User Guide for NZX models including: OTC Bulk File Load, OTC Bulk File Load, File Load
File Info : application/pdf, 12 Pages, 2.42MB
DocumentDocumentOTC Bulk File Load 2 CONTENTS 1. Introduction ................................................................................................................3 1.1 Document Purpose ........................................................................................................3 1.2 Intended Audience .........................................................................................................3 2. Overview....................................................................................................................4 3. File Creation ..............................................................................................................5 3.1 Header ...........................................................................................................................5 3.2 Trailer.............................................................................................................................5 3.3 Instruction ......................................................................................................................5 3.4 Example Content............................................................................................................8 4. Delivery and Verification ............................................................................................9 4.1 Deliver a Bulk OTC File to BaNCS .................................................................................9 4.2 BaNCS file processing ...................................................................................................9 OTC BULK FILE LOAD 2 of 12 1. Introduction 1.1 Document Purpose The purpose of this document is to outline the requirements of forming a valid OTC Bulk Load File, delivering the file to BaNCS and checking its status and contents. The Bulk OTC file does not rely on the end user having a messaging interface to BaNCS, although the subsequent OTCs can be accessed and tracked via a back-office system. 1.2 Intended Audience This document is intended for use by Clearing & Settlement Participants. OTC BULK FILE LOAD 3 of 12 2. Overview NZX has developed an interface that allows Participants to deliver a file of OTC instructions directly to BaNCS without having to use a back-office interface or enter manual instructions. A file may contain one or more instructions, based on the definitions described later in this manual. The Participant is responsible for creating a correct file and delivering it to BaNCS. BaNCS will pass the file to perform record and file validation checks before submitting the successful instructions. Once an instruction has been accepted by BaNCS it is available for viewing via the screen interface, similar to any other OTC instruction. The Bulk OTC interface is only responsible for accepting and loading OTC instructions; any further processing is the responsibility of the Participant. OTC BULK FILE LOAD 4 of 12 3. File Creation Files are structured as simple CSV files containing a header line, one or more content lines, followed by a footer (trailer) line. Fields are separated by commas; line endings may be Unix style (LF) or Windows style (CRLF). Trailing empty fields are acceptable but ignored. For example, CSVs exported from Excel in standard Windows style are acceptable. 3.1 Header The header line consists of the following three fields: S. No. Field Name Format Length M/O/C Description 1. Record Type Alphanumeric 1 M "H" for header 2. Date Date 10 M Today's date (YYYY-MM-DD) 3. Participant Code Alphanumeric 9 M BPID of the instructing party 3.2 Trailer The trailer line consists of the following two fields: S. No. Field Name 1. Record Type 2. Record Count Format Length M/O/C Description Alphanumeric 1 M "T" for trailer Number 5 M Number of records in the file, excluding header and trailer. 3.3 Instruction Files must contain at least one OTC instruction, and each instruction must be on a separate line. S. No. Field Name Format Length M/O/C* Description 1. Securities Movement Type List of Values 7 Identifies if the Instruction is a Delivery / Receive instruction. M Values are: Receive Deliver 2. Payment Type List of Values 4 Identifies if the instruction is a M free of payment or against payment instruction. Values are: OTC BULK FILE LOAD 5 of 12 3. Instructing party security account Alphanumeric 15 M 4. Instructing party cash account Alphanumeric 15 C 5. Counterparty BP ID Alphanumeric 11 M 6. Counterparty security account Alphanumeric 15 C 7. Transaction code List of Values 4 M 8. Participant Reference Alphanumeric 16 M 9. Common Reference Alphanumeric 16 O 10. Instrument ID Alphanumeric 12 M 11. Trade Date Date 12. Settlement date Date 10 M 10 M 13. Trade Quantity Number M 14. Quantity Indicator 15. Trade Price Alphanumeric 4 M Number 15,6 M 16. Currency Alphanumeric 3 C 17. Settlement Amount Number 15,6 C FREE APMT Security account number Cash account number for versus payment trades BaNCS BPID of the counterparty to this instruction For OWNE/OWNI transactions (which are prematched) identifies the counterparty securities account. Note that counterparty cash account is not needed as account transfers are only FOP. TRAD - Off market Normal Trades OWNE - Account Transfer External OWNI - Account Transfer Internal Reference number given by the participant for identifying the instruction in the system Common reference provided by the instructing parties to match the trade. ISIN of security used for transaction Trade Date YYYY-MM-DD Settlement date YYYY-MM-DD The Nominal value/Quantity of securities to be settled Indicates how the quantity is measured. UNIT Units traded If Payment Type is equals APMT then trade currency is mandatory If omitted NZD is assumed If Payment Type is equals APMT then Settlement Amount is mandatory OTC BULK FILE LOAD 6 of 12 18. Accrued Interest Number 15,6 O 19. Hold Flag Alphanumeric 1 O 20. Cum/Ex indicator Alphanumeric 4 O Y/N Flag to denote if the trade will be loaded in a "held" state. Default N if omitted CCPN (Cum) or XCPN (Ex) Flag to indicate if the trade is Cum or Ex. This is a matching field for OTC trades and if one party specifies this the other party must provide the same value. *M = Mandatory, O = Optional, C = Conditional OTC BULK FILE LOAD 7 of 12 3.4 Example Content Below is a four-line CSV containing two OTC transactions, displaying how an acceptable message format should look like. Note: Trailing commas are required for detail line fields omitted, however are not required on the header and footer lines H,2015-1225,AAAA00000,,,,,,,,,,,,,,,,,Deliver,FREE,21038002553,,BBBB00000,21039 002572,TRAD,Bulktest27,COMMONREF22027,NZTCAE0001S1,2015-12-25,2015-1225,4,UNIT,10,NZD,20,,N,CCPN Deliver,FREE,21038002553,,BBBB00000,21039002572,TRAD,Bulktest27,COMMON REF22027,NZTCAE0001S1,2015-12-25,2015-12-25,6,UNIT,10,NZD,20,,N,XCPN T,2,,,,,,,,,,,,,,,,,, OTC BULK FILE LOAD 8 of 12 4. Delivery and Verification 4.1 Deliver a Bulk OTC File to BaNCS Files are uploaded to a secure ftp site for input into BaNCS. There are ftp sites for all BaNCS regions, please use your regular BaNCS username and password for a particular region to upload the file. - Auckland Production: https://ak7.nzclearingcorp.com/otc/ - Wellington Production (DR only): https://wg7.nzclearingcorp.com/otc/ - EXT: https://ext.nzclearingcorp.com/otc/ - CNF: https://cnf.nzclearingcorp.com/otc/ Filenames must contain the phrase 'BULKOTC',and end in '.csv' or '.txt'. , Participants must take care to use a unique name for every file they upload, e.g. by including the date as duplicate filenames will be rejected. If a file is rejected, an amended file must be uploaded using a new filename. 4.2 BaNCS file processing Upon delivery of a file to the ftp site, BaNCS will accept the file for passing. If the file passes all format and verification steps the individual OTC instructions will be submitted into BaNCS, where they will be accepted or rejected based on existing OTC instruction rules. The status of a Bulk OTC file should be monitored through the BaNCS "Query Incoming" screen as shown below: Select your BPID before searching and set the "Message Type" to BULKOTC as shown below. OTC BULK FILE LOAD 9 of 12 Files with a REJECTED status have failed validation and will need to be re-uploaded. Files with a TRANSMITTED status have passed validation, and an OTC instruction will be attempted for each instruction in the file. Files with a PARTIAL status may have some lines validated and some rejected for more information right-click the file and choose 'Display'. Failed instructions will require re-uploading, however there may be valid instructions which were accepted. Note: that a file may be marked PARTIAL if all instructions failed validation, so long as the header line was accepted. The below example shows the "Display" for a PARTIAL file. The first OTC instruction passed, while the second instruction failed (along with the header and footer). Scrolling to the right allows the user to see the contents of the file line-by-line. Incoming Individual Records screen OTC BULK FILE LOAD 10 of 12 The following errors that will be detected during the file validation phase are: Error Code 8200 8201 8202 8203 8204 8205 8206 Error Description Invalid File Format Missing or badly formed header or trailer record Header date should be current date Instructing Participant code is invalid Instructing Participant not authorised for messages Invalid trailer record count Detail lines badly formed Note: The "Query Incoming" screen only reports on syntax validation of the OTC file. Individual OTC trades should be checked via the "Query OTC Trade" screen (as shown below) to ensure they have passed business logic as well. Please refer to User Guide 6 "Clearing" for further information on processing OTC instructions following this step. OTC BULK FILE LOAD 11 of 12