Coincident Multilateral Compression and Match Data Service Dates
The figure below presents the intraday timeline of the CCS workflow on days which both multilateral compression and match data service is configured to run. The indicated times are approximate and in practice the timeline can and will vary based on certain events and conditions as indicated in the description below.
TPHs can upload position files starting at 13:00 ET. On dates when multilateral compression is configured to run, TPHs are presented with a multilateral compression check box to confirm desire to participate in multilateral compression. At 16:45 ET TPHs are notified that input files are no longer being accepted, and in the event that there are two or more TPHs submitting, the notification will indicate that the compression window has begun. If fewer than two TPHs have submitted for compression, TPHs are immediately notified that compression will not occur on the current date.
Between 16:45 and 17:05 ET, the system executes compression analytics to determine a multilateral portfolio of trades to present to TPHs. At 17:05 ET2 the system prepares detail and trade output files to present to TPHs and notifies via email when output files are available for download. TPHs have until 17:28 ET to return to the CCS portal application and approve or reject the portfolio. If all participating TPHs approve prior to 17:28 ET, the system determines there is no need to wait and immediately notifies TPHs that the portfolio is approved and trade processing has begun.
2 In the event that compression analytics complete prior to 17:05 ET, output files will be prepared and presented to TPHs prior to 17:05 ET. TPHs have until 17:28 to approve or reject their respective portfolios regardless of the time output files are presented to TPHs.