Entering Future Block/ECRP Trades
When inputting a trade, the Futures checkbox will be selected by default. If you are inputting an Options on Futures Trade, select the Options on Futures checkbox. See below for additional information about inputting a Futures and Options on Futures trade.
To input a Future trade, confirm the Futures checkbox is selected. Next, select New or Replace and BLOCK or ECRP. After that, select the product type Future from the product type drop-down.
To input an Options on Futures trade, start by selecting the Options on Futures checkbox and select New or Replace. Next, select the product type Options on Futures from the product type drop down. The Transaction Type field will populate BLOCK for all Options on Futures orders (ECRP is not supported).
Test symbols will be filtered out of the product list by default. To include test symbols, select the Test checkbox.
To replace a Future or Options on Futures trade, before selecting the Product field, enter the original Executive ID and populate the applicable Futures or Options on Futures fields accordingly, as described above.
The required Country field is used to identify the country code of the person or system submitting the order using the ISO 3166 two-character code. Block and ECRP trades that include a country code for a comprehensively sanctioned country on either side of the trade will be rejected.
Next, enter the trade details, the relevant trade times, and the reporting party information.
When entering a counterparty, a new line will appear below to allow for entering additional counterparties (see below). Up to 35 counterparties may be entered.
Authorized Reporters reporting a Block Trade or ECRP transaction on behalf of parties on both sides of the transaction can enter both sides of the trade in a single submission. Authorized Reports can select the Report Trade checkbox to submit and report a trade. If an Authorized Reporter selects the Report Trade checkbox, the additional fields displayed must be populated. If the Report Trade checkbox is not selected, the reporting process will follow the normal Block Trade and ECRP transaction submission workflow.
After selecting the Report Trade checkbox and Submit and Report, the Authorized Reporter will be asked to confirm entries before submission. Once confirmed, the trade will be submitted.
After submitting a trade without selecting the Report Trade checkbox, the counterparty will have 10 minutes from the entered Trade Time to accept a BLOCK trade and 30 minutes from the entered Trade Time to accept an ECRP Trade (see CFE Rule 415©(ii), CFE Rule 414(e)(ii)). Therefore, it is important that the Reporting Party provides Counterparties adequate notice prior to entering the trade so the Counterparties may accept trades in the allotted time.
After the trade is submitted (without selecting the Report Trade checkbox), a reference ID will be displayed on the top and bottom of the page and an acceptance email will be sent. Please keep the reference ID for any inquiry/clarification.
In addition, a reference ID will be returned by the tool and sent via confirmation email. This ID must be supplied to the contra party in order to pick up the trade.
To review an incoming trade, first select Pending Trades and fill in the reference ID of the trade. Once the trade displays, fill in the required fields, then select either Accept or Reject.
Pending trades submitted by your firm and awaiting acceptance can also be viewed on the Pending Trades page by inputting the reference ID of the trade. After they are accepted, they can be viewed on the Past Trades page.
The required Country field is used to identify the country code of the person or system submitting the order using the ISO 3166 two-character code. Block and ECRP trades that include a country code for a comprehensively sanctioned country on either side of the trade will be rejected.
Select Past Trades to view all past trades and see whether they were accepted, rejected, or expired.
The required Country field is used to identify the country code of the person or system submitting the order using the ISO 3166 two-character code. Block and ECRP trades that include a country code for a comprehensively sanctioned country on either side of the trade will be rejected.
Trades submitted by users may experience a matching engine rejection, due to a risk limit breach, for example. In the event of a matching engine rejection, the user will receive an email regarding the trade rejection. If notified of a matching engine rejection, please immediately contact the CFE Trade Desk (312-786-8700) for assistance.