Question 2.1.9 Data Field (8)

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Question 2.1.9 Data Field (8)

The TRUM is not explicit about whether beneficiary information should be included as a lifecycle event for order data both on unexecuted orders and orders which result in a trade. It is clear that Participants will have to report the beneficiary information on trades, but it is not clear if they should have to for orders. Please could ACER clarify?

Example: Where a transaction needs to be updated with the beneficiary information as a lifecycle event; does ACER expect market participants to also update the related orders that led to the transaction with the beneficiary information?

The beneficiary information should only be required to be reported on executed trades


Answer

In case a trade report is updated with the Beneficiary ID, the expected way of reporting is described below according to different scenarios:

Action type ‘M’ for ‘Modify’ should be used in case the original trade report does not have the Beneficiary ID populated (given that Data Field No (10) Trading capacity of the market participant is “A” for Agent). In this specific case, the Modification must have the same timestamp as the last record.

In case the Beneficiary ID was reported, but it has to be amended, this is a type of novation, therefore Action type ‘C’ for Cancel should be used and followed by Action type ‘N’.

There is no expectation to use the above mentioned lifecycle(s) for the related matched orders.

However, unexecuted orders shall be updated with the information on Beneficiary ID by reporting Modify “M”.

Updated: 
08/09/2015