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General FpML Discussion › Technical & Implementation Questions › Establishing Party information clearingConfirmed msg

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  • October 28, 2013 at 7:55 pm #2163
    whi55l
    Member

    Hi, I am looking for some help and guidance in terms of establishing Party information against the following business model: Where we have the case of a CCP clearing trades on behalf of a Clearing Firm (CP) the following tiered Account Structure is applicable. The Clearing Firm is known as Level 1 The Account of the Clearing Firm is known as Level 2 The Book/Fund of the Clearing Firm is known as Level 3 Trades are allocated against a Clearing Firm at Level 3 (book/fund), whilst margining and account positions are reported at Level 2. What is the best way of representing the above structure in terms of establishing the parties within a clearingConfirmed FpML Message? I have come up with the following structure, but would appreciate some feedback. P.S. Level 1, 2 & 3 are all unique identifiers. party id=”clearing_firm” partyId partyIdScheme=”clearing_member_firms” = Level 1 party id=”clearing_service” partyId = CCP party id=”trade_source” partyId = tradesource account id=”account1″ accountId accountIdScheme=”clearing_firm_accounts” = Level 2

    October 29, 2013 at 6:46 am #2164
    mgratacos
    Keymaster

    Instead of using id attributes to contain the information about roles, you should use the structure partyTradeInformation/relatedParty. Id attributes are meant for linking the structures, not to contain business information. ClearingFirm TradeSource ClearingOrganization FpML roles are available at http://www.fpml.org/coding-scheme/party-role-3-3.xml Regarding the accounts, at level 2, the clearing firm would be the beneficiaryParty, right? Also you can add the AccountName to add descriptive information of the account. Hope this helps. Marc http://www.tradeheader.com

    October 29, 2013 at 5:50 pm #2165
    whi55l
    Member

    Hi Marc, Thanks for the response. I have established the roles in the tradeHeader as follows: partyTradeInformation partyReference href=”clearing_firm”/partyReference accountReference href=”account1″/accountReference accountReference href=”book1″/accountReference relatedParty partyReference href=”trade_source”/partyReference role>InputSource/role /relatedParty What my concern is whether the syntax used to establish Parties and Trade information is sufficient to report trades at Level 3 (book) and aggregate positions for margining at level 2 (account) Yes, the Clearing Firms are the beneficiary. Cheers Chad

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