is there a role that describes an NCM ?

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1

Imported from previous forum

2

Hi all,

I’m trying to figure a why to represent an NCM, none of the party roles of the current 85 roles describe an NCM. how do we best represent an NCM in the trade capture report and than the fact of refering the clearing and executing member ?

3

Forgive me, but what is an NCM?

Hi all,

I’m trying to figure a why to represent an NCM, none of the party roles of the current 85 roles describe an NCM. how do we best represent an NCM in the trade capture report and than the fact of refering the clearing and executing member ?

4

NCM is a non clearing member, a formal term at Eurex Deutschland and Eurex Clearing. It is also used informally at other exchanges to refer to a member that cannot clear trades.

Forgive me, but what is an NCM?

Hi all,

I’m trying to figure a why to represent an NCM, none of the party roles of the current 85 roles describe an NCM. how do we best represent an NCM in the trade capture report and than the fact of refering the clearing and executing member ?

5

Hi,

I would say that they should be 1=Executing Firm, since you should not need to specify what they are “not”.
The GCM would be defined as 4=Clearing Firm.

Or is there a reason why you need to specifically define them as an NCM as opposed to a DCM or GCM?

George.

NCM is a non clearing member, a formal term at Eurex Deutschland and Eurex Clearing. It is also used informally at other exchanges to refer to a member that cannot clear trades.

Forgive me, but what is an NCM?

Hi all,

I’m trying to figure a why to represent an NCM, none of the party roles of the current 85 roles describe an NCM. how do we best represent an NCM in the trade capture report and than the fact of refering the clearing and executing member ?

6

Agree with George. I wanted to add a general comment. NCM, DCM and GCM are terms specific to one execution venue. The idea of FIX is not become the superset of all terms out there. Semantics are key to identify the FIX terms that best describe the underlying business requirement. The Rules of Engagement (interface specification document) can easily add specific terms to the standard FIX terms, e.g. “1=Executing Firm (NCM)” to make things easier for the user who is also confronted with the documentation specific to the execution venue.

Hi,

I would say that they should be 1=Executing Firm, since you should not need to specify what they are “not”.
The GCM would be defined as 4=Clearing Firm.

Or is there a reason why you need to specifically define them as an NCM as opposed to a DCM or GCM?

George.

NCM is a non clearing member, a formal term at Eurex Deutschland and Eurex Clearing. It is also used informally at other exchanges to refer to a member that cannot clear trades.

Forgive me, but what is an NCM?

Hi all,

I’m trying to figure a why to represent an NCM, none of the party roles of the current 85 roles describe an NCM. how do we best represent an NCM in the trade capture report and than the fact of refering the clearing and executing member ?