How does the CFTC Define a Business Day?
Business day means the twenty-four-hour day, on all days except Saturdays, Sundays, and legal holidays, in the location of the swap execution facility, designated contract market, or reporting counterparty reporting data for the swap.
Business hours means consecutive hours during one or more consecutive business days.
Reference 17 CFR 45.1(a) “Business day”
What does this mean for how compliance reports are generated?
Compliance reports are generated assuming the requirement for submissions on Monday to Friday excluding holidays. Holiday calendars for each reporting counterparty are defaulted to "US Federal Holidays" unless otherwise specified to an alternate local holiday calendar in the entity's settings accessible through KOR Central.
A Business "Day" is considered from 00:00:00 AM (in the reporting counterparty’s time zone) up to the last millisecond before midnight (in the reporting counterparty’s time zone).
Please note that certain compliance reports, primarily those designed to supply data to the CFTC, only only ever the SDR's timezone (America - Eastern Prevailing Time or EPT).
Can I report on non-business days and hours?
YES! KOR is open and accepts and processes message 24/7/365.
KOR has also added the flexibility into certain reports to allow Clients the flexibility to verify their requirements based on Calendar days where they choose to do so.
How does a business day translate to my trading day?
A business day is always defined midnight to midnight as referenced above, even if your internal policy and systems define a trading day differently.
Take the example if your trading day ends and starts at 4pm EPT. If a trade was executed on Monday August 29th at 3pm EPT, the business day for purposes trade reporting is considered Aug 29th (which also matches the trading day of Aug 29th for this example). However if a trade was executed on Monday August 29th at 5p EPT, the business day would remain Aug 29th while the trading day is Aug 30th.