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The US Futures Exchange, (USFE), an all electronic exchange, will launch the following Bombay Stock Exchange (BSE) SENSEX Index contract. Contract specifications and trading information are detailed below.
Additional specifications applicable to the BSE SENSEX Index contract are as follows:
Trade Management: MQM add duplication messages will be sent to the Clearing Participants back office systems in the TREX record format. Clearing Participants may submit MQM change records to CCorp to change non-critical trade information, or mark a trade as a give-up. Clearing Participants can also mark trades as give ups via CCorp’s Trade Management system. Current GAPI processing between CCorp and the Clearing Participant will be used. Position Management: Clearing Participants should submit open interest to CCorp, either by submitting an Open interest FTP file or using the web based Position Management System. Position Management also allows participants users to perform intra-day position adjustments and intra firm transfers. Listed below are the processes and availability.
Validation of Final Open Interest: Participants can only submit one final position record by origin for each valid contract that it is currently trading in and/or is holding positions in. CCorp will perform a maximum long and minimum long calculation for each final position reported. The calculation is performed using the participant’s incoming prior day position, current day’s adjustments, current day’s buys, current day’s sells, transfers, exercises (if applicable), and deliveries (if applicable). If a participant’s submitted final position falls outside the calculated parameters, the final reported position will be in error. Participants have the opportunity to review and update errors prior to final processing, please refer to table above. 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 which a participant does not report a final position in, to be adjusted as closing positions. Additionally, futures created from option assignments will also be considered closing positions. Large Trader Reporting: The Clearing Corporation (CCorp) will facilitate large trader reporting functionality for the US Futures Exchange. Firms have the option of either submitting large trader information via an FTP put command, or entering their large trader data through the Exchange Reporting screens within the OTIS® system. Firms submitting large trader positions via FTP should use the P6 record layout when reporting. Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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