Imported from previous forum
The Global Technical Committee has reviewed and preliminarily approved the FIA PTWG Transfers Phase 1. This gap analysis proposal from the Futures Industry Association's Post-trade Working Group proposes new FIX messages to support the transfer of customers' positions from the defaulting clearing firm to one or more target clearing firms.
Although the primary intent of this effort is to ease the industry wide effect should a large clearing firm default occur, position transfers happen routinely for ordinary reasons. This could include mass transfers of accounts from one clearing firm to another, where the reason for transfer is known well in advance, such as in the case of a merger or acquisition. Or it could include the voluntary transfer of a single customer from one clearing firm to another. The technology used to address the clearing firm default scenario can be applied in these other instances.
For the purposes of this document, a transfer is defined as the movement of a position from one account to another. Whereas allocations operate by designating individual trades which then move between accounts, transfers do not identify individual trades that make up the position being moved, although they may carry certain attributes such as trade date.
The document now enters a public comment period in which public review and feedback is encouraged. Once the public comment period closes, the Global Technical Governance Board will meet to review public comments before final approval.
Please post feedback, comments, and questions as replies to this discussion thread.
A link to the proposal can be found at:
http://www.fixtradingcommunity.org/pg/file/fplpo/read/512870/fix-protocol-ga-fia-ptwg-transfers-phase-1
The public comment period ends on October 28th, 2013.