Implementation of Many-to-One and Many-to-Many Matching for Pit SLEDS

Clearing House Advisory Notices

To	Clearing Member Firms, Chief Financial Officers, Back Office Managers
From	Clearing House Department
Subject	Implementation of Many-to-One and Many-to-Many Matching for Pit SLEDS
Notice Date	2004-02-17
Notice Number	04-20
Effective Date
As previously announced in Advisory 04-15 (Feb. 9), the initial deployment of SLEDS (Single-Line Entry of Differential Spreads) functionality for pit trades makes use of one-to-one trade matching only. In this case, if a firm discovers that one of its pit SLEDS trades is not matching because the other side has submitted the trade in two or more pieces, the firm must break up its single SLED trade into separate pieces, so as to match with the individual SLEDS trades submitted by the other side. We plan to deploy enhancements shortly to the trade match process for pit SLEDS so that this special handling by firm back-office staff will no longer be necessary. The tentative launch date for this enhancement is Friday, March 5th. With this enhancement, SLEDS will match, like ordinary pit trades, as long as the total quantity matches on both sides. This advisory provides important details about how this enhanced match process for pit SLEDS will work. For the full text of Clearing House Advisory 04-20...