If an OMP reports a trade to ACER, and subsequently errors that trade out - is the market participant still required to provide a Beneficiary Id?
An OMP make a new trade submission to ACER - but the Beneficiary Id is not provided, as this would normally be populated as a lifecycle event (Action Type = M) by the market participant.
However, the trade is cancelled out by the OMP (Action Type = C).
In this instance, the market participant would not be able to submit the lifecycle event (Action Type = M) to notify ACER of the Beneficiary ID, as the trade is in a Cancelled state and cannot be modified.
Suggest that in these instances, there is no beneficiary, as there is no trade and hence no position.
Therefore, ACER will see a new trade submission, and a subsequent lifecycle event cancelling that trade.
ACER will not receive any subsequent lifecycle events for cancelled trades - so in instances where market participants are updating the Beneficiary Id in a two stage process (using Action Type = M), the Beneficiary Id may remain null.
If two orders match and result in a transaction that is then cancelled, we would expect one of the following scenarios to be reported:
1) one or two active order reports (the second order may never been on the screen) + two matched order reports (or one or more partially matched orders) + two new trade reports + two cancelled trade reports;
2) two active order reports (the second order may never been on the screen) + two matched order reports (or one or more partially matched orders) + two cancelled matched orders reports (please see example 3.55 in the 30 July webinar document);
or if the Organised Market Place uses a click and trade system:
3) one active order report + one matched order reports (or one or more partially matched orders) + two new trade reports (one will be a click and trade) + two cancelled trade reports.
They all indicate the same thing. There is no need to report the Beneficiary ID.
For further information on reporting lifecycle events, please refer to Annex VII to the TRUM.