Splitting an Execution
The Options Clearing Editor allows users to take one execution and split it into multiple smaller executions and assign distinct values to any of the aforementioned fields for each.
New Execution IDs are assigned to all split trades that will immediately be reported to the clearinghouse but will not be reflected within the Clearing Editor, on the real-time order entry session or on Drop sessions. All customers and clearing firms are encouraged to instead download the daily Clearing Edit Change File to reconcile positions differing from those originally indicated on their order entry and drop sessions as a result of newly assigned Execution IDs.
| FIRM1 - Seller | FIRM2 - Buyer | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Clearing | Account | CMTA | Size | Exec ID | Clearing | Account | CMTA | Size | Exec ID | ||
| Original Trade: | EFID1 | aaaa | - | 100 | ExecID1 | EFID2 | xxxx | - | 100 | ExecID1 | |
| Modify by FIRM1: | EFID1 | bbbb | 9999 | 50 | ExecID2 | EFID2 | xxxx | - | 50 | ExecID2 | |
| EFID1 | cccc | 8888 | 50 | ExecID3 | EFID2 | xxxx | - | 50 | ExecID3 | ||
To begin, find and highlight an execution using the search features. Once an execution is highlighted, use the Split Into field to indicate how many executions the selected execution should be split into.
Clicking Split Into will split the execution into the number indicated. The desired post-trade clearing changes may then be made to the resulting executions. The Remainder value at the bottom must be zero for the Add to Queue button to become active.
The screen will refresh and the executions that are pending submission to the clearinghouse will be displayed in Yellow. The Review and Commit Changes button will now be active.
The executions that will be changed are displayed for final review. From this screen you may either submit the changes to the clearinghouse or cancel the changes. Clicking on either choice will apply to all executions that are displayed.
Executions that have been successfully submitted to the clearinghouse are highlighted in Green. In this example, one execution of 3 contracts was split into three executions of 1 contract, each. Each separate execution is now displayed with the updated clearing information that was submitted to the clearinghouse.