Trade Condition Question

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Imported from previous forum

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tag 277 provides a list of trade conditions. Is there any doc providing detailed explanations for them?

Another question is there’s an entry for L-Seller. Do we need one for
Buyer?

3

[ original email was from Antonio Barakat - antonio_barakat2000@yahoo.com ]
> tag 277 provides a list of trade conditions. Is there any doc providing

detailed explanations for them?

Another question is there’s an entry for L-Seller. Do we need one
for Buyer?

I can give you a quick overview of what some of the main tags means and I’m sure the rest you are able to pick up through intuition.

To start lets explain what an Ex-Pit Transaction is. It is basically a pre-arranged transaction between 2 parties that takes place outside the regular trading session or market. This process is usually an automated one in which the selling party usually reports to avoid errors or miscalculations in transactional reporting. So in this method only 1 party is expected to report (submit) the Ex-Pit transaction.
Client systems must use this tag to differentiate Ex-Pit transactions from normal trades. A Trade data block with tag 277=X or 1 indicates a normal trade requiring no additional processing. Tag 277=W indicates an Ex-Pit transaction containing off-market data.

Now different exchanges offer different levels of functionality for the Ex-Pit transaction.

Some tags :

X = Normal Trade generated for Spread/Future/Outright - Indicates the trade is a normal trade (not an Ex-Pit transaction) on spread or outright contract

1 = Normal Trade generated for spread leg - Indicates the trade is a normal trade on a CME Globex-calculated leg trade price.

W = Ex-Pit Transaction Price which means that the trade is an Ex-Pit
transaction on a spread, outright, or a spread leg contract.

AR - (Form T) This is a NASD-required form that is used by brokers to report equity transactions after the market’s usual hours.

(if you have any specific tags you need definitions on please let me know)

Some of the functionality offered by the exchanges such as the CME in parallel with the tags.

“EFP” - this is when one party buys cash market products and sells the futures contracts while on the other end the opposite party sells the markets products and buys the futures contracts. (Exchnage of Future for Physical Commodity)

“Block Trade” – a futures tranactions that is privately negotiated and executed outside the normal trading of the exchange. This type of trade is strictly regulated and there are many constraints on what size, price, limit one can put in this type of transaction

“EFS” - “Allows market participants to exchange a futures contract position for a cash-settled position instead of a physical commodity. Also gives market participants the ability to liquidate a swap position in a market that may have limited liquidity.” (Exchange of Futures Swap)

“EFR” – a futures market transaction that provides market participants a way to unload their OTC positions or to negotiate new OTC positions. Similar to an EFP(above) transaction, except that it involves an exchange of a futures position for an OTC position rather than an exchange for the physical commodity. “EFR transactions facilitate an
easy, efficient entry or exit from the OTC position.”

4

Antonio,
Thanks for your help. By any chance, if you know the difference between
AJ = Official Closing Price and AK = Prior Reference Price, pls let me know.

tag 277 provides a list of trade conditions. Is there any doc
providing detailed explanations for them?

Another question is there’s an entry for L-Seller. Do we need one
for Buyer?

I can give you a quick overview of what some of the main tags means and
I’m sure the rest you are able to pick up through intuition.

To start lets explain what an Ex-Pit Transaction is. It is basically a
pre-arranged transaction between 2 parties that takes place outside the
regular trading session or market. This process is usually an automated
one in which the selling party usually reports to avoid errors or
miscalculations in transactional reporting. So in this method only 1
party is expected to report (submit) the Ex-Pit transaction. Client
systems must use this tag to differentiate Ex-Pit transactions from
normal trades. A Trade data block with tag 277=X or 1 indicates a normal
trade requiring no additional processing. Tag 277=W indicates an Ex-Pit
transaction containing off-market data.

Now different exchanges offer different levels of functionality for the
Ex-Pit transaction.

Some tags :

X = Normal Trade generated for Spread/Future/Outright - Indicates the
trade is a normal trade (not an Ex-Pit transaction) on spread or
outright contract

1 = Normal Trade generated for spread leg - Indicates the trade is a
normal trade on a CME Globex-calculated leg trade price.

W = Ex-Pit Transaction Price which means that the trade is an Ex-Pit
transaction on a spread, outright, or a spread leg contract.

AR - (Form T) This is a NASD-required form that is used by brokers to
report equity transactions after the market’s usual hours.

(if you have any specific tags you need definitions on please let me
know)

Some of the functionality offered by the exchanges such as the CME in
parallel with the tags.

“EFP” - this is when one party buys cash market products and sells the
futures contracts while on the other end the opposite party sells the
markets products and buys the futures contracts. (Exchnage of Future for
Physical Commodity)

“Block Trade” – a futures tranactions that is privately negotiated and
executed outside the normal trading of the exchange. This type of trade
is strictly regulated and there are many constraints on what size,
price, limit one can put in this type of transaction

“EFS” - “Allows market participants to exchange a futures contract
position for a cash-settled position instead of a physical commodity.
Also gives market participants the ability to liquidate a swap position
in a market that may have limited liquidity.” (Exchange of Futures Swap)

“EFR” – a futures market transaction that provides market participants a
way to unload their OTC positions or to negotiate new OTC positions.
Similar to an EFP(above) transaction, except that it involves an
exchange of a futures position for an OTC position rather than an
exchange for the physical commodity. “EFR transactions facilitate an
easy, efficient entry or exit from the OTC position.”