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On Friday, December 6, 2002, The Board of Trade Clearing Corporation plans to migrate all Give-up processing for pit and ETS trades from the OTIS® System to the Allocation and Claim Transaction System (ACTTM). The ability to Give-up, Memo-add, Release, and Reverse give-up trades will no longer be supported through the OTIS system. Additionally, using 3270-screen scraper functionality to allocate and claim give-up transactions and Real Time Feed duplication messages will be eliminated with the move to a web-based system. IMPLEMENTATION DAY- WHAT BACK OFFICES NEED TO KNOW • Due to the migration of all give-up activity (pit and ETS) from OTIS to the ACT System, ACT will be unavailable beginning at the start of final processing on Thursday, December 5, 2002 until 1:00AM Friday, December 6, 2002. • All give-up transactions allocated using the OTIS give-up System that are unclaimed at the start of final processing on Thursday, December 5, 2002, will be re-loaded into the ACT System and available to claim on Friday, December 6, 2002. Prior day give-up transactions that are reloaded into the ACT System must be claimed or rejected through use of the ACT GUI. Responses to the GAPI messages originally sent by the OTIS give-up system will not be applicable to claim or reject give-ups that were reloaded into ACT. • OTIS give-up summary records that remain unallocated at the start of final processing on Thursday, December 5, 2002 will not be re-loaded into the ACT System. Firms will be required to manually re-enter unallocated summary records using the ACT ‘Create Summary’ screen on Friday, December 6, 2002 to complete the allocation process. • The Give-up Reversal Request selection will be available in the OTIS Give-up System on Friday, December 6, 2002 to reverse give-up transactions that were processed through OTIS on Thursday, December 5, 2002. Beginning Monday, December 9, 2002, all reversal requests will be made using the ACT System.
WHAT IS NEW • All trades marked as a give-up will now be processed through the ACT System. Firms have the option of submitting a give-up through the following methods: 1) submitting the give-up execution using the firm’s bookkeeping using the current TREX format, completing the give-up process using the ACT System, 2) submitting the give-up execution using the OTIS Trade Entry Screens, completing the give-up process using the ACT System, 3) submitting via Give-up Application Program Interface (GAPI) in conjunction with OTIS or TREX submission, or 4) manually keying the transaction through the ACT System using the ‘Create Summary’ screen. • Firms will have the ability to give-up a claimed give-up transaction using ACT by using a check box in the ‘Accept Detail’ screen. This functionality can be automated by setting up an accept profile to automatically give-up an accepted give-up transaction. Please refer to Volume 22 – Bulletin #184. • Release functionality will be replaced with same-day reversal functionality to correct give-ups claimed in error. Once the reversal is confirmed, the claiming firm will receive a ‘GVC’ confirmation with an action code ‘C’ for change instead of the current ‘GCD’ confirmation message with an action code of ‘D’ for delete. The action code can be found in position 25 of the Main Block. All other GAPI messaging will remain the same. Allocations claimed in error and the same reversals used to correct the allocations will not be included in the Daily Trade and Position Register report and data file. • The initiating firm will no longer be able to provide accepting CTI, exchange fee, or origin information. The claiming firm will be required to complete these fields. However, when a firm is initiating a give-up to itself, these fields will be available for entry to allow for auto-claiming. WHAT STAYS THE SAME • The Average Price System will continue to be available in OTIS for the processing of average price groups. REPORTS Users will now be able to do an online report request through the ACT system. The report selection menu is available on the ACT main menu page. Users should select the firm number from the drop down box and click on the appropriate report within the selection list. An online version of the report will be displayed on the screen. To print or save the report in PDF format, the user should click on the print link located at the top of the screen, which will download the report into Adobe Acrobat. Version 5.0 of Adobe Acrobat is required to download ACT reports. A link to download a free copy of Adobe Acrobat 5.0 is available on the Board Of Trade Clearing Corporation website at https://firms.botcc.com/manuals/.
Below is a list of online reports that will be available:
Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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