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Cancelling (withdrawing) an IRS Allocation
In this scenario, the platform / clearing firm sends allocation instruction to cancel a previously submitted IRS allocation that is still pending.
The steps are:
- The platform / clearing firm sends an allocation instruction to allocate a cleared bunched order trade.
- CME Clearing validates the allocation instruction for the following allocation details:
- Presence of the bunched trade being allocated in the system based on the identifiers sent in the allocation instruction.
- Accounts being allocated to are valid accounts.
- Sum of all the allocations doesn’t exceed the block quantity.
- CME Clearing sends the valid allocations to the clearing firms for explicit claim, and the platform receives a pending clear notification for each valid allocation.
- One of the clearing firms claims an allocation.
- Another allocation is still in pending clear state.
- The platform / clearing firm sends an allocation instruction to cancel the pending allocation.
- CME Clearing notifies the clearing firms of the cancellation, and the platform / clearing firm receives a notification of the allocation's cancellation.
