TPH vs. Clearing Firm Usage

The specified file format found in File Format is identical for usage by TPHs and Clearing Firms. However, the manner in which risk settings are applied is different between the two as follows:

TPH

• TPHs can update risk settings using multiple file uploads and a file upload can be used to selectively update risk settings for individual EFIDs without affecting active risk settings for other EFIDs.
• If a single value for an EFID is updated in a file, the TPH should take care to specify all values for the EFID. Any value not specified for an EFID will be zeroed out. In other words, when specifying values for an EFID, all values must be specified for that EFID.
• If a single record in a TPH file upload contains specification for Net Long or Net Short exposure limits, which are only applicable to Clearing Firms, the upload will fail with the reason communicated back to the user.

Clearing Firm with group-enabled interface (default):

• When Clearing Firms configured with the group-enabled interface (default) upload a risk settings file, they must define all risk settings for all associated EFIDs. To change settings associated with a single EFID or group of EFIDs, a file representing all settings is uploaded with changes applied to a subset of the contained EFIDs. Clearing Firms will find useful the ability to download the current risk settings in an upload-compatible format, to which changes can be applied and uploaded.
• If a Clearing Firm with the group-enabled interface uploads a risk setting file that does not contain risk settings for all EFIDs assigned to the firm, a notification is presented to the user that one or more EFIDs assigned to the Clearing Firm are not present, with the specific EFIDs enumerated. The user has the ability to cancel the upload prior to accepting. If accepted, risk settings for missing EFIDs will be zeroed out, which will result in the associated EFID not being able to submit orders to the system until risk settings for that EFID are uploaded.
• If a Clearing Firm attempts to set a Rate Limit risk setting, which is available only to TPHs, in any single record within an uploaded file, the upload will fail with the reason communicated back to the user.

Clearing Firm with by-EFID interface:

• Clearing Firms with the by-EFID interface can update risk settings using multiple file uploads and a file upload can be used to selectively update risk settings for individual EFIDs without affecting active risk settings for other EFIDs.
• If a single value for an EFID is updated in a file, the Clearing Firm should take care to specify all values for the EFID. Any value not specified for an EFID will be zeroed out. In other words, when specifying values for an EFID, all values must be specified for that EFID.
• If a Clearing Firm attempts to set a Rate Limit risk setting, which is available only to TPHs, in any single record within an uploaded file, the upload will fail with the reason communicated back to the user.