Standard Settlement Instructions

Transcription

1 Standard Settlement Instructions Information Paper What are Standard Settlement Instructions? Standard Settlement Instructions (SSI s) allow Participants to register and store default payment and security instructions for each of their Sub Participants for different types of Instruments, Series and Currencies. Do I have to register Standard Settlement Instructions (SSI s) in the system? It is not mandatory to register Standard Settlement Instructions in the system however if no SSI s exist, trades will not proceed to settlement until a Cash Record and/or Sub Account is specified for that trade. Who can register Standard Settlement Instructions (SSI s) in the system? All users will have the ability to Register SSI s provided they have been assigned at least one of the trade entry related roles eg. CL DSS Trade Will I be able to register Standard Settlement Instructions (SSI s) in the new system before Go-Live? Participants will not have access to the Production environment before the Go-Live day therefore you can only register your SSI s after the new system has been implemented. How do I register Standard Settlement Instructions (SSI s)? Select from the Main Menu: Sub Participants>>View Standard Settlement Instructions From the right click menu select Register SSI, enter the details and click OK Standard Settlement Instructions Page 1 of 6

2 System Rules The Sub Participant field is a mandatory field. The system will display a wildcard * however a sub participant must be selected from the drop down list to enable the creation of a valid SSI The following fields are mandatory fields and must at least contain a wildcard * - Instrument Type - Instrument Class - Series - Currency Standard Settlement Instructions Page 2 of 6

3 Do I have to register individual Standard Settlement Instructions (SSI s) for each Instrument Type or can I just register one SSI for all my transactions? The system is flexible in that it allows you to register individual SSI s for each Instrument Type using different Sub Accounts and/or Cash Records, provided you have more than one Sub Account and Cash Record set up in the system. If you wish to nominate one Sub Account and Cash Record as the default accounts for all transactions, you can omit the selection of an Instrument Type and just select that Sub Account and Cash Record for your sub participant. This becomes the SSI the system defaults to every time you enter a trade for any Instrument Type. Do I have to use my Standard Settlement Instructions (SSI s) for every trade I enter into the system? When trades are created in the system, the SSI field defaults to Y indicating that the trades will settle via the default Cash Record and Sub Account. If you wish to select an alternate Cash Record and/or Sub Account on a transaction by transaction basis, you must select N in the SSI field. The drop down list in the Cash Record and Sub Account fields may then be used to select from the list of available Cash Records and Sub Accounts What happens if I enter a trade where SSI = Y, but I have not yet registered SSI s in the system? If no SSI s exist for the participant who is entering the trade, the trade will still proceed to a Matched state, however the resulting DVP Instruction will be assigned a state of Holding and the trade will not proceed to settlement. You will be required to perform a Confirm DVP in the DVP Information screen to nominate a Cash Record and/or Sub Account to that trade before settlement can be effected. What happens if I select N in the SSI field, but forget to select an alternate Cash Record and/or Sub Account for the trade? When a N is selected in the SSI field, the system does not automatically populate the Cash Record and/or Sub Account fields. Alternate values must be selected by you from the drop down lists of available Cash Records and Sub Accounts. If you fail to make these selections, the trade will still proceed to a Matched state, however the resulting DVP Instruction will be assigned a state of Holding and the trade will not proceed to settlement. You will be required to perform a Confirm DVP in the DVP Information screen to nominate a Cash Record and/or Sub Account to that trade before settlement can be effected. How do I perform a Confirm DVP to enable my trade to proceed to settlement? Select from the Main Menu: Trades>>View Reported Trades Specify search criteria and click search to view all trades to which you are a party Highlight a trade and from the right click menu select DVP Information. Two DVP Instructions will be displayed with a Settle Status of Holding Highlight your DVP Instruction and from the right click menu select Confirm DVP. Select a Sub Account in the First DVP Account field and a Cash record in the Second DVP Account field and click Send Standard Settlement Instructions Page 3 of 6

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5 How can I change or cancel my Standard Settlement Instructions (SSI s)? Select from the Main Menu: Sub Participants>>View Standard Settlement Instructions Specify search criteria and click search to view all existing SSI s From the right click menu select Rectify SSI to rectify an existing SSI or From the right click menu select Cancel SSI to cancel an existing SSI If I change my Standard Settlement Instructions (SSI s), how can I view the details of any previous Instructions? Select from the Main Menu: Sub Participants>>View Standard Settlement Instructions Specify search criteria and click search to view all existing Agreements From the right click menu select SSI Versions Standard Settlement Instructions Page 5 of 6

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