Clearing House Advisory Notices
To | Clearing Member Firms
From | Clearing House Department
Subject | Average Pricing System (APS) Changes
Notice Date | 2004-05-21
Notice Number | 04-89
Effective Date |
Adobe Acrobat Version Please be informed of the following enhancements to the APS application that will become effective on Monday, May 24, 2004. 1. Electronic trades in the ETP (Electronic Trade Poster) application, when selected and marked for average pricing, will be routed to APS in an “ungrouped” status. Previously, such trades were auto-assigned to an APS group based on order number. This unexpectedly created multiple groups that required back-office staff to “ungroup” one at a time only to be designated later as part of a larger single group. This enhancement will be particularly helpful to firms during quarterly rollovers when fund/CTA activity increases and there are more requests to average larger volume orders executed with multiple fill prices. 2. Trades that are accepted in ACS (Allocate Claim System) and routed to APS will be eligible for subsequent allocation to other firms. Previously, such trades were restricted from being allocated to any firm number other than the original claiming firm’s number. This enhancement is in response to firms’ requests to seamlessly give-up a give-up via APS similar to the manner in which firms can give-up a give-up via ACS. If you have any questions regarding these enhancements, please call Mr. Stephen Helmen, Clearing House Department, at 312-648-3985.