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The US Government passed new Energy legislation in 2005 that included changing the dates for US Daylight Savings Time. The first change will take effect on March 11, 2007. The electronic clocks built into most computer operating systems will need to be reset.
Market data vendors have been working with the exchanges, network carriers, 3rd party suppliers and their own in-house developers to insure that this transition goes as smoothly as possible. To assist its members, FISD polled major U.S. and global exchanges regarding their preparations for this change. The responses received and relevant exchange communications are listed below.
Background:
The US Government passed the Energy Policy Act of 2005 which includes changes to the US Daylight Savings Time Structure.
On March 11, 2007, the second Sunday of March going forward, the clocks will be set ahead one hour instead of previously, the first Sunday of April.
On November 4, 2007, the first Sunday in November going forward, the clocks will be moved back one hour instead of previously, the last Sunday in October.
Electronic clocks that are preprogrammed for Daylight Savings Time will require updates or changes to computer operating systems.
This is believed to affect among others, Internets and their computing systems, Unix-based systems, Microsoft Windows and Smalltalk systems. It may also affect
accounting systems and other spreadsheets that take data downstream.
Link to detail on the upcoming changes:
http://en.wikipedia.org/wiki/Energy_Policy_Act_of_2005"
Section 5 deals with Daylight Savings Time changes
If you have any questions or concerns for the market data vendor contacts who are overseeing this project, we have provided the following listing of contacts.
Vendor Contacts:
Bloomberg, Gary Kotovets: 212 617 3021
Interactive Data Corp, Philip Burch: 781 687 8161
Reuters, Neil Siekerka: 646 223 4210
Telekurs, Sara Banerjee: 203 328 3306
Thomson for ILX, David Waite: 646 822 6201
Townsend Analytics, Carl Ververs: 312 442 8663 or Jessica Jordao: 312 442 8269
Exchange Notifications:
American Stock Exchange: The AMEX has two official responses on DST. The
first is from
SIAC NMS. This addresses the CTA distribution of market data. The
second is the response that covers
AMEX trading systems.
Australian Stock Exchange: is aware of the upcoming changes, and they do not
belief that any changes to their systems are required to cope with these
changes.
Bolsasy Mercados:They have confirmed that they are ready to apply the law in
"daylight saving time changes", as they have been doing for the last years.
Chicago Mercantile Exchange
Chicago Board of Trade
Euronext Information Services: are aware of this but have determined that
no changes are necessary
Montreal Exchange
NASDAQ OMX: is aware of the DST change but have determined that
no changes are necessary.
Philippine Stock Exchange Inc.
They have deemed that no changes to their systems are necessary. Their
trading schedules will continue based on GMT+8.
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