and/or invalid values were submitted for the fields needed to calculate timeliness
How is timeliness calculated?
When a message is submitted to the repository, KOR calculates the time it was required to be submitted based on information provided on the message and the applicable regulations.
A message needs to be accepted AND validated to be on time. Submitting a message with rejections before the required submission timestamp does not count - the clean resubmission of that message will be considered on time only if it passes all validations before the required submission timestamp.
What is a Business Day under Canada Reporting Rules?
A business day is any day other than a Saturday, Sunday or statutory holiday (per the local counterparty's provincial regulator).
Midnight is per the timezone of the local counterparty's provincial regulator.
Where the report is applicable to multiple local counterparty provinces, the nearest timeline shall apply.
How KOR calculates the Required Submission Timestamp
Though KOR's calculations below are according to the latest allowable submission time per the regs, we strongly recommend that your set internal SLA's according to the rule which is the following:
Creation Data: ASATP (practicable being determined based on comparable counterparties located in Canada and in foreign jurisdictions)
Lifecycle Events: End of the business day on which the life-cycle event occurs
KOR determines timeliness based on the ExecutionTimestamp, ValuationTimestamp or the EventTimestamp combined with the Counterparty1Designation. The below enumerations are listed below and also accessible in our spec:
- "CA" - Clearing Agency
- "DD" - Derivatives Dealer
- "NON-DD/CA" - Non Derivatives Dealer or Clearing Agent (End-users and others)
CA Creation Data Timeliness
This logic applies to messages where:
- MessageType = Transaction
- Action type = NEWT
- Event type ≠ PTNG
|
Rule |
Counterparty 1 designation |
Required submission timestamp |
|
Any |
For all Counterparty1Designator values End of one of the following (whichever is sooner) - If Execution date is a holiday or weekend, then end of the next business day |
CA Continuation Data Timeliness
This logic applies to messages where:
- Message type = Transaction
- Action type ≠ NEWT
- Event type ≠ CORR
|
Rule |
Counterparty 1 designation |
Required submission timestamp |
|
Any |
EOD of date portion of eventTimestamp, or EOD of the next business day |
CA Valuation Message Timeliness
This logic applies to messages where:
- Message type = Valuation
|
Rule |
Counterparty 1 designation |
Required submission timestamp |
|
SD or MSP or DCO |
end of the next business day following the valuation date (date portion of valuation timestamp) |
|
|
|
non-SD/MSP/DCO |
N/A |
CA Collateral Message Timeliness
- Message type = Collateral
|
Rule |
Counterparty 1 designation |
Required submission timestamp |
| "CA" or "DD" |
end of the next business day following the collateral date (which is also the date portion of the event timestamp) |
|
|
|
NON-DD/CA |
N/A |
Public Dissemination Timeliness
Per OSC Rule 91-507 Appendix C, KOR publicly disseminates messages 48 hours after the execution timestamp for NEWTs, or event timestamp .
A Public message is considered 'On Time' as long as it is received by KOR within 48 hours of this execution timestamp.
Business day calculations are not taken into consideration here - KOR will publicly disseminate the trade exactly 48 hours after the execution timestamp.
| Message Type | OSC Regulation | Required Submission Timestamp |
|
Creation
|
91-507 CP 31 |
For all Counterparty1Designator values 48 hours after executionTimestamp
|
|
Life-cycle
|
91-507 CP 32 |
For all Counterparty1Designator values - 48 hours after eventTimestamp |
Action Types not applicable for RT Public Dissemination:
- Corrections
- Port In/Out
The above rules are based on a combination of the 91-507 CP and the Proposed Amendments