• 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
       
      Description
       
      2
      The trade has not been credit checked and requires explicit claim by the clearing member.
      3
      The trade has passed the ClearPort RAV credit check and will be auto-accepted in clearing.
      13
      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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      13-508

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