Execution Timestamp for Voice Trades

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Execution Timestamp for Voice Trades

Status: Finalised Last Updated: 26/04/2021

Question:
Both counterparts to a loan transaction must book the concluded transaction within 1 hour of execution. If one or both sides fail to book the within 1 hour of the other the trade will not match. How do you agree who has the correct timestamp?

Best Practice:
Proving actual transaction conclusion could either be determined by reviewing voice recordings, emails, Bloomberg confirms, etc. This would be impractical other than to resolve conflicts.

It is therefore recommended that all voice-executed SFTs be booked immediately into the relevant system to capture the correct execution time and thereby remain within tolerance.

If a transaction is not booked within an hour of execution then, when it is booked, the booking system should be capable of storing the actual execution time rather than the booking time. (SFTR-192)