VOLUME 20 - BULLETIN #181
TO:
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ALL CLEARING MEMBERS
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FROM:
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BUSINESS SYSTEMS GROUP
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DATE:
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June 15, 2000
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SUBJECT:
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CBOT®-Eurex Alliance Update
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The Chicago Board of Trade (CBOT) will change the electronic trading platform from Project A to CBOT- Eurex during the third quarter of 2000. Firms should be aware that there are differences between the Project A and CBOT- Eurex systems, as well as the interaction between the firms and the Clearing Corporation. As part of the CBOT- Eurex implementation, the CBOT will sponsor simulation testing which is scheduled to begin July 17, 2000. Firms must be aware of the changes outlined in this bulletin to successfully participate in simulation testing.
Exchange Codes
Project A afternoon and overnight trades are available in the OTIS system under exchange 51. CBOT-Eurex trades will be processed under exchange 01.
Record Ids
Currently, record Ids are assigned to trades by either the firm (for regular trades) or the CBOT (for Project A trades). CBOT-Eurex trades will have record Id numbers assigned by the Clearing Corporation. The record Id range will remain between 60000 and 74999.
Electronic Trading System Codes
All screens and reports that list trades under PJA, Proj A, or Project A will be replaced with ‘ETS’ (for Electronic Trading System).
Real-Time Feeds
The Clearing Corporation will no longer create automatic hourly and end-of-session RJE duplications files of electronic trades. Firms will receive pre-edited real time feeds of CBOT- Eurex trades via MQ Series in the TREX record format. The elimination of Remote Job Entry (RJE) is necessary to support the implementation of the Clearing Corporation’s new customer network.
Because the trades sent to firms have not passed the Clearing edit process, there is a possibility that firms may have trades in bookkeeping that edit in clearing. Firms should check the Options Transaction Edit Report (TER0001) and the Futures Transaction Edit Report (TER0014) to view these edited trades.
The real-time feeds will begin shortly after 10:00 p.m. with trades designated as exchange 01. Due to the timeframe of when this trade information is generated and the exchange designation, firms are cautioned to make sure these trades are excluded from the current day’s bookkeeping processing schedule.
Account Number Justification and Masking on Real-time Feeds
Customer account numbers will NOT be masked or right or left justified before they are sent to firms in the real time feeds. BOTCC will pass account numbers along exactly as they were entered on the CBOT-Eurex GUI screens.
Defaults on Trade Entry
BOTCC will use the same default CTI/Origin logic on ETS trades that is currently used for invalid CTI/Origin combinations on Project A trades. This logic will default invalid clearing origins to valid origins for a firm. Invalid CTI/Origin combinations will be replaced with the default CTI for the origin. Origin 1 trades will default to CTI 4. Origin 2 trades will default to CTI 2.
For option trades, invalid floor brokers for origins 3 and 4 will be blanked out and the origin will be replaced with origins 2 and 1 respectively.
Trading Hours and Exchange Code
Currently Exchange 51 Project A trades from 2:15 P.M. until 4:30 Monday through Thursday and from 6:00 P.M. until 5:00 A.M. Sunday through Friday. Also, Side-By-Side Exchange 01 Project A trades between 5:30 A.M. and 2:00 P.M. Monday through Friday.
The new trading hours for the CBOT-Eurex system will be 10:00 P.M. until 4:00 PM the next day Sunday through Friday. Trades executed after 10:00 PM will be for the next business day: for example, a trade entered at 11:00 PM on the 15th will have a trade date of the 16th.
Should you have any questions, please call or e-mail one of the following Business Systems Analysts:
CBOT is a registered trademark of the Chicago Board of Trade
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