FIXTradingCommunity / fix-simple-binary-encoding

A FIX standard for binary message encoding
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TZTimeOnly encoding in local time zone #116

Open RFrenkel opened 4 years ago

RFrenkel commented 4 years ago

Is there an option to create a composite binary type for TZTimeOnly with TimeZone (Local) specified, without offset to UTC?

Looking at Technical specification Version 1.0 – Feb. 9, 2017, section 2.12.3 the only option suggested is to represent TZTimeOnly is to include offset to UTC.

Elements as suggested:

Is the use of the last two elements optional in this composite?

kleihan commented 4 years ago

The purpose of TZTimeOnly is to have a timestamp with time zone information. You are looking for a timestamp without such information (and declare that as local time in the related documentation I guess). What you are looking for sounds like an equivalent to LocalMktDate. However, I do not see a good reason to omit the offset information other than avoiding the need to calculate it :-)

The convention for large exchanges has become to always use UTC on the messaging level and leave it to the graphical front ends to convert that into a local timestamp for display purposes, i.e. human consumption. That requires the offset information to be part of the timestamp. This approach has greatly reduced the potential for confusion, especially when daylight savings time comes into play.

RFrenkel commented 4 years ago

Thank you for clarification, Hanno! I misunderstood the purpose of offsets. Makes sense.