A CME firm accepted a trade in MOS (or a SGX firm accepted a trade in MOS) incorrectly and now the CME firm (or SGX firm) needs the trade back. How is a MOS trade reversed?
The executing firm must initiate MOS reversals. If a CME firm needs to reverse a trade that was sent to and accepted by an SGX firm they should use the following procedures. • The CME firm must go into the MOS system and change the business date on the main menu screen to the date on which the trade was accepted (trades in accepted status remain on the MOS system five business days following the date they match inter-exchange). • The CME firm must go into screen 2 (titled: CME EXECUTES – INQUIRY/UPDATE) and find the trade to be reversed. • Finally, the CME firm places an ‘R’ in the ACT field next to the record to be reversed. The MOS system will then generate an offsetting record for the initial transaction and send a reversal record to SGX (differentiated from normal executes by a ‘Y’ indicator in the reversal field) • Note: If a CME firm needs to reverse a trade with a trade date greater than T+5 they must memoadd (screen 1 in the MOS system) the opposite of the original trade and th
Related Questions
- Who needs to identify their personal financial relationships (Question 5-Plan for a CME Activity and Question 4 Plan for a Regularly Scheduled Series)?
- If a firm sends a MOC order to the Amex, can they trade more regular limit orders on the Amex?
- Is Trade Press Services an advertising agency or a public relations firm?
