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FAQs on transaction reporting – Question II.2.4.1

If an OMP reports a trade to ACER, and subsequently errors that trade out – is the market participant still required to provide a Beneficiary Id?

An OMP make a new trade submission to ACER – but the Beneficiary Id is not provided, as this would normally be populated as a lifecycle event (Action Type = M) by the market participant.

However, the trade is cancelled out by the OMP (Action Type = C).

In this instance, the market participant would not be able to submit the lifecycle event (Action Type = M) to notify ACER of the Beneficiary ID, as the trade is in a Cancelled state and cannot be modified.

Suggest that in these instances, there is no beneficiary, as there is no trade and hence no position.

Therefore, ACER will see a new trade submission, and a subsequent lifecycle event cancelling that trade.

ACER will not receive any subsequent lifecycle events for cancelled trades – so in instances where market participants are updating the Beneficiary Id in a two stage process (using Action Type = M), the Beneficiary Id may remain null.


Answer:

If two orders match and result in a transaction that is then cancelled, we would expect one of the following scenarios to be reported:

1) one or two active order reports (the second order may never been on the screen) + two matched order reports (or one or more partially matched orders) + two new trade reports + two cancelled trade reports;

2)  two active order reports (the second order may never been on the screen) + two matched order reports (or one or more partially matched orders) + two cancelled matched orders reports (please see example 3.55 in the 30 July webinar document);

or if the Organised Market Place uses a click and trade system:

3) one active order report + one matched order reports (or one or more partially matched orders) + two new trade reports (one will be a click and trade) + two cancelled trade reports.

They all indicate the same thing. There is no need to report the Beneficiary ID.

Last update: 08/09/2015   RSS_Icon Subscribe to this Page’s RSS