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FAQ Trade Processing
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What exchange/product codes will be used in eGAINS?
» What exchange/product codes will be used in eGAINS? eGAINS will use the same product codes that are published by the exchanges and loaded into/supplied by EGUS. » What trade type indicators (i.e. spread, block, EFP) will be used in eGAINS? Trade type indicators provided to the exchange and attached to a trade will be passed from the exchange and loaded into eGAINS. » How does eGAINS match rates on my trades? Exchange trade data contains counterparty, account numbers, and commodity codes which are cross-referenced against eGAINS account and rate information (uploaded daily from EGUS and/or input directly into eGAINS by the user). In the event a match is not found, users will receive an exception report indicating "no match" or unlinked trade. Users are able to view unlinked trades on the daily and monthly give-up reports contained in the system. » Can you override a rate for a specific trade? For instance, on a one-off basis, I may choose to reduce my execution fee due to the size of the transaction. No. Rates cannot be overridden however the total give-up fee or charge for the transaction may be modified. The change, initiated by the executing firm, will appear on the daily and monthly give-up reports. » How do I view my daily give-up trade activity? All end of trade day reports (available T+1) as well as month-end and end-of-cycle reports (preliminary and final) will be available for online viewing and downloading (ASCII text files). Reports are patterned after GAINS – therefore users, familiar with the former GAINS report (i.e. GNS00001), will be familiar with eGAINS report content and layout. » Are output file layouts available? Yes. These files will be made available by ICE. » Are give-ups in error (i.e. same day or T+1 reversal) charged fees? Give-ups done in error and corrected same day will be processed as if the error did not occur since the participating exchanges transmit the appropriate cancel/replace records. With respect to T+1 corrections, the participating exchanges will not provide record changes therefore it is the responsibility of the firm(s) to delete the trade in error or handle the T+1 cash adjustment outside of eGAINS. » What time will the eGAINS nightly cycle run? The eGAINS nightly cycle run occurs at 11:00p.m. Eastern Time. » What is the schedule for processing month-end firm debits and credits? FIA Tech publishes the eGAINS Payment Schedule. Click here to view » Does eGAINS provide a reconciliation tool for firm’s to match-off their book versus the rates charged via eGAINS? eGAINS does not currently provide a reconciliation tool, but FIA Tech does plan on delivering that functionality in the future. » As a clearing firm, if a rejected trade is not resoled prior to the end-of-cycle banking run, will the trade carry-forward to the following month? No. At the end of the billing cycle, all unresolved rejected trades will not be carried-forward. All issues need to be addressed within eGAINS prior to the Clearing Broker lock, or handled outside of eGAINS. » What happens to my eGAINS trades that do not link to an EGUS agreement? Trades not linked will appear on the daily and monthly trade report as unlinked and available in eGAINS on the Trade Inquiry Update query screen. » Will my Liffe Bclear trades be processed by eGAINS? Yes. Bclear give-up transactions are recognized as Liffe executes and are processed through eGAINS in keeping with the EGUS agreements and rate schedules. Exchanges with multiple trading venues (Liffe’s Bclear and Connect, ICE’s Futures and OTC; Eurex Central Order Book and OTC) are recognized in eGAINS and segregated within exchange by transaction source code. » How long does eGAINS store trade date? eGAINS trades are stored online for 45 days coinciding with the end of the month-end banking cycle. Markit however shall retain the historical files for recall.  |
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