VOLUME 23 - BULLETIN #024
TO:
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ALL CLEARING MEMBERS
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FROM:
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CLIENT SERVICES AND SUPPORT
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DATE:
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February 3, 2003
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SUBJECT:
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Electronic Shipping Certificate System Helpful Hints
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The following is a list of helpful hints for the Electronic Shipping Certificate (ESC) System:
Accessing the Electronic Shipping Certificate System
The Delivery System in OTIS® has been updated with new functionality to facilitate the delivery of Electronic Shipping Certificates/Receipts for Soymeal and Soyoil inventory. By accessing the Inventory Edit and Tender Submission screen then further selecting Soybean Meal or Soybean Oil Inventory screens, users can electronically perform the following inventory functions: Issue, Request Registration, Transfer, Confirm Transfer, Reject Transfer, Withdraw, Make Outstanding, Request Loadout and Cancel.
Which Contracts will have Paper Certificates/Receipts replaced by ESCs
Paper certificates/receipts for Soybean meal and Soybean oil will now be replaced with Electronic Shipping Certificates/Receipts (ESCs). The Electronic Shipping Certificate delivery system currently supports the delivery of Soybean and Corn inventory.
How to Issue ESCs
Only Clearing Agent firms can perform the process of issuing certificates/receipts. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To issue a single ESC, input action code A (add) in the AC (action) field along with a valid warehouse code and grade, if applicable, then press ENTER. To issue a range of ESCs, use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse code, quantity, A (add) in the action field, and grade, if applicable, then press ENTER. Users will be prompted to press the PF10 key to verify the issue request made through the Range screen. The Delivery System will automatically create certificates/receipts and assign each certificate/receipt a unique certificate/receipt number. The Inventory screen Status field will display an I (Issued) next to each certificate/receipt issued. Changes to or deletion of an ESC in an Issued status will be allowed.
How to Register ESCs
Only Clearing Agent firms can request registration of certificates/receipts. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To register a single ESC, input action code G (request registration) in the AC (action) field next to an Issued certificate then press ENTER. To register a range of ESCs, use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse code, beginning and ending certificate/receipt numbers, and G (request registration) in the action field provided then press ENTER. Users will be prompted to press the PF10 key to verify all registration requests made through the Inventory or Range screen. Once the request has been confirmed, the Chicago Board of Trade Registrar’s Office will be notified a registration has been requested and will electronically register the certificates/receipts if the shipper meets all financial and operational requirements. The Inventory screen Status field will display a G (registration requested) next to each certificate for which registration has been requested. The same field will be updated to display an R (Registered) once the certificate/receipt has been registered by the Registrar’s office. Changes to or deletion of a Registered ESC will not be allowed.
How to Exchange Transfer ESCs
Begin by accessing the Inventory Edit Tender Submission screen. Further select a valid commodity. To Exchange transfer a single registered shipping certificate, input action code T (Transfer) in the AC (action) field next to desired certificate and a destination exchange code followed by the destination commodity code in the first three or four spaces of the MEMO field, then press ENTER. To transfer a range of registered shipping certificates, use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse code, beginning and ending certificate numbers, and action code T (Transfer) along with the destination exchange code and commodity code in the action fields provided, then press ENTER. Users will be prompted to press the PF10 key to verify the exchange transfer request made through the Inventory or Range screen. The MEMO field will contain exchange, commodity code, and pending status information. Once the transfer has been accepted, the inventory is removed from the originating exchange Inventory screen. Valid exchange and commodity codes applicable for an Exchange Transfer are listed below.
CODE
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EXCHANGE
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01
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Chicago Board of Trade
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03
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Mid America Commodity Exchange
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CODE
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COMMODITY
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W
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CBOT Wheat
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C
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CBOT Corn
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S
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CBOT Soybeans
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01
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Mid AM Wheat
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02
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Mid Am Corn
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05
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Mid Am Soybeans
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How to Firm Transfer ESCs
Firms have the ability to transfer registered inventory to another firm through a Firm Transfer. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To perform a Firm Transfer of a single ESC, input action code T (transfer) in the AC (action) field next to the desired certificate/receipt and the destination firm’s clearing number in the first three spaces of the MEMO field, then press ENTER. To transfer a range of ESCs use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse, beginning and ending certificate/receipt numbers, and T (transfer) along with firm clearing number in the action fields provided, then press ENTER. Users will be prompted to press the PF10 key to verify the firm transfer request made either through the Inventory or Range screen. The MEMO field will contain firm and pending status information. Once the transfer has been confirmed, the inventory is removed from the originating firms Inventory screen.
How to Confirm or Reject Transfers of ESCs (Exchange or Firm)
Firms can confirm or reject a pending Exchange or Firm Transfer of ESCs. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To accept or reject a Firm or Exchange Transfer of a single ESC, input action code S (confirm/reject) in the AC (action) field next to desired certificate/receipt, then press ENTER. To accept a range of ESCs through a transfer use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse, beginning and ending certificate/receipt numbers, and S (confirm/reject) in the action field provided, then press ENTER. Users will be prompted to press the PF10 key to accept or the PF14 key to reject the transfer of ESCs initiated through the Inventory or Range screen. After the Inventory screen is refreshed, Chicago Board of Trade certificates accepted through an Exchange Transfer will display a quantity of “5” within the MidAm inventory screen to differentiate the certificate from a WDR.
How to Withdraw ESCs
When a shipper receives his own certificate/receipt back, the Clearing Agent firm has the ability to withdraw ESCs from outstanding inventory. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To withdraw a single ESC, input action code W (withdraw) in the AC (action) field next to desired certificate, then press ENTER. To withdraw a range of ESCs use the Inventory Edit by Range screen. This screen can be accessed through the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse, beginning and ending certificate/receipt numbers, and W (withdraw) in the action field provided, then press ENTER. Users will be prompted to press the PF10 key to the confirm withdrawal of ESCs initiated through the Range screen. The Inventory screen Status field will display a W (Withdrawn) for each certificate/receipt withdrawn.
How to add Withdrawn ESCs to Outstanding Inventory
Clearing Agent firms have the ability to place Withdrawn ESCs back into Outstanding deliverable inventory. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To add a single withdrawn ESC back to outstanding inventory, input action code O (outstanding) in the AC (action) field next to desired certificate/receipt, then press ENTER. To add a range of withdrawn ESCs back to outstanding inventory use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse, beginning and ending certificate/receipt numbers, and O (outstanding) in the action field provided then press ENTER. Users will be prompted to press the PF10 key to confirm addition of ESCs back to outstanding inventory initiated through the Range screen. The Inventory screen Status field will replace W (Withdrawn) status with an R (Registered) status once the Inventory screen has been refreshed.
How to Return an ESC to Shippers Agent for Loadout
Firms can electronically request Loadout of ESCs. When a firm requests Loadout, the certificate/receipt will be removed from outstanding deliverable supply as the holder intends on utilizing the physical commodity. The holder will then communicate Loadout instructions to his clearing firm. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To Loadout a single ESC, input action code L (Loadout) next to desired certificate/receipt, then press ENTER. To Loadout a range of ESCs use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse, beginning and ending certificate/receipt numbers, and L (Loadout) in the action field provided, then press ENTER. Users will be prompted to press the PF10 key to verify Loadout instructions initiated through the Inventory or Range Screen. Once the delivery system completes the Loadout process the inventory will be automatically transferred to the agent firm Inventory screen with an L (Loadout) in the Status field.
How to Request Cancellation of ESCs
Agent firms can electronically cancel ESCs once the grain has been loaded onto the barge or rail car. Begin by accessing the Inventory Edit Tender Submission screen. Further select an applicable ESC contract. To Cancel a single ESC, input action code X (Cancel) next to desired certificate/receipt, then press ENTER. To Cancel a range of ESCs use the Inventory Edit by Range screen. This screen can be accessed from the Inventory screen by pressing the PF8 key. Once in the Range screen, input a valid warehouse, beginning and ending certificate/receipt numbers, and X (Cancel) in the action field provided, then press ENTER. Users will be prompted to press the PF10 key to verify cancellation instructions initiated through the Inventory or Range Screen. Once the delivery system has placed the certificates/receipts in a ‘Request Cancellation’ status, the CBOT Registrar’s Office will be notified a cancellation has been requested and will electronically cancel the receipt/certificate if the shipper has submitted the appropriate paperwork to the Exchange. Cancelled ESC inventory will be removed from the Inventory screen overnight. If the cancellation is not accepted, the certificate/receipt will return to the previous status of ‘Registered’ or ‘Load Out’.
How to Request Conversion of an ESC to Warehouse Depository Receipts (WDRs) - (Corn and Soybeans Only)
To help facilitate odd-lot deliveries, an ESC residing within a MidAm Inventory screen (see How to Exchange Transfer section) can be converted to Warehouse Depository Receipts (WDRs). Input action code V (convert) next to desired certificate, then press ENTER. The system will prompt users to press the PF5 key to verify the conversion request. Once the delivery system completes the conversion process and the user has refreshed the Inventory screen, five WDRs will replace the ESC within deliverable inventory. Only one ESC may be converted at a time. WDRs residing within MidAm inventory will display a quantity of one (blank on screen).
How to Request Conversion of WDRs to an ESC- (Corn and Soybeans Only)
Firms can convert Warehouse Depository Receipts (WDRs) to an ESC. Input action code V (convert) next to five WDRs, then press ENTER. The system will prompt users to press the PF5 key to verify conversion request. Once the delivery system completes the conversion process and the user has refreshed the Inventory screen, the five WDRs will be replaced by an ESC within the deliverable inventory. Only five WDRs may be converted at a time.
How to Tender/Retender ESCs
Tender and Retender functionality in OTIS for ESCs will remain exactly the same as it is now for paper certificates. Additionally, Remove Tender, Remove Retender and Confirmation of Tender functionality will also remain the same.
Invoicing of ESCs
Firms will be required to use the electronic invoice created from OTIS for all applicable ESC contracts. Invoices will be automatically confirmed at 7:00 a.m. on the day prior to the delivery. Invalid invoices created through use of “Q” reciepts will need to be corrected and confirmed by 10 a.m. on the day prior to the delivery.
How to Make or Receive Payments for Delivery of ESCs
Delivery payment will be done electronically by the Clearing Corporation, and will take place on delivery day at 6:40 am as part of the Pay/Collect bank cycle. Banking instructions that are currently on file at the Clearing Corporation for electronic Corn and Soybean deliveries will be applied to electronically delivered Meal and Oil. Questions or changes to banking instructions on file may be directed to Client Services and Support. Pay/Collect details are provided in two reports: Delivery Pay/Collect Report (DAR00051) and Main Firm Pay and Collect Summary Report (CLR00069). Delivery pay/collect amounts will not be included in the Banking Summary Report of the Final Daily Trade and Position Register or on the Web Pay/Collect screen.
How to Make or Receive Storage and Premium Payments
Storage and Premium will be automatically calculated and collected and paid as part of the 6:45 a.m. banking cycle on the 18th of every month, and debited / credited against the non-segregated (house) bank account. If the 18th is a Saturday, Sunday or holiday, the debit / credit will be made on the following business day. Any clearing firm holding a certificate will be automatically debited and the shipper's clearing firm agent will be credited. Storage and Premium payments will also appear on Infopac reports DAR00051and CLR00069.
Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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