• New Credit Check Indicator on ClearPort Alleged Clearing FIXML Trade Messages

      • To
      • Clearing Member Firms; Back Office Managers; Service Providers
      • From
      • CME Clearing
      • #
      • 13-508
      • Notice Date
      • 01 November 2013
      • Effective Date
      • 11 November 2013
    • Beginning trade date November 11, 2013, CME Clearing will begin providing the attribute RiskChkStat on all “alleged” (RptTyp=”1”) “add” (TransTyp=”0”) FIXML trade capture report messages for trades processed via ClearPort. The attribute will be located on the side level of the message with a value indicating whether:
      1)     the trade was not credit checked and must be explicitly claimed by the clearing firm, or
      2)     the trade has already passed a credit check in either ClearPort or on another execution venue such as a SEF and does not need to be explicitly claimed.

      RiskChkStat Enumeration
      The trade has not been credit checked and requires explicit claim by the clearing member.
      The trade has passed the ClearPort RAV credit check and will be auto-accepted in clearing.
      The trade has passed a credit check on another execution venue before submission to ClearPort and will be auto-accepted in clearing.

      Currently only CDS and FX Forward products are eligible for explicit claim. Any SEF executed trade has to be pre-approved, pre-trade, before it is executed by the clearing member and will have the value of “13”.  All other transactions via ClearPort are credit checked by RAV and will have a value of “2” if a claim is required or “3” if the pre-defined ClearPort RAV credit limit was applied.
      The change will be available in the New Release environment on November 7, 2013.
      The following page contains a sample of the RptSide element to which the RiskChkStat attribute will be added:
      For questions or further information, please contact CME Clearing Services (CCS) at 312-207-2525 or ccs@cmegroup.com.


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