Within the SIDC (Single Intraday Coupling) an increase of cross-border capacity may lead to the coupling of two Order Books (OBs). In such cases, compatible orders initially placed on the individual OBs are automatically matched by the trading system via a different matching process (batch-matching), which is referred as “mini-auctions”. How such order matching via the mini-auction shall be reported?
Answer: With reference to the reporting of the mini-auctions, the Agency’s understanding is that the orders maintain the same OrderID and are automatically transferred without any action by the market participants to the mini-auction, lasting a few seconds. Such a mini-auction represents a technical solution for the auto-matching system of the orders in the intraday coupling algorithm, but from the data reporting point of view, there is no need to report such an event by suspending the continuous session and reporting the orders in the mini-auction referred to a different ContractID. It will be sufficient to flag the trades resulting from such an auto-matching functionality of the intraday coupling algorithm by reporting the indication “BM” (batch matching) in the “Extra” field in schema REMITTable1_V2.xsd and REMITTable 1_V3.xsd as indicated below:
Please note that, schema Table 1_V3 allows the patterns of reporting for Schema Table 1_V2 but can also be used without having to report a second key==value pair.