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Business Rule Logic

Trade Deletions (Executing Firms)

  1. An executing firm cannot delete a trade during the lock period (8th through 15th business day) for that trade cycle.
  2. Outside the lock period, an executing firm can delete a trade under the following conditions:
  • If the Change Indicator is blank, and the Status code is either blank or rejected, the application will set the Change Indicator to “D” for deleted.
  • If the Change Indicator is “C“ for change account and the Status is either blank or rejected, the application will set the Change Indicator to “X” for a deleted rejected transaction.

 

Trade Un-Deletes (Executing Firms)

Deleted trades are removed during the nightly batch processing cycle, but until the next processing cycle, an executing firm can “un-delete” a deleted trade. The following rules apply when trades are un-deleted: 

  • If the trade is not within its lock period:
  • If the Change Indicator is “D” (deleted) and the Status is either blank or rejected, the application will set the change indicator to “U” to indicate that a modification was made to the trade and it will be re-priced to ensure accuracy.
  • If the Change Indicator is “X” for a deleted rejection and the Status is either blank or rejected, the application will set the Change Indicator back to “C”, to indicate an account change.
  • If the trade is within its lock period: (Only Rejected Trades can be modified by Executing Firms)
  • If the Change Indicator is “D” (deleted) and the Status is “R” (rejected), then the application will set the Change Indicator back to blank.
  • If the Change Indicator is “X” (deleted rejection) and the Status is “R” (rejected transaction), then the application will set the Change Indicator to “C” to indicate an account change.

Trade Change Accounts (Executing Firms)

  1. If the executing firm changes any other portion of the trade row (e.g., the carry account) a copy of the trade is created by cloning the original row, and placing a “C” in the change indicator column to indicate there has been an account change and to notify the system to re-price the transaction.
  2. When a change to an account happens, the original row’s change indicator column is set to “O” to signify that it is an old record. “O” records, once created, cannot be further updated or deleted.
  3. If the trade is within its lock period, the executing firm can’t maintain the trade unless it also has been rejected by the carrying firm.

 

Trade Acceptance/Rejected (Carrying Firm)

  1. Carrying firms can reject transactions. Those transactions that are rejected require a message in order for the executing firm to determine why the trade was rejected. Rejected trades will have a trade status code of Rejected.
  2. Carrying firms can also accept rejected trades. The only trades that can be accepted are those whose trade status code is listed as rejected. Once accepted, the trade status is simply reset back to blank.

 

Intraday Processing

  1. If the change indicator = “U” or “C,” the nightly calculator will attempt to re-price and set the change indicator to “B” (Batch). If re-pricing is successful, the calculator will set the error code to blank (as well as fill in the respective pricing fields). Otherwise, the calculator sets the error code to “E” (error) and zeroes out the price fields.
  2. Intraday Processing takes place three times during the day.

 

Nightly Batch Processing

  1. Nightly batch will delete any trades whose change indicator code = “D”, “O” or “X”.
  2. Nightly batch processing will also delete reversal records after they have been made available to the firms to view for one day only. 
  3. If the change indicator = “U” or “C,” the nightly calculator will attempt to re-price and set the change indicator to “B” (Batch). If re-pricing is successful, the calculator will set the error code to blank (as well as fill in the respective pricing fields). Otherwise, the calculator sets the error code to “E” (error) and zeroes out the price fields.
  4. Final Month-End Processing
  • On business day 15, all approved trades for the month get closed.
  • Trades in error or rejected (as a trade or as part of a payment rejection) are carried over for one month. If still in an error state after a month, these trades will be deleted.