The BItS Clearing Station (BCS) for Turquoise Derivatives is a GUI application allowing an authorized user, namely a Clearing House member, to execute clearing operations on Turquoise Derivatives markets traded financial products.

The application allows to:



Receive trades executed by members in real time and their own nonclearing members in the current trade date and perform transfer, split, open/close and client code change operations



View the history of a specified trade



Receive positions in real time and perform rectify, subaccount change and exercise operations



Manage exercise and assignments operations



Manage subaccounts



Download clearing reference data



Receive and save settlement reports provided by the clearing house

Work Environment

The BItS Clearing Station is based on a client-server architecture: the server layer is located at one of the Turquoise Derivatives server farms and connected to the Clearing House and markets through their network access points. On the other hand, the client layer is installed on Clearing House members‟ PCs.

BCS client is the sole comprehensive solution for all Turquoise Derivatives clearing functionalities.

The electronic platform supporting the client application is structured to make its access independent from the technical frame features of central systems.

Getting Started

In order to access to the clearing services through BCS, the user needs a login name, a password and a Member Code. This is requested from Turquoise.

BCS client can be downloaded from the Internet and installed on one or more members‟ PCs. The BCS workstation needs Java Virtual Machine V.1.5 or higher.

A compatible version of the JVM will be installed during the setup process of the BCS Client.

The client can be used to reach production or test environment. By default the

Client will point to the production environment. The user can select the desired environment at the startup in the login window.

In case of NAT address the user has to do the following:



Close the BCS Client if running



Go into the BCS Client installation directory (usually C:\Program

Files\BItSystems\BCS Client XXX\);



Look for the “etc” directory;



Change the file “GKApi_J_Version.cfg” in the “etc\Server” directory, specifying the correspondent IP Address.

The BCS Client can be launched also using a web browser as a Java applet application. Two websites are available for this purpose, one for the production and one for the test environment.

Please notice: the user is not allowed to put chars ';' and '=‟ in free fields; otherwise an error message will be shown on the GUI.

Clearing Calendar

A configuration file, namely:

<installation directory>\Clearing Client\etc\client\Common.config (the default <installation directory> is C:\Program\BitSystems) allows the user to define the current year calendar with holidays.

An example of the holiday configuration file is shown hereafter:

HOLIDAYS=*SUNDAY;*SATURDAY;01/01;$EASTER;$EASTER+1;$EASTER-

1;$EASTER-2;01/05;15/08;$CHRISTMAS;$CHRISTMAS+1;$CHRISTMAS-1;31/12

Where:



“ ; “ = Field separator character



*SUNDAY = every Sunday of the year



*SATURDAY = every Saturday of the year



$EASTER = Easter date



$CHRISTMAS = Christmas date



$EASTER +/- n° = Easter + or – specific number of days



$CHRISTMAS +/- n° = Christmas + or – specific number of days



dd/mm = specific date of the year

Application Layout

This chapter provides basic instructions to start the application and a description of the menus and main window commands.

Application Start

BCS can be started via the Microsoft Windows

Start menu by selecting the respective option, then clicking BCS on the submenus accessed in quick succession. The following System Login window pops up:

Username, Password, Member Code and Environment must be entered in the fields.

Password is case-sensitive. Once done, the Login button or the Enter key gives access to the application.



PDC: Production



CDS: Test

Main Window

After the user has been authenticated, the BCS top-level tool bar on which username is shown appears on the screen. It is made up of three functional sections: Menu Bar, Tool Bar - through which it‟s possible to access directly the menu commands - and Active Windows Bar.

Menu Bar

The Menu Bar contains the following menus and commands:

File

Save Environment

Activates the system entry control panel

Saves the windows configuration

Change Password

Exit

Change the current password

Application exit

Archives

Markets

Classes

Tradable Series

Participants

Non-Clearing members

Sub Accounts

List of the available markets

List of the classes

List of the tradable series

Clearing participants list list of own non-clearing members (for

GCM only) list of secondary accounts for every clearing member

Positions

Positions Increase or decrease the volume of positions; early exercises execution; whole or partial transfer of a position into a different sub-account

Trades

Trades International give up, contract transfer, trade split, open/close change, client code modification

To be confirmed

Transferred trades to be confirmed

Exercise/Assignments

Exercise request

Exercise Request History

Received trades acceptance

Expiry exercises requests

Assignments

Ex by ex or early exercise request

Ex by ex and early exercises performed on a specific date

List of exercise requests at expiry provided by the clearing house

List of assignments provided by the clearing house

Report

Report Available report list

Tool Bar

Command Selection

A command is an instruction through which BCS executes a specific operation.

Commands can be selected from:



Menu bar



Tool bar



Quick selection menu: after a BCS object has been selected, its specific commands quick selection menu can be shown by clicking on the mouse right button. The quick selection menu can be closed, if no command has been selected, just by clicking anywhere outside it.

The main window tool bar is located under the menu bar. It gives quick access to the most frequently used commands, which are mapped to specific buttons.

Each command can be activated by clicking on the corresponding button.

Two lights appear on the tool bar:

1. A first light stands for the centralized layer server/client connection status (green/red)

2. A second light indicates the operational status of the clearing system

(green/red).

Change Password

In the File menu click “Change Password”; the following window will appear, showing the username and the member code and allowing the user to change the current password to a new value.

Click the “OK” button to send the new password to the system, or click “Reset” to cancel the values in the blanks.

Common Functions

The aim of this chapter is to describe some commonly used functions such as operations on displayed data, window features configuration, data sort criteria, data filters, data export functions.

Window Features Configuration

Every window is provided with a Configuration menu that allows the setup of some window features.

The Setting window appears by selecting the Option command in the

Configuration menu of each window. This window allows to:

[Columns] Show/hide columns

[Font] Character type and dimension configuration

[Foreground] Text rows color configuration

[Background] Table rows background colors configuration

[Sort] Sort rows according to specific criteria.

The Filter command in the Configuration menu allows the activation of selection criteria for data display.

Filters where editing is allowed, regular expressions can be used to isolate the

data set of interest ( See Appendix A: Regular Expressions )

The Toggle View command in the Configuration menu allows to show/hide the window tool bar. Alternatively, it is possible to use the function-key [Ctrl-

W].

Quick Filters

Many windows allow the user to set quick filters.

The “Filters” flag allows to enable/disable all the filters set.

A single filter can be disabled when the mouse focus is on the filter box by pressing ESC key.

Saving and Closing Windows

Windows property set via Configuration menu commands (i.e. static filters, characters, colors, sort criteria, etc.) can be saved.

The Save Environment command, in the File menu of the main tool bar window, allows saving the current configuration of the windows.

Furthermore, the current configuration is saved before closing and exiting the

BCS client.

Data Print

In filters where editing is allowed, regular expressions can be used to filter

data set of interest ( See Appendix A: Regular Expressions )

Ctrl + W sequence key allows to show/hide the window tool bar as well as quick filters.

Quick filers are not saved during client logout procedure.

Many windows allow printing displayed data to a configured printer.

The Print Preview command allows viewing data before printing.

The Print command allows sending data to a configured printer

Only data shown on the screen are printed : hidden columns, if any, or filtered data will not be printed.

Data Export to Excel or ASCII

The Save command allows saving windows data to an Excel spreadsheet or

ASCII/PDF file.

Positions

This menu allows users to manage positions registered in the clearing house.

It is possible to download the positions list and to access the functions of positions rectification, subaccount change and early exercise.

Positions

Positions menu displays open positions registered on Members‟ accounts in the clearing house and allows to execute rectifications, early exercises and sub

account change operations.

Once selected Positions menu, a four tabs window pops up:

Positions list: it shows the list of executed operations and open positions held at the clearing house. For each open position it is possible to access the

Rectify, SubAccount Change and Exercise Request commands via the quick selection menu.

Rectified positions: it shows the rectified positions list.

Transferred positions: it shows the transferred positions list.

SubAccounts Changes: it shows the list of positions modified by a “SubAccount

Change” operation.

Position Rectification Request

In order to access the position Rectify command, the user has to display the open positions list by selecting the Positions tab.

The user is required to select the market, from which to obtain the list of open positions, among markets available in the appropriate summary box, the

account type (House/Client) and the position type.

The rectification is allowed for both client and house account types.

Selecting the Filter command in the Configuration menu it‟s possible to choose position display criteria: Member, Symbol, Account Type, Expiry Month,

Product Type, market, Stike Price, Put/Call, Isin Code, Series name, Long,

Short, Opening Date, Last Operation, Transfer Price.

Member

Symbol

Account Type

Expiration Month

Member ABI Code

Alphanumeric symbol of underlying instrument

Account type (House/Client)

Expiration Month

Product Type

Market

Strike Price

Put/Call

ISIN Code

Series name

Product type (B = bond, C = equity and fund quotes, F = future, O = option, R = repo, V = convertible, W = warrant)

Trading Market

Strike Price

Option type (Put/Call)

ISIN Code

Name of the Series

Long

Short

Opening Date

Last Operation

Long current positions

Short current positions

Position opening date

Last operation date

Long at opening

Short at opening

Long positions at market opening

Short positions at market opening

Transfer Price

Transfer price

Intraday exercises

Early intraday exercises

Intraday assignments

Intraday assignments

Exercises

Early exercises

Assignments

In the money amount

Sub Account

Assignments

In the money amount

SubAccount

Once selected the row of the position to rectify, the user can access to the corresponding quick selection menu Rectify....;

Rectify Position dialog window allows to increase / decrease positions on house/client accounts.

Operational steps description:

1. Insert the amount of positions to be adjusted into the Volume field

2. Select the Increase or Decrease option

3. Press OK button to confirm

A confirmation message informs the user that the transaction has been successfully committed.

SubAccount Changes

This function allows to change the sub account of a specific position.

Once selected a position, it is possible to assign it to a different sub account; contextually it is possible to make a modification of gross position rectification and to assign a part of the original position to the new sub account. The operation is committed to the system by clicking the OK button.

Exercise Request

This function allows to execute an early exercise request on the specified position.

Right click on a position in the positions list in order to access this function.

The user has to specify the amount to exercise; he can also specify additional information in the free text field before click Insert.

In case the user wants to exercise an out of the money position, a pop-up message will appear, requiring the user confirmation before proceeding.

It‟s possible to download the historical list of exercises through the client

Exercise/Assignments main menu, in the Exercise Request History sub-menu.

Please notice

An early exercise can be executed also in the Exercise Request window, that can be reached through the Exercise/Assignments main menu.

Rectified Positions

Through this menu it is possible to view positions rectifications executed at current or at the specified date.

Selecting the Filter command in the Configuration menu it‟s possible to choose rectified position display criteria: Member, Symbol, Expiry Month, Stike

Price, Put Call, Isin Code, Series name, Account Type, Volume, Sign, Status.

Table columns description:

Member

Symbol

Expiration Month

Strike Price

Put/Call

ISIN Code

Series name

Account Type

Volume

Sign

Member ABI Code

Alphanumeric symbol of underlying instrument

Expiration month

Strike Price

Option type (Put/Call)

ISIN Code

Name of the series

Account Type (House/Client)

Volume

Operation sign (+ = increase, - = decrease)

Execution Date

Execution Time

Status

Sub Account

Position adjustment date

Position adjustment time

Operation status (Y=executed, N=not executed)

Sub Account

Transferred Positions

Through this menu it is possible to view positions transfers executed at current or at the specified date. The user has to choose the reference market in the

Market listbox, before click the Download button.

Selecting the Filter command in the Configuration menu it‟s possible to choose transferred position display criteria: Deliver Member, Receiver Member,

Transfer Date, Isin Code, Series name, Symbol, Expiry month, Strike Price, Put

Call, DeliverAccount, Receiver Account, Volume, Long/Short, Product Type,

Market and Transfer Price.

Deliver Member

Receiver Member

Deliver Name

Receiver name

Transfer Date

ISIN Code

Series name

Symbol

Expiry Month

Strike Price

Sender ABI Code

Receiver ABI Code

Sender name

Receiver name

Transfer date

ISIN Code

Name of the series

Alphanumeric symbol of underlying instrument

Expiry month

Strike Price

Put/Call

Deliver Account

Receiver Account

Volume

Long/Short

Product Type

Market

Transfer price

Status

Option type (Put/Call)

Deliver Account (House/Client)

Receiver Account (House/Client)

Deal transferred volume

Position type (Long/Short)

Product type (B = bond, C = equity and fund quotes, F

= future, O = option, R = repo, V = convertible, W = warrant)

Trading market

Transfer price

Status (H=Holding, P=Processed, R=Rejected,

C=Cancelled)

Transfer request code assigned by the system

Transfer type (Transferred/Received)

Request Code

Transferred/Receive d

Additional Info

Deliver Info

Deliver Code

Sub Account

Position Value

Receiver Code

Receiver Info

Supplementary information

Client information of deliver member

Client Code of deliver member

Sub Account

Counter value

Client Code of receiver member

Client info of receiver member

SubAccount Changes

This function allows to display all assignments of positions to different sub accounts made by clearing house members.

These assignments, and corresponding modifications, will be displayed after having selected the reference market and the transfer date, and clicked the

Download button.

Market

Member

Request date

Request time

Long/short

Account type

Original sub account

Sub account

Gross position rectification

Symbol

Expiration date

Strike price

Put/Call

Product type

ISIN Code

Series name

Quantity

Transfer price

Request state

Return Code

Countervalue

Trading Market

Member ABI Code

Date of the modification request

Time of the modification request

Position type (Long/Short)

Account Type (House/Client)

Original sub account identifier sub account identifier

Gross position rectification flag

Alphanumeric symbol of underlying financial instrument

Expiration Date

Strike Price

Option type (Put/Call)

Product type (B = bond, C = equity and fund quotes, F = future, O = option, R = repo, V = convertible, W = warrant)

ISIN Code

Name of the series

Quantity

Transfer price

Request state

Operation result

Countervalue

Trades

This menu allows management of executed trades registered in the clearing house system. It is possible to download the list of trades, the history of a single trade and to access the functions of trade transfer, split, open/close change and client code modification.

Trades



Using Trades menu, user can access the following functions: download of company trades executed in the specified trading day; contracts transfer; international give-up; trades split; client code change (allows Subaccount change);

Trade history

For each trade, detailed information is shown.

At the window opening, a five tab dialog pops up:



Trades list: it shows the trade list and allows separation, transfer,

International Give Up, open/close and client code change operations and the trade history functionality.



Transferred Trades: it shows the transferred trades list



Separated Trades: it shows the separated trades list



Open/Close Changes: it shows the list of trades whose open/close flag has been changed



Client code Changes: it shows the list of operations of client code change



Trade History: it shows all the clearing operations on the selected trade in which the customer is involved

Trade Transfer

To execute a trade transfer, the customer has to download the trade list.

The user has to select the Market, the Date, the Account Type (House/Client) and the Trade Side (Buy/Sell). General Clearing Members view owns trades and those of their Non-Clearing Members.

It is possible to transfer trades on both house and client accounts but only to counterparts other than the member itself.

Selecting the Filter command in the Configuration menu, it‟s possible to choose trades display criteria: Contract Number, ABI Code, ISIN Code, Series name, Order number, Market Contract Number, Contract state, Account Type,

Symbol, Expiration Month, Strike Price, Put/Call, Buy/Sell, Open/Close, Trade

Price, Quantity, Trader Id, Client Code, Client Info, Market, BuyMakerTaker,

SellMakerTaker.

Contract Number

Original

Number

ABI Code

ISIN Code

Series name

Order number

Contract

Clearing house registered trade identification number

Clearing house trade identification number before separation

Member ABI code

ISIN code

Name of the Series

Unique identifier of the order

Market contract number Contract number assigned by the market

Contract state

The state of the contract (T = trade / C = trade cancel)

Trade Date

Account Type

Symbol

Trade Date

Account Type (House/Client)

Alphanumeric symbol of underlying financial instrument

Expiration Month

Strike Price

Put/Call

Buy/sell

Expiration month

Strike Price

Option type (Put/Call)

Trade side (Buy/Sell)

Contract Price

Quantity

Trader Id

Client Code

Transferred Quantity

Client Info

Market

Trade Source

Sub Account

Market Source

BuyMakerTaker

SellMakerTaker

Trade Price

Trade Quantity

Trader identifier

Client alphanumeric Code

Transferred quantity

Optional free text notes

Trading Market

M = Market, G = International Give-Up, L = Local

Give-Up, S = Split, D = Data Entry)

Sub account

Market Source of the trade (RegularTrade,

AsOfTrade, Strategy, LateTrade, Implied,

ExchangeGranted1, ExchangeGranted2, Cross, Cross

Block, Committed, Committed Block)

Buy Side Maker/Taker (M=Maker; T=Taker; Blank in case of Cross, Cross Block, Committed Block,

Committed trades)

Sell Side Maker/Taker (M=Maker; T=Taker; Blank in case of Cross, Cross Block, Committed Block,

Committed trades)

Select the single or multiple rows of the chosen trades and access the Transfer command through the quick selection menu by clicking on the right button

Trades Transfer dialog window allows to send a single or multiple transfer request for trades executed to a counterpart who is a clearing house member

This function is allowed only on T+1 trades; besides performing the trade transfer, this function executes the settlement of the variation margins or the premium as well, according to the execution price of the trade. It is also possible to transfer a partial number of lots of the trade thus allowing the lots to be assigned to several clearing brokers.

The clearing house system processes the transfer only after the counterpart has accepted the received trade.

It is possible to transfer trades on both house and client accounts and only to counterparts other than the member or house itself.

Operational steps description:

1. Insert the quantity of the trade to be transferred into the Quantity field.

2. Select Yes or Not option to access the gross position rectification function: this option allows to increase automatically positions in case a positions lack occurs in the time frame between the request sending and counterpart‟s acceptance, due to market executed trades on the transferred series.

3. Insert data into the Additional Info (optional)

4. Select the ABI code and description of Receiver Member

5. Press the OK button to confirm

A confirmation message informs the user the that the transaction has been successfully committed.

International Give up

To execute the International Give up, select the single or multiple trade rows in the Trade Transfers window and access the quick selection menu.

This function is available only on T trades.

The International Give up function allows the user to transfer trades at execution price on trade date to another member. This function is available only on T trades.

Besides performing the trade transfer, this function executes the settlement of the variation margins or the premium as well, according to the execution price of the trade. Only the clearer is due to deposit initial margins.

The clearing house system processes the transfer only after the counterpart has accepted the received trade.

It is possible to transfer trades on both house and client accounts and only to counterparts other than the member or house itself.

Operational steps description:

1. Only the overall amount of trade can be transferred. The Quantity field cannot be modified

3. Insert data into the Additional Info field (optional)

4. Select the ABI code and description of Receiver Member.

5. Press OK button to confirm

A confirmation message informs the user that the transaction has been successfully committed.

Trade Separation

To execute the Separation command, select the trade row in the Trades List window and access the quick selection menu.

The Separation function allows the user to split any trade into 8 trades at maximum, each one of different volume amount. The total amount of the separated trades must be equal to the volume of the original trade

This function is allowed on T and T+1.

The client do not prevent the separation of trades either on client or house account. It should be noticed that separation of trades on client account or/and house account it‟s a Clearing House specific rule.

Operational steps description:

1. Insert the amount of trade to be split into the Split quantity field.

2. Insert data into the Client Code field (optional).

3. Insert data into the Client Info field (optional).

Repeat these operational steps until the remaining quantity will be equal to 0.

4. Select Yes or Not option to access the gross position rectification function

5. Press the Submit button to confirm

A confirmation message informs the user that the transaction has been successfully committed; the new trade numbers originated by the separation will be shown in the Contract Number column of the window dialog.

Open Close Change

To execute the Open Close Change command, select the single or multiple trade rows in the Trades List window and access the quick selection menu.

Operational steps description:

1. Select the Open or Close flag option

2. Press OK button to confirm

A confirmation message informs the user that the transaction has been successfully committed.

Client Code Change

To execute the Client Code Change command the customer has to select a trade in the Trades List window and to access the corresponding menu.

A dialog window appears, in which the user has to specify the new client code and, optionally, the ClientInfo.

Pushing the OK button, the market receives the operation; a confirmation message will be received by the user.

Trade History

The client code change allows to perform also subaccount changes; these actions are executed by the system when a client code associated to the specific functionality is inserted.

This functionality allows to view all the clearing operations done on a selected trade in which the customer is involved.

To access this functionality the customer has to select a trade in the Trade List window and right click to select the Trade History option.

A window will appear, showing a line for each clearing operation done on the trade that involve the customer.

Table columns description:

Market

ABI Code

Account Type

Symbol

Expiration Date

Strike Price

Put/Call

Series name

Trading Market

Member ABI code

Account Type (House/Client)

Alphanumeric symbol of underlying financial instrument

Expiration Date

Strike Price

Option type (Put/Call)

Name of the Series

Trade Date

Trade Time

ISIN Code

Quantity

Trade Price

Open Close

Contract Number

Original

Number

Buy/sell

Client Info

Client Code

Sub Account

Deliver Info

Receiver Info

Contract

Trade Date

Trade Time

ISIN code

Trade Quantity

Trade Price

Open close flag (O = open, C = close)

Clearing house registered trade identification number

Clearing house trade identification number before separation

Deliver ABI code

Receiver ABI code

Trade side (Buy/Sell)

Optional free text notes

Client alphanumeric Code

Sub account

Sender ABI Code

Receiver ABI Code

Client information of deliver member

Client information of receiver member

Operation

Clearing operation

Transferred Trades

Trade transfers executed on current or previous dates can be viewed through this menu, after having selected the reference market and clicked the

Download button.

Selecting the Filter command in the Configuration menu, it‟s possible to choose transferred trades display criteria: Deliver Member, Receiver Member,

Contract Number, Market contract number, Contract Date, Transfer Date,

Trade Price, Symbol, ISIN Code, Series name Expiration Month, Strike Price,

Put/Call, Buy/Sell, Deliver Account, Receiver Account, Quantity, Transfer

State, Transferred/Received, Deliver Info, Receiver Info, Additional Info,

Deliver Code, Receiver Code, Market and Transfer Mode.

Table columns description:

Deliver Member

Receiver Member

Deliver Name

Receiver Name

Contract Number

Original Contract

Number

Market number contract

Trade Date

Transfer Date

Price

Sender ABI Code

Receiver ABI Code

Sender Name

Receiver Name

Contract Number assigned by the clearing house

Contract Number assigned by the clearing house before separation

Contract number assigned by the market

Contact Date

Transfer Date

Transfer Price

Symbol

ISIN Code

Series name

Expiration Month

Strike Price

Put/Call

Buy/Sell

Deliver Account

Receiver Account

Quantity

Status

Alphanumeric symbol of underlying product

ISIN Code

Name of the series

Expiration month

Strike Price

Put/Call

Contract side

Deliver Account Type (House/Client)

Receiver Account Type (House/Client)

Transferred quantity

Status (H=Holding, P=Processed, R=Rejected,

C=Cancelled)

Request Code

Request Code assigned by the System

Transferred/Received

Transferred/Received trade transfer type

Deliver Info

Additional Info

Deliver Code

Market

Client information of deliver member

Free text additional information

Client Code of deliver member

Trading market

Receiver Info

Receiver Code

Sub Account

Transfer mode

Client information of receiver member

Client Code of receiver member

Sub Account

Transfer mode (Automatic/Manual)

Separated Trades

Separated trades can be viewed through this menu on current or previous dates.

Table columns description:

Contract number

Original number

Contract

Contract Number assigned by the clearing house

Contract Number assigned by the clearing house before separation

Market contract number

Contract number assigned by the market

Series name

Name of the series

Trade date

Buy/Sell

Account type

Quantity

Client info

Client code

Trade date

Contract side

Account Type (House/Client)

Contract quantity

Client information

Client code

Open Close Changes

Trade list whose open/close flag has been changed can be viewed through this menu on current or previous dates, after having selected the reference market and clicked the Download button.

Market

Deliver member

Trade date

Contract number

Market contract number

Trading market

Deliver member ABI Code

Trade date

Contract Number assigned by the clearing house

Contract number assigned by the market

Buy/Sell

Account type

Sub account

Symbol

Expiration date

Stike Price

Put Call

ISIN code

Series Name

Quantity

Open Close

Request time

Request state

Return code

Client info

Client code

Client Code Changes

Contract side

Account Type (House/Client)

Sub account

Alphanumeric symbol of underlying instrument

Expiration date

Stike price

Option type (P = Put, C = Call)

Security ISIN Code

Name of the series

Contract quantity

Open close flag (O = open, C = close)

O/C flag change request time

O/C flag change request state

Return code

Client information

Client code

The trades list for which a client code change has been made, can be displayed using this menu on current or previous days, after having selected the reference market and clicked the Download button.

Market

Deliver Member

Trade Date

Contract Number

Trading market

Deliver member ABI Codice

Trade date

Contract number

Market contract number

Contract number assigned by the market

Buy/Sell

Operation side ( B = buy, S = sell)

Account Type

Account Type: House/Client

Open/Close

Original Client Code

Original sub account

Client code position Gross rectification

Symbol

Expiration date

Strike price

Put/Call

ISIN code

Series name

Quantity

Transaction time

Type

Return Code

Contract value

Client info

Open/Close

Original Client Code identifier

Original sub account identifier

Client code identifier

Gross position rectification flag

Alphanumeric symbol of underlying instrument

Expiration date

Strike price

Put/Call

ISIN code

Name of the series

Quantity

Transaction time

Type

Return Code

Contract value

Client Info

Operations To Be Confirmed

This menu allows to accept or reject trade transfers received from another clearing member.

Confirming Received Trades

This function allows to accept/reject (letting the request expire at the end of trading day) a trade transfer/international give-up received by a clearing house counterpart. Only after the user has accepted the received trade, the clearing house system will perform the transfer.

Received trades can be allocated on house or client account. Transferred trades received by the clearing house members are shown, if available, on command selection after having selected the reference market and clicked the

Download button.

Selecting the Filter command in the Configuration menu, it‟s possible to choose transferred trades display criteria: Deliver Member, Receiver Member,

Contract Number, Market contract number, Contract Date, Transfer Date,

Trade Price, Symbol, ISIN Code, Series name, Expiration Month, Strike Price,

Put/Call, Buy/Sell, Deliver Account, Receiver Account, Quantity, Transfer

State, Transferred/Received, Deliver Info, Receiver Info, Additional Info,

Deliver Code, Receiver Code, Market and Product Type

Deliver

Member

Deliver member ABI Code

Receiver

Member

ISIN Code

Receiver member ABI Code

ISIN CODE

Series name

Name of the series

Deliver Name

Deliver Name

Receiver Name Receiver Name

Contract

Number

Contract Number assigned by the clearing house

Market contract number

Trade Date

Contract number assigned by the market

Trade Date

Transfer Date

Transfer Date

Price

Symbol

Expiration

Month

Price of transferred trade

Alphanumeric symbol of underlying instrument

Expiration month

Strike Price

Put/Call

Buy/Sell

Deliver

Account

Strike Price

Put/Call

Contract side

Deliver Account (House/Client)

Receiver

Account

Quantity

Status

Receiver Account (House/Client)

Transferred quantity

(H=Holding, P=Processed, R=Rejected, C=Cancelled) Status

Request Code

Transfer request provided by the Clearing system

Deliver Info

Client information of deliver member

Additional info Free text additional information

Deliver Code

Market

Client Code of deliver member

Trading market

Product Type

Product type (B = bond, C = equity and fund quotes, F = future, O = option, R = repo, V = convertible, W = warrant)

Receiver Info

Client information of receiver member

Receiver Code

Client Code of receiver member

Sub Account

Sub Account

In order to confirm received trades, select the single or multiple rows and via quick selection menu (right button on mouse) access to the following dialog:

1. Select Open/Close option

2. Select the Account Type (House/Client)

3. Insert data into the Client code field (optional)

4. Insert data into the Client info field (optional)

5. Select Confirm or Reject. The clearing system lets transfer requests expire at the end of trading day if no action is executed.

6. Press OK to confirm

A confirmation message informs the user that the transaction has been successfully committed.

Exercise and Assignments

Exercise menu allows the user to send early exercise or ex by ex requests.

Furthermore, it is possible to display all the exercise requests executed on a specific date on house/client account, all the ex by ex requests, the exercise proposals on expiry and the assignment messages received by the clearing house.

Exercise Request

The Exercise Request command allows the user to send:

1. Early exercise requests on an American type option.

2. Ex by ex exercise requests to partially or entirely exercise an “out-ofthe-money” option, which would be otherwise, abandoned by the clearing house.

3. Ex by ex exercise requests to entirely abandon an “in-the-money” option, which would be otherwise exercised by the clearing house.

Each of these actions can be performed via the Exercise Request dialog:

Operational steps description:

1. Select a market into the Market Id field and insert the ISIN code of the option to exercise into the ISIN Code field; also select the option to exercise in the Series name field that will automatically set the ISIN into the ISIN code field..

2. Select the clearing member into the Abi Code field

3. Select „H‟ option in the Account type field to exercise the option on house account, or select „C‟ for Client

4. Select the subaccount associated to the position to execise in the

SubAccount field.

5. Insert the volume to exercise in the Quantity field.

6. Select the Exercise Type (Early exercise/Exception) in the combo box.

7. Insert any additional information into the Client Info field

8. Press Insert to confirm

In case the user wants to exercise (early/ex by ex) an out of the money position, a pop-up message will appear, requiring the user confirmation before proceeding.

Please notice

An early exercise can be executed also in the Position List window, reachable from the Positions item of the main menu.

An ex by ex exercise can be executed also in the Expiry Exercises Request window which can be accessed from the Exercise/Assignments item in the main menu.

Exercise Request History

The Exercise Request History item shows the list of executed ex by ex and early exercise requests.

Early exercises sent

After having selected date, market and participant (empty for General Clearing

Member) is possible to download the list of early exercise requests sent to the system.

Market

Abi code

Trading Market

Abi code of the company which has executed the exercise request

Symbol

ISIN Code

Series identification code

Option ISIN Code

Series name Name of the series

Strike

Strike Price

Put/Call

ITM/OTM

Expiration month

Account

Type

Put/Call

In the money/Out of the money

Expiration Month

Account Type (House/Client)

Sub account Sub account of the position associated with the operation

Exercise time

Time exercise request has been forwarded

Exercise date

Date exercise request has been forwarded

Request key System assigned exercise request key

Quantity

Executed option quantity

Total exercise quantity

Total exercise quantity

Status

Request current validity status (P=Processed,C=Cleared)

ITM/OTM amount

„in the money‟/‟out of the money‟ amount

Exercises by exception sent

After the market and the clearing member (empty for the General Clearing

Member) have been selected, push the Download button to receive the list of sent ex by ex exercise requests. Select ITM/OTM flags in order to receive exclusively „in the money‟ or „out of the money‟ positions requests; if the flag is not specified all the requests will be displayed.

Market

Abi code

Trading market

Abi code of the company which has executed the exercise request

Series identification code

Symbol

ISIN Code

Option ISIN code

Series name Name of the series

Strike

Put/Call

Strike price

Put/Call

ITM/OTM

Expiration month

In the money/Out of the money

Expiration month

Account

Type

Account type: (House/Client)

Sub account Sub account of the position associated to the operation

Exercise time

Time exercise request has been forwarded

Exercise date

Date exercise request has been forwarded

Additional

Free text additional info

info

Quantity

Product type

Requested quantity

Proposed quantity

Underlying price

Status

Executed option quantity

Series typology

Requested quantity

Proposed quantity

Underlying price

Request current validity status (P=Processed ,C=Cleared)

ITM/OTM amount

„in the money‟/‟out of the money‟ amount

Please notice

In this case, a functionality to cancel ex by ex requests is not available because the last exercise request always overwrite the former for each series. To cancel an ex by ex request, send another request with quantity 0.

Cancel Sent Early Exercise Requests

In order to activate the function select one or more early exercise requests in the early exercises list.

Push the OK button to confirm the operation.

Expiry Exercises Requests

The „Expiry exercises requests‟ allows to download expiry exercises proposed by the clearing house. Select market and clearing member then push the

Download button.

Market

Abi code

Trading market

Abi code of the company which has executed the exercise request

Series identification code

Symbol

ISIN Code

Option ISIN code

Series name Name of the series

Strike

Put/Call

Strike Price

Put/Call

ITM/OTM

Expiration month

In the money/Out of the money

Expiration month

Account

Type

Account Type:(House/Client)

Sub account Sub account of the position associated to the operation

Exercise time

Time exercise request has been forwarded

Date exercise request has been forwarded

Exercise date

Exercise type

Exercise type:P=Proposed, E=Exception

Available option quantity

Available quantity

Rejected quantity

Product type

Requested quantity

Proposed

Rejected option quantity

Series type

Requested quantity

Proposed quantity

quantity

Proposed price

ITM/OTM amount

Underlying price

„in the money‟/‟out of the money‟amount

Ex by Ex Exercise Request

This function allows to exercise „out of the money‟ options proposed by the clearing house on expiry or to abandon „in the money‟ ones. In order to access the function just right click on a row in the list of the expiry requests.

Just insert the quantity and additional information in the optional free text field. Then click OK.

In case the user wants to exercise an out of the money position, a pop-up message will appear, requiring the user confirmation before proceeding.

The list of exercise requests can be seen through the Exercise/Assignments main menu into the Exercise Request History submenu

Please notice

Is possible to perform an ex by ex also in the Exercise Request window, that can be reached from the Exercise/Assignment main menu.

Assignments

Push the Assignments button to get the list of assignments received by the clearing house.

The calendar date has to be selected along with market and clearing member

(empty for General Clearing Member) to push the Download button.

Market

Abi code

ISIN Code

Series name

Symbol

Sub account

Expiration month

Trading market

Clearing member Abi code

ISIN Code

Name of the series

Underlying alphanumeric code

Sub account

Option expiration date

Strike

Account Type

Strike price

Account type (House/Client)

Put/Call

Put/Call

Assignment date Assignment date

Report

This menu displays the list of clearing reports provided by the clearing house which the client may view or save to the local computer.

Report

This command shows the list of the clearing reports available on a specified date. Some reports are available in a multiple format, so the user can select to download them in TXT, PDF or XML. A GCM (General Clearing Member) can manage and download also its NCM reports.

Type

Description

Report type identification code

Report description

PDF

XML

TXT

PDF Report availability status

XML Report availability status

TXT Report availability status

Operational steps description:

1. Select the Date and press Download button to view available reports for that date.

2. If a GCM (General Clearing Member), more than one tab will appear, allowing to select the participant for which to download the report.

3. Select the row of the desired report and right click on the row.

Depending on the availability of the formats, the option is to open them

(“Show Report as”) or save them in the local PC (“Save Report as”).

The report window always shows the most recent version of a report, in case more than one update is sent during the same day.

Appendix A – Regular Expressions

A regular expression is a string (sequence of characters) built with a proper syntax which express characteristics shared by a set of strings.

Assume the intention is to use a notation to indicate all the strings which begin by „a‟ and end by „o‟: we will write „a*o‟ to indicate all these strings which share the characteristic to start by „a‟ and end by ‟o‟ The following strings belong to the set mentioned above „ao‟, ‟ago‟, ‟also‟ but not „aristotelis‟ or

„psycho‟. The character „*‟ used into the regular expression indicate whatever sequence of characters.

[]

[^]

()

“x” character

Finds a single character into the brackets. For instance,[abc] looks for an „a‟, a „b‟ or a „c‟.[a-z] is an interval and finds every small character of the alphabet. Mixed cases can occur: [abcq-z] looks for b, c, q, r, s, t, u, v, w, x, y, z, just as [a-cq-z].

Finds every small character not included into the brackets. For instance, [^abc] finds all the characters different than “a”, “b”, o “c”.

[^az] looks for every character different than small letter

Indicates the beginning of the string

Indicates the end of the string

Define a sub expression

X which recurs 0 or one time

X+

X which recurs 0 or several times

X Which recurs at least once

X{n} X which recurs twice exactly

X{n,} X which recurs at least n times

X{n,m} X which recurs at least n times and no more than m times

XY X followed by Y

X|Y X or Y

X and Y are regular expressions; examples:



[ab]* = all the strings which start by a or b



[^a-c]*a$ = all the strings which start by “a”, “b” e “c” but which end by

“a”



*s{2}* = all the strings which have two “s” at any point of the sequence



*cu(t|p) =strings which end by ”cut” and “cup”

Registered in England and Wales No. 06132421.

Turquoise Services Limited has used all reasonable efforts to ensure that the information contained in this publication is correct at the time of going to press, but shall not be liable for decisions made in reliance on it.

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Turquoise is a registered trade mark of Turquoise Trading Limited

Turquoise Services Limited/Turquoise Trading Limited

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London EC4M 7LS

Telephone: +44 (0)20 7797 1000 http://www.tradeturquoise.com

Reklama

Turquoise Derivatives

BItS Clearing Station (BCS)

USER MANUAL

Contents

Introduction

About BCS

Work Environment

Getting Started

Clearing Calendar

Application Layout

Application Start

Main Window

Menu Bar

Tool Bar

Command Selection

Change Password

Common Functions

Window Features Configuration

Quick Filters

Saving and Closing Windows

Data Print

Data Export to Excel or ASCII

Archives

Markets

Classes

Tradable Series

Participants

Non-clearing Members

SubAccounts

Positions

Positions

Position Rectification Request

SubAccount Changes

Exercise Request

Rectified Positions

Transferred Positions

SubAccount Changes

Trades

Trades

Trade Transfer

International Give up

Trade Separation

Open Close Change

Client Code Change

Trade History

Transferred Trades

Separated Trades

Open Close Changes

Client Code Changes

Operations To Be Confirmed

Confirming Received Trades

Exercise and Assignments

Exercise Request

Exercise Request History

Cancel Sent Early Exercise Requests

Expiry Exercises Requests

Ex by Ex Exercise Request

Assignments

Report

Report

Appendix A – Regular Expressions

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