Account LEI codes

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1

Imported from previous forum

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Hi George,

If an order is pre-trade allocated to a single account, it is possible to sent the order with Account(1) and the LEI in PartyID(448) followed by PartyIDSource(447)=N.

For orders that are pre-trade allocated to multiple accounts use the AllocAccount(79) and NestedParties as described above.

For post-trade allocation always use the latter.
In general, for multi-account allocation one needs to use the latter.

Per PartyRole:
It makes sense for the PartyRole (or the nested version) to have one of the following values (according to the context):

24, 38, 45, 83, 91

Also look at PartyRole values related to other different accounts roles:

41, 43, 48, 50, 100, 101 (and few more)

I hope this helps.

3

Thanks Yuval, however the question is - is it appropriate to have Account be in the Parties (or NestedParties) repeating group, given that Account has its own field (Account, #1, at top-level, and AllocAccount, #79, at allocation level)? Which PartyRole would be then used to specify an account?

4

Hi George,

When you send allocation, you have the component ‘NestedParties’.
i.e. NestedParties is available for both pre-trade allocation workflows and post-trade allocation workflows.
One NestedParties component can be attached to each account.

The NestedParties is derived from Parties, where one should set: NestedPartyIDSource(525) = LEI(N)
And the LEI code in the NestedPartyID(524).

I hope this helps,
Yuval

5

Would anyone know how to represent account LEI codes in typical trading messages (NewOrderXXX, ExecReport, etc)?

EP156 stipulates that PartyIDSource=‘N’ should be used to represent LEI codes. This would be fine for an entity that is declared in the Parties group (such as execution broker, clearing firm, etc), but accounts are not declared in the Parties group - for accounts, the Account (#1) field us typically used, which is usually populated with account proprietary codes.

If there is the need to report both the account proprietary code, and the account LEI code, what would be the appropriate way to do that?

6

Thanks Yuval, this makes sense