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Effective Friday, April 5, 2002, the Allocation and Claim Transaction (ACT) System, version 2.1 will be implemented. It was determined that ACT would be implemented in phases to provide the least interruption to the back office and at the same time allow the Clearing Corporation to ensure stability and functionality of the system before adding additional transactions. For ACT Version 2.1 implementation, firms should be aware of the following: IMPLEMENTATION DAY, WHAT BACK OFFICES NEED TO KNOW To minimize the need to resubmit Transfers or Misclears, the Business System Group (BSG) will be monitoring these transactions through out the day on Thursday, April 4, 2002 and contacting firms that have unmatched transactions. All Transfers and Misclears that remain unmatched as of 7:00PM on Thursday, April 4, 2002, will need to be resubmitted by the initiating firm the following day, Friday, April 5, 2002. The ACT System will be unavailable beginning at 7:00PM Thursday, April 4, 2002 until 6:00AM Friday, April 5, 2002. The ability to enter Misclears, Transfers, APS Transfers, and APS Memo Group Adds will no longer be available through the OTIS System. Misclears, Transfers, Average Price Give-ups, and Memo-adds of Give-up transactions will be processed through the ACT System according to business rules using one-sided entry process. Give-up Memo Add capability will still be available through OTIS, so Back Offices, must communicate to the accepting firm the entry system used in allocating a memo add. WHAT IS NEW - SYSTEM FEATURES • To Give-up or Transfer an Average Price transaction, the A8 block of the TREX record layout must be included on messages submitted by firms to Clearing (outside of submission via the front-end GUI). Conversely ACT will generate to the firms’ queue, API messages in the TREX record format with the A8 block for all Average Price transactions. • A searchable Misclear and Give-up Reversal database that contains the four previous business days of cleared trade activity and ACT Give-up transactions to assist in the entry of Misclears and Give-up Reversals will be available. • An Equity Run feature that will allow firms to verify Transfer positions prior to allocation or acceptance has been added. • Allocation and Claim records for Misclears, Transfers, Average Price Give-ups, and Give-up Memo Adds will only be available via API. Average price Give-up and Transfer API messages will include an A8 block that contains Actual Average Price and Residual per Contract information WHAT IS NEW - TRANSFERS • Transaction Type ‘8’ records can be submitted for both futures and options. • Submission of Transfers will be one sided – the submitting/initiating firm always defaults to the FROM firm. • As FROM/TO logic is used, firms would enter the position type as it exists on their books. • API messages for Transaction Type ‘8' with FROM/TO designations will be generated for both futures and options; message examples can be found at http://www.botcc.com/geninfo/misc/index.html - TopOfPage. WHAT STAYS THE SAME - TRANSFERS • Transaction Type ‘8’ records that are used today can continue to be submitted. Records without a FROM/TO indicator will be converted to a FROM record and the position type will be flipped (a sell is converted to a FROM buy; a buy is converted to a FROM sell) for processing in ACT. • Option Transfers can continue to be submitted as ‘H’ cards. Only FROM records will be accepted; TO records will result in an edit error. No conversion of the records will be required for processing in ACT. WHAT IS NEW – MISCLEARS • Transaction Type ‘3’ records can be submitted for both futures and options. • Submission of Misclears will be one sided – only the sell can submit. • As FROM/TO logic is used, firms would enter the position type, as it exists on their books (sell only). • API messages for Transaction Type ‘3’ with FROM/TO designations will be generated for both futures and options; message examples can be found at http://www.botcc.com/geninfo/misc/index.html - TopOfPage. • ‘H’ cards will no longer be used to designate an option Misclear. H cards will always default to a transfer record in ACT. WHAT STAYS THE SAME – MISCLEARS • Transaction Type ‘3’ records that are used today can continue to be submitted. Records without a FROM/TO indicator will be converted to a FROM record and the position type will be flipped. Only the buy records that will be converted to FROM sell will be accepted and processed in ACT. WHAT FIRMS SHOULD DO • Plan to convert to the GAPI because Real Time Feed of allocations and claims will not include EFP, Average Price, and ACT Memo Add Give-ups records. Should you have any questions, please call or e-mail one of the following Business Systems Analysts:
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