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Data Standards for Order Life Cycles

Data Standards for Order Life Cycles

Overview of the SFC’s recent circular on new data standards for licensed corporations

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The Securities and Futures Commission on 31 July 2019 issued a circular requiring Licensed Corporations to comply with new data standards when submitting trading-related data upon request. The new requirements will come into effect on 1 October 2020 and are aimed at developing an industry-wide convention for data validation and the submission process.

DS-OL aims to facilitate the reconstruction of the order life cycle from order receipt through final execution or cancellation. DS-OL will decompose the order life cycles into discrete events (excluding post-trade events) and will assign a unique identifier to each parent order and be recorded alongside all the events throughout the order life cycle.

KPMG highlights the key considerations and challenges of DS-OL, and provides a roadmap for licensed corporations to become DS-OL ready.

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