NZX OTC Bulk File Load
Introduction
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.
Intended Audience
This document is intended for use by Clearing & Settlement Participants.
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.
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.
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 |
Trailer
The trailer line consists of the following two fields:
| S. No. | Field Name | Format | Length | M/O/C | Description |
| 1. | Record Type | Alphanumeric | 1 | M | “T” for trailer |
| 2. | Record Count | Number | 5 | M | Number of records in the file, excluding header and trailer. |
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 | M | Identifies if the Instruction is a Delivery / Receive instruction. Values are: Receive Deliver |
| 2. | Payment Type | List of Values | 4 | M | Identifies if the instruction is a free of payment or against payment instruction. Values are: FREE APMT |
| 3. | Instructing party security account | Alphanumeric | 15 | M | Security account number |
| 4. | Instructing party cash account | Alphanumeric | 15 | C | Cash account number for versus payment trades |
| 5. | Counterparty BP ID | Alphanumeric | 11 | M | BaNCS BPID of the counterparty to this instruction |
| 6. | Counterparty security account | Alphanumeric | 15 | C | For OWNE/OWNI transactions (which are prebatched) identifies the counterparty securities account. Note that counterparty cash account is not needed as account transfers are only FOP. |
| 7. | Transaction code | List of Values | 4 | M | TRAD – Off market Normal Trades OWNE – Account Transfer External OWNI – Account Transfer Internal |
| 8. | Participant Reference | Alphanumeric | 16 | M | Reference number given by the participant for identifying the instruction in the system |
| 9. | Common Reference | Alphanumeric | 16 | O | Common reference provided by the instructing parties to match the trade. |
| 10. | Instrument ID | Alphanumeric | 12 | M | ISIN of security used for transaction |
| 11. | Trade Date | Date | 10 | M | Trade Date YYYY-MM-DD |
| 12. | Settlement date | Date | 10 | M | Settlement date YYYY-MM-DD |
| 13. | Trade Quantity | Number | M | The Nominal value/Quantity of securities to be settled | |
| 14. | Quantity Indicator | Alphanumeric | 4 | M | Indicates how the quantity is measured.
UNIT – Units traded |
| 15. | Trade Price | Number | 15,6 | M | |
| 16. | Currency | Alphanumeric | 3 | C | If Payment Type is equals APMT then trade currency is mandatory If omitted NZD is assumed |
| 17. | Settlement Amount | Number | 15,6 | C | If Payment Type is equals APMT then Settlement Amount is mandatory |
| 18. | Accrued Interest | Number | 15,6 | O | |
| 19. | Hold Flag | Alphanumeric | 1 | O | Y/N Flag to denote if the trade will be loaded in a “held” state. Default N if omitted |
| 20. | Cum/Ex indicator |
Alphanumeric | 4 | O | 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
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,2015-12-
25,AAAA00000,,,,,,,,,,,,,,,,,Deliver,FREE,21038002553,,BBBB00000,21039
002572,TRAD,Bulktest27,COMMONREF22027,NZTCAE0001S1,2015-12-25,2015-12-
25,4,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,,,,,,,,,,,,,,,,,,
Delivery and Verification
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.
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.
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.
The following errors that will be detected during the file validation phase are:
| Error Code | Error Description |
| 8200 | Invalid File Format |
| 8201 | Missing or badly formed header or trailer record |
| 8202 | Header date should be current date |
| 8203 | Instructing Participant code is invalid |
| 8204 | Instructing Participant not authorised for messages |
| 8205 | Invalid trailer record count |
| 8206 | 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.
DISCLAIMER
THE INFORMATION CONTAINED IN THIS DOCUMENT IS A GUIDE ONLY. ALL PARTICIPANTS ON ANY NZX MARKET MUST COMPLY WITH THE RELEVANT RULES, AND THIS DOCUMENT IS NOT A SUBSTITUTE FOR THOSE RULES. NZX CLEARING WILL DETERMINE, IN ITS SOLE DISCRETION, WHETHER ANY PARTICIPANT OR POTENTIAL PARTICIPANT MEETS THE REQUISITE CRITERIA TO BECOME AND REMAIN A PARTICIPANT. THOSE WISHING EITHER TO TRADE IN ANY PRODUCTS AVAILABLE AT NZX OR TO OFFER AND SELL THEM TO OTHERS SHOULD CONSIDEK HOTH THEIR LEGAL AND KEGULATOKY POSITION, INCLUDING Tl-IE KELE VANT KULES, AND Tl-IE KISKS ASSOCIATED WITH SUCH PRODUCTS BEFORE DOING SO. NO PART OF THIS PUBLICATION MAY BE REDISTRIBUTED OR REPRODUCED IN ANY FORM OR BY ANY MEANS OR USED TO MAKE ANY DERIVATIVE WORK WITHOUT WRITTEN PERMISSION FROM NZX CLEARING. NZX CLEARING (INCLUDING ITS PARENT COMPANY DIRECTORS, OFFICERS, EMPLOYEES AND CONTRACTORS) SHALL NOT BE LIABLE (EXCEPT TO THE EXTENT REQUIRED BY LAW) FOR THE USE OF THE INFORMATION CONTAINED HEREIN HOWEVER ARISING IN ANY CIRCUMSTANCES CONNECTED WITH ACTUAL TRADING OR OTHERWISE. NZX CLEARING IS NOT RESPONSIBLE FOR ANY ERRORS OR OMISSIONS CONTAINED IN TI-IIS PUBLICATION. THIS PUBLICATION IS FOR INFORMATION ONLY AND DOES NOT CONSTITUTE AN OFFER, SOLICITATION OR RECOMMENDATION TO ACQUIRE OR DISPOSE OF ANY INVESTMENT OR TO ENGAGE IN ANY OTHER TRANSACTION. ALL INFORMATION, DESCRIPTIONS, EXAMPLES AND CALCULATIONS CONTAINED IN THIS PUBLICATION ARE FOR GUIDANCE PURPOSES ONLY AND SHOULD NOT BE TREATED AS DEFINITIVE
Documents / Resources
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NZX OTC Bulk File Load [pdf] User Guide OTC Bulk File Load, OTC Bulk File Load, File Load |
