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In our continuing effort to provide clearing participants with new and improved clearing services, The Clearing Corporation (CCorp) is replacing its current Open Interest reporting process. This new process will coincide with the launch of Eurex US on Sunday, February 8, 2004. In place of reporting closing longs and shorts for futures, firms will now submit an end of day gross long position file for both futures and options. By implementing this new method, firms will no longer be required to submit open/close codes for options. Additionally, origins three and four will no longer be used by CCorp to hold option positions. Testing and Training Clearing participants will have the opportunity to test open interest file submission using the new Open Interest Position Layout beginning Wednesday, January 14, 2004. After submitting a test file, participants can submit FTP Gets approximately ten minutes later to verify test open interest submission. Please refer to the ‘Open Interest File Submission’ and ‘Final Open Interest Submission Verification’ for additional detail. Participants that wish to test open interest should notify Client Services and Support by submitting a test request form twenty-four hours prior to the test date and time. To access a test request form, please click here. It is important to note that test final open interest files should not be submitted prior to 8:00AM on the scheduled test date. Details will be forthcoming for end-to-end open interest testing involving both the submission of the open interest file and the new Position Management System. Open Interest File Submission Participants that currently submit end of day open interest file to CCorp via FTP can continue to do so using the new Open Interest Position Layout:
The naming convention presently used for the open interest file submission via an FTP put will remain the same: CHPD.TR.CBT***.LINTIN Note: *** being the clearing participant number Final Open Interest Submission Verification Participants that wish to verify the submission of Final Open Interest can do so using the following FTP Gets:
Note: *** being the clearing participant number Additionally an online viewable report will be available and can be accessed from the Position Management main menu screen. Position Management System CCorp will also be implementing a new web-based Position Management system, which will replace the current open interest reporting screens in OTIS®. Features of the Position Management application will include a browser-based graphical user interface that will utilize existing infrastructure, communication lines and web software services in place today supporting both ACT® and Trade Management applications. The new Position Management system will give firm users the opportunity to make adjustments to the participant’s final reported positions prior to the production and reporting of final open interest. Firm users will also have the ability to perform intra-day position adjustments and intra-firm transfers. Furthermore, clearing participants can enter end of day positions records directly into Position Management in place of submitting an end of day file via FTP. Inquiry/Update capability will also be available for both adjustment and transfer input. Open Interest Deadlines The following schedule will be in place for open interest submission with the launch of Eurex US.
Even though the final deadline for firms to submit an open interest file via FTP is 8:00 PM, participants can choose to submit the file prior to 7:00 PM and have the opportunity to verify their final reported positions online in the Position Management System between 7:15 PM and 8:00PM. Any position that falls outside the CCorp’s maximum long or minimum long calculation will be displayed in error. Participants will have the ability to make changes to the final position record prior to the start of final processing in order to rectify the error. Validation of Final Open Interest File Participants can only submit one final position record by origin for each valid contract that it is currently trading in and/or holding positions in. CCorp will perform a maximum long and minimum long calculation for each final position reported. The calculation will be performed using the participant’s incoming prior day position, adjustments, current day’s buys, current day’s sells, transfers, exercises, and deliveries. If a participant’s submitted final position falls outside these calculated parameters, the final reported position will be in error. As previously mentioned, participants have the opportunity to review and update errors prior to final processing. If a firm fails to update an error, CCorp will adjust the final long position as close as possible to the firm’s reported position using the current day’s activity. Furthermore, CCorp will assume any activity in a contract that a participant does not report a final position in will be adjusted as closing positions. Additionally, futures created form option assignments will be considered closing positions. Also, CCorp will validate participant’s exercise instructions using the maximum long calculation. Exercise instructions that exceed CCorp’s calculated maximum long position will be reduced accordingly. Should the calculated maximum position equal zero, the exercise instruction will not be processed. Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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