Message flow to indicate transfer of liability from counterparty to CCP

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1

Imported from previous forum

2

To try to get the ball rolling, should this be an Execution Report restatement, or is there a Post-Trade workflow that I should be using?

Thanks in advance,

Robert

3

Trade on SEF is executed between party A and party B each of whom receives an Execution Report. Trade is sent to CCP and accepted. What indication / message flow should result from SEF to parties A and B to indicated CCP is now their counter party for the completed trade?

4

Please have a look at EP187 ( CFTC Part 43/45 Phase 3 - Foreign Exchange) and extensions to TrdRptStatus(939) which may cover what you need. In general, it should be a TCR to confirm a trade with a preliminary status and another TCR to update to a different or final status, in your case CCP acceptance.

Additional values:
8 = Pending verification (Elaboration: Used in reports from the SDR to the regulator and to trading parties to indicate that the trade details have not been verified by one or both parties.)

9 = Deemed verified [Elaboration: Used in reports from the SDR to the regulator and to trading parties to indicate that the trade details are deemed verified by the SDR by have not been confirmed by the trading parties.]

10 = Verified [Elaboration: Used in reports from the SDR to the regulator and to trading parties to indicate that the trade details have been confirmed by the trading parties.]

11 = Disputed [Elaboration: Used in reports from the SDR to the regulator and to trading parties to indicate that the trade details have been disputed by a trading party.]