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From http://www.fpml.org/coding-scheme/party-roleClearingFirm Organization that submits the trade to a clearing house on behalf of the principal. Synonyms/alternates: Futures Commission Merchant (FCM), Clearing Broker, Clearing Member Firm. It is not necessarily the case that the ClearingFirm submits the trade to the clearing house – e.g. a SEF or Affirmation Platform may do it. Any suggestions how to represent this? Is a new role required and a rewording of the existing role description?
It is legally the clearing member who is submitting the trade to the clearing house. A SEF or Affirmation Platform may route the message. The message indicates the clearing roles. Stan Etra Head of Product Development Risk Focus Work: +1 917 725 6004 Mobile: +1 917 843 3588 Email: stan.etra@riskfocus.com
Thank you Stan, What provision is there/should there be, then, to communicate which party will actually send the message to the clearing house, rather than just the legal role?
Keith, Here are two options: sentBy exists in the message header to designate who sent this message. There is a TradeSource partyRole to indicate the source of the trade record. I think the TradeSource partyRole is what you are looking for but I would confirm with the owners of the API. Hope this helps. Stan
This looks like a use case for the onBehalfOf element, indicating that the message sender is performing the function on behalf of another party. [Apologies for the late response – just saw this post]
