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GUI User Guide - Borsa Italiana

1. June 2015 X and Y are regular expressions Some examples follows 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 111 Each and all information contained in this document are confidential legally privileged and protected by applicable law Any disclosure distribution copying or other diffusion of this communication is strictly prohibited If you have received this document or part of it in error are not the intended recipient nor an employee or agent responsible for delivering this message to the intended recipient please immediately notify Borsa Italiana S p A at service desk borsaitaliana it Your co operation is appreciated Contacts Service Desk Italy Borsa Italiana Client Technology Services Italy LSEG Email service desk borsaitaliana it www borsaitaliana it London Stock Exchange Group
2. if the telnet does not work please verify with the customer network department if the telnet attempt is filtered by any internal firewall If a natted IP address is used go into the BCS GUI installation directory usually C Program Files Borsa Italiana BCS Client XXX and locate the GKApi_J_Version xml file in the etc Server directory change the file replacing the real IP addresses with the natted ones the ip address should be specified in the TCP IP tag of each application server SERVER name BCSPRODUCTIONSERVER User Guide June 2015 lt TCP_1P gt E lt TcP_ip gt lt TCP_PORT gt 34900 lt TCP_PORT gt lt KEEPALIVE_TIMEOUT gt 20 lt KEEPALIVE_TIMEOUT gt lt TRANSPORT_BUFFER gt 1024 lt TRANSPORT_BUFFER gt lt APPLICATION_WINDOW_SIZE gt 20000 lt APPLICATION_WINDOW_SIZE gt lt TRACE_LEVEL gt ERR lt TRACE_LEVEL gt lt TRANSACTION_BUFFER_SIZE gt 2000 lt TRANSACTION_BUFFER_SIZE gt lt SUBSCRIPTION_BUFFER_SIZE gt 2000 lt SUBSCRIPTION_BUFFER_SIZE gt lt INQUIRE_BUFFER_SIZE gt 2000 lt INQUIRE_BUFFER_SIZE gt lt TCP_BUFFER_SIZE gt 10240 lt TCP_BUFFER_SIZE gt lt SERVER gt save the file telnet the natted IP addresses and ports from the user local PC if the telnet
3. member and its NCM s it allows to access the functions of Accept Reject and Cancel Position Transfer e SubAccount Change it shows the list of SubAccount Changes of the clearing member and its NCM s 4 1 Position list This window lists all the positions owned by the member For General Clearing Members also Non Clearing Members positions are shown New positions are automatically shown as soon as they are managed by the clearing system without having to manually inquire the clearing system At the same way any update on a position i e Position Transfer SubAccount Transfer Rectifications is automatically shown 43 User Guide June 2015 Transfers Market Sub account c c c c c c C c C c c H c Table columns description ATL516J 2ATLSI ATL619D 2TRN6C 2FNCSI 2FNCSC ENI7X36 ENI7X30 ENI7X16 HB814C FIB620A FIB611H FIB524B FIB622K FIB618C FIB618D FIBS22L DWHEATAL DWHEATAL Rectifications ISIN code IT0011561880 IT0011589717 IT0011565931 IT0011591630 IT0011590368 IT0011497291 IT0011511877 IT0011511810 IT0011511919 IT0011593065 IT0011592844 IT0011592596 IT0011592786 IT0011592745 IT0011592729 IT0011592703 IT0011592687 IT0011356125 IT0011356125 Long uw un m N 2 n ooooococococoown ub Account Changes js u uu uuuuuocooocooooosoco Symbol ENI ENI ENI FTMIB FTMIB FTMIB FTMIB FTMIB FTMIB FTMIB FTMIB DWHEAT
4. 8 1 Collateral Guarantees 101 8 2 Deposited guarantees 102 ee 9 0 Report 104 9 1 Report 104 ER ge E MEI OE UR SSS s 10 0 Tools 107 10 1 Monitor 107 10 2 Intraday Margin Call 108 11 0 Appendix A Regular Expressions 110 User Guide June 2015 User Guide June 2015 Ce uy 1 0 Introduction This section introduces the BCS GUI application main features and provides with basic information aimed at its correct use 1 1 About BCS BCS for IDEM is a GUI application allowing a clearing member to execute clearing operations on IDEM Derivatives markets traded financial products The application allows to Receive trades executed by members in real time and their own non clearing members in the current trade date and in the last trading days 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 transfers subaccount change and exercise operations Manage exercise and assignments operations Manage expiry operations Access a set of Post Trade Risk Management functionalities on Positions Trades and Margins Manage subaccounts Download clearing reference data Receive intraday margin calls and messages from the clearing system View deposited guarantees Receive and save settlement reports provided by the clearing system User Guide June 2015 1 2 Work environment BCS is based on a
5. By Positions window reachable from the Exercise Assignments menu 86 User Guide June 2015 6 5 Exercise Request History The Exercise Request History window is made by the following tabs e Early Exercises Sent it shows the list of early exercise requests sent to the clearing system by the clearing member and its NCM s and allows to access the function of Cancel Early Exercise Request e Expiry Exercises it shows the list of exercises by exception sent to the clearing system by the clearing member and its NCM s Early Exercises Sent This window lists all the early exercise requests sent by the member For General Clearing Members also Non Clearing Members exercises are shown The window lists the early exercise requests of the current business date New exercises are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update on an exercise i e cancellation is automatically shown E Exercise request history Early exercises sent Expiry Exercises Thu 01 08 2015 Wo I Aa n 8 Market ISIN code Series name Sub account Accounttype Quantity Exercise date Exercise time Status 1 In order to have access to previous days exercises its possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market and
6. Change Split International Give Up Trade Transfer is automatically shown A trade is automatically removed from the Trades List after a transfer to another clearing member or after a split 2 Trades Trades list Transfers lits Open Close Changes Client Code Changes Mon 12 29 2014 Y EID si Wi awh Market Trade date Contract number Side Trade price Quantity Contract state Accounttype Sub account 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 12 29 14 Series name MIBO5C19500 IT0011563811 FNC5C5 20 IT0011528780 MIBO5C19500 IT0011563811 MIBO5C19500 IT0011563811 MIBO5C19500 IT0011563811 FNC5X5 40 IT0011466718 FNC5C5 20 IT0011528780 FNC5X5 40 IT0011466718 FNC5C5 20 IT0011528780 FNC5C5 20 IT0011528780 FNC5X5 40 IT0011466718 FNC5X5 40 170011466718 FNC5C5 20 170011528780 FNC5C5 20 1T0011528780 FNC5X5 40 IT0011466718 FNC5X5 40 IT0011466718 FNC5C5 20 IT0011528780 FNC5C5 20 IT0011528780 FNC5X5 40 IT0011466718 FNC5X5 40 IT0011466718 MIBOSC19500 IT0011563811 MIBOSC19500 IT0011563811 MIBO5C19500 IT0011563811 MIBO5C19500 IT0011563811 MIBO5C19500 IT0011563811 MIBO5C19500 IT0011563811 FNC5C5 20 IT0011528780 FNC5CS5 20 170011528780 FNC5X5 40 IT0011466718 Y gt nn nnnnnnnnn
7. Code Link Changes Y B om A A g B Market Account type Client code Sub account Modify date Creation date Client code link status test5 1 12 15 testlink 1 7 15 test2 12 30 14 XZREt 10 8 14 qFoTG 10 8 14 RANDOMTEX 10 7 14 test03 9 5 14 test05 9 5 14 test04 9 5 14 C C C C C H C 8 22 12 10 12 12 8 22 12 8 22 12 8 22 12 7 5 10 Add Client Code Link User Guide June 2015 Table columns description Market Trading Market ABI Code Member ABI Code Client code Client Code Account type Account type House Client Sub account Sub account Creation date Sub account client code link creation date Modify date Sub account client code link modification date Client Code link status Sub account client code link status Add Client Code Link This function allows to create a new subaccount client code link The user should select the SubAccount value from the Sub Account field the Account Type field will be populated accordingly If both House and Client Account types have been set up for that subaccount the user should specify which one House or Client he wants to associate to the client code E Add Client Code Link Market IDEM ITALIAN DERIVATIVES M Member code Client code Account type 0H OC Sub account Insert Cancel 33 User Guide June 2015 Modify The user can right click a specific subaccount client code link and choos
8. DWHEAT Product o cm m m mom mmmmOoOO0m mmmmmnm Expiration month 10 2015 09 2015 04 2016 03 2016 09 2015 03 2015 12 2017 12 2017 12 2017 03 2018 01 2016 08 2016 02 2015 11 2016 03 2016 04 2016 12 2015 12 2014 12 2014 Expiration date 10 16 15 9 18 15 4 19 16 3 18 16 9 18 15 3 20 15 12 15 17 12 15 17 12 15 17 3 14 18 1 20 16 8 11 16 2 24 15 11 22 16 3 18 16 4 18 16 12 22 15 12 10 14 12 10 14 Y gt Market Trading Market ABI code Clearing Member Identification Code for the Clearing system Account Type Account Type House Client Sub Account Sub Account Series Name Name of the Tradable Series ISIN Code ISIN Code Long Long current positions Short Short current positions Symbol Alphanumeric symbol of underlying instrument Expiration Month Expiration Month Product Type Product type B bond C equity and fund quotes F future O option R repo V convertible W warrant Expiration Date Strike Price Put Call Opening Date Expiration Date Strike Price Option type Put Call Position opening date 44 User Guide June 2015 Last Operation Last operation date Long at opening Long positions at market opening Short at opening Short positions at market opening Transfer Price Transfer price Intraday exercises Early intraday exercises Intraday assignments Intraday assignm
9. Exercise By Exception By Series window reachable from the Exercise Assignments menu 6 4 Expiry Exercise Exercise by Exception By Series The Expiry Exercise Exercise By Exception By Series window allows to send to the an exercise by exception request to the clearing system 84 User Guide June 2015 ey Exercise request Market Id ABI code ISIN code Serie name Account type Sub account Quantity Exercise type IDEM ITALIAN DERIVATIVES M IT0010879333 M Select Mode cu SET OHOC Additional info The following steps should be performed 1 Select the tradable series of the position to exercise by exception in the ISIN Code or in the Series Name field Select H or C in the Account Type option Select the Sub Account of the position to exercise by exception in the Sub Account field Insert the number of positions to be exercised by exception into the Quantity field the quantity field is limited to six digits Every Exercise by Exception sent replaces a previous request already sent on the same ISIN Code Abi Code Account Type Sub Account Insert a value into the Additional Info field optional Press the nsert button to confirm 85 User Guide June 2015 A confirmation message informs the user that the transaction has been successfully committed Please notice An exercise by exception can be executed also in the Expiry Exercise Exercise By Exception
10. Name of the Tradable Series ISIN code of the Tradable Series Unique identifier of the order in the Trading System Trade Identification Number for the Clearing system before a split In case of multiple splits the Contract Number of the original trade is shown Trade Identification Number assigned by the Trading System Execution Time of the Trade Alphanumeric Symbol of Underlying Expiration Month of the Tradable Series Strike Price of the Tradable Series 67 User Guide June 2015 Put Call Option type Put Call of the Tradable Series Open Close Open Close Trader Id Trader Identifier assigned by the Trading System Requested for Transfer Quantity Transferred Quantity Client Code Client Alphanumeric Code Client Info Optional free text notes Trade Source Source of the Trade M Market G Give Up S Split D Data Entry Market Trade Source Market Source of the trade Operation Clearing Operation performed on the Trade 68 User Guide June 2015 5 2 Transfers This window lists all the International Give Ups and Trade Transfers of the member For General Clearing Members also Non Clearing Members transfers are shown The window lists the transfers executed on the current business date New transfers are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update on a t
11. allocated on house or client account If the transfer is accepted the color of the row gets green as soon as the transfer is executed by the clearing system the red row confirms instead that the transfer request has been rejected by the user Please notice Trades transferred via Automatic Give Up don t need to be accepted by the receiver member 71 User Guide June 2015 International Give ups not accepted by the end of the day will expire The following steps should be performed Select Open or Close in the Open Close option Select Client or House in the Account Type option Insert a value into the Client Code field optional Insert a value into the Client Info field optional Press OK button to confirm 2 0 Sav SE A confirmation message will be shown informing that the transaction has been correctly sent Reject Transfer Request Pending trade transfers with status H Holding can be rejected by the receiver member The user should right click on the pending transfers in the Received Trades table and select Heject The following steps should be performed 2 Press OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent 72 User Guide June 2015 5 3 Splits This window lists all the trade splits executed by the member For General Clearing Members also Non Clearing Members splits are shown The window lists the splits executed on
12. and select Early Exercise Request S Exercise request Market Id ABI code ISIN code Serie name Account type Sub account Quantity IDEM ITALIAN DERIVATIVES MARKET OHOC Additional info Cancel The following steps should be performed 1 Insert the number of positions to be early exercised into the Quantity field the quantity field is limited to four digits In order to early exercise a quantity with more than four digits the user should send more than one request to cover the whole amount of positions to exercise Insert a value into the Aaditional Info field optional Press the nsert button to confirm 79 User Guide June 2015 The list of early exercise requests sent can be downloaded through the Exercise Assignments main menu in the Exercise Request History sub menu Please notice An early exercise can be executed also in the Positions List window which can be reached through the Positions main menu or in the Early Exercise By Series window reachable from the Exercise Assignments menu 6 2 Early Exercise By Series The Early Exercise By Series window allows to send early exercise requests to the clearing system by seeking the option series to exercise within the list of all the option series E Exercise request Market Id IDEM ITALIAN DERIVATIVES MARKET ABI code Serie name B Account type OHOC Quantity Additional info 80
13. be selected Market Member Code Account Type House Client Sub Account name only upper case characters and numbers are allowed Activation Date Keep Net Position and Net Margin Modify In order to modify an existing subaccount the user has to right click on a specified subaccount in the SubAccount List window and select Modify Only some parameters can be changed Keep net position Net margin Activation date and Inactivation date a Modify sub account parameters Market IDEM ITALIAN DERIVATIVES MARKET M Member code Sub account Keep net positi OY ON Net margin OY ON Activation date Mon 01 14 2008 v O Inactivation date Tue 01 15 2008 Y 31 User Guide June 2015 Client Code Links This window lists all the subaccounts client code links of the member For General Clearing Members also Non Clearing Members data are shown New subaccount client code links are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update ona subaccount client code link is automatically shown A subaccount client code link is an association between a subaccount and a specific client code The member can specify a client code previously associated to a subaccount in a client code change operation on a trade in order to transfer the trade to the related subaccount E Sub Accounts OX Sub Account List Client Cox Client
14. conditions is referred to BOTs are evaluated at their nominal value Headcut HeadCut 8 2 Deposited guarantees This window shows the list of collateral guarantees deposited in the clearing system Table columns description Allocation type Allocation Type on cash guarantees O Option F Futures Deposit ID Deposit ID Repayment date Repayment Date ABI Code Member s ABI Code Account Type Account Type House Client Type Deposit Date Expiration Date Deposit Type GD Government Bonds Deposit BD Equities Deposit CC cash Deposit Date Expiration date Quantity Quantity 0 if cash Value Margins hedge value 0 on not cash guarantees ISIN Code ISIN Code not valued if cash Description Description Currency Currency Sub Account Subaccount Bulk Deposit Modify The user can change the allocation and the subaccount associated to one or more shares deposits In order to access this function the user has to right click on the a specified guarantee and select Bulk Deposit Modify 102 User Guide June 2015 In order to modify a subaccount the user has to select a new value in the SubAccount field to modify the allocation just select O option or F future is possible to perform both these changes simultaneously Click the OK button to send the modifications to the system The results will be shown into the columns Allocation type change result and Sub account cha
15. does not work please verify with the customer network department if the telnet attempt is filtered by any internal firewall Please notice the user is not allowed to put chars and in free fields otherwise an error message will be shown on the GUI 1 4 Disaster Recovery Invocation In case of Disaster Recovery invocation in order to correctly reach the SDC application servers the user should restart the BCS GUI and select SDC in the environment field of the login window 1 5 Clearing calendar The CommonApplication config configuration file in the etc client directory allows the user to define bank holidays rules for the current year User Guide June 2015 An example of the holiday configuration file is shown hereafter HOLIDAYS SUNDAY SATURDAY 01 01 SEASTER SEASTER 1 SEASTER 1 SEASTER 2 01 05 15 08 SCHRISTMAS SCHRISTMAS 1 SCHRISTMAS 1 31 12 Where e Field separator character e SUNDAY every Sunday of the year SATURDAY every Saturday of the year SEASTER 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 User Guide June 2015 1 6 Login E BCS System Login London Stock Exchange Group Username Password Member code PDC Login Cancel In order to access
16. it by the trader Modify In the Take Up list the user can right click the row corresponding to the Take Up that has to be modified and select Modify Only enabled fields can be modified 41 User Guide June 2015 E Modify Take Up Market IDEM ITALIAN DERIVATIVES MARKET i Receiver member Deliver member Client code TEST Additional info TEST Open Close Open O Close O Assigned by Trader Activation date Tue 04 17 2012 v O Inactivation date Wed 04 18 2012 zm The value Assigned by Trader in the Open VClose field will assign to the incoming trade the same value specified for it by the trader User Guide June 2015 4 0 Positions This menu allows members to manage positions registered in the clearing system It is possible to see the list of open positions and access the functions of Rectification Transfer Subaccount Change and Early Exercise It s also possible to add positions to Custom Portfolios for Risk Management activities The Positions menu is made by the following tabs e Positions List it shows the list of open positions of the clearing member and its NCM s and allows to access the functions of Rectification Transfer SubAccount Change Early Exercise Request and Add to Portfolio e Rectify it shows the rectified positions of the clearing member and its NCM s e Transfers it shows the position transfers delivered and received of the clearing
17. the ABI Code fields and click on the Download button Exercises that match the specified criteria will be displayed 87 User Guide June 2015 Table columns description Market Trading Market ABI code Clearing Member Identification Code for the Clearing system ISIN Code ISIN Code of the Tradable Series Series Name Name of the Tradable Series Sub Account Sub Account of the position Account Type Account Type House Client Quantity Exercised Quantity Exercise time Time of the Exercise Request Exercise date Date of the Exercise Request Status Status of the Early Exercise Request P Processed C Cancelled Request Date Request Date Total exercises quantity Total exercises quantity ITM OTM In the Money Out of the Money ITM OTM amount In the Money Out of the Money Amount Symbol Alphanumeric symbol of underlying instrument Expiration Month Expiration Month Strike Price Strike Price Put Call Option Type Put Call Request key Request Key of the Early Exercise Request assigned by the clearing system Cancel Exercise Request The Cancel Early Exercise Request allows to cancel an early exercise request previously sent to the clearing system In order to send a Cancel Early Exercise Request the user should select an early exercise position from the Early Exercises Sent tab of the Exercise Request Histo
18. the BCS clearing system the login procedure should be correctly completed by the user Username Password and Member Code should be specified in the corresponding fields of the login window The user should specify the environment he would like to login before clicking the Login button PDC Production environment CDS Test environment At the first login the password change is required User Guide June 2015 1 7 Change Password Its possible to change the password clicking on Change Password in the File menu The following window will be shown E Change password Rg Rey Username TestUser Member Code 9500 Environment PDC New password Retype new password The following steps should be performed 1 Insert the current password in the Password field 2 Insert the new password in the New Password and in the Retype new password fields 3 Press the OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent User Guide June 2015 2 0 Application layout This section will go thorough the BCS GUI layout including the description of the work environment and the basic functions for the data management 2 1 Main Menu After the user has been authenticated the BCS Main Menu will be shown on the screen The Windows bar on the upper side of the Main Menu shows the username and the environment the user is connected to The Main
19. 3 11 27 09 Active 11 27 09 11 27 09 Active 11 27 09 10 29 09 H Active 10 29 09 10 29 09 Active 10 29 09 6 7 12 Active 6 7 12 1 14 08 Active 1 14 08 6 7 12 Active 6 7 12 1 14 08 Active 1 14 08 9 5 14 Active 9 4 14 7 15 14 Active 7 14 14 8 22 12 Active 8 22 12 gt c c c H C H C H C H H C C H H H Add new Subaccount User Guide June 2015 Table columns description Market Trading Market ABI Code Member ABI Code Account Type Account type House Client SubAccount SubAccount name Activation date Sub account activation date Disabling date Sub account deactivation date Creation date Sub account creation date Modify date Market maker flag Sub account modification date Flag Market maker Liquidity provider flag Flag Liquidity provider Keep net position flag Net Margin Flag Flag Keep net position Net Margin flag Sub account status Each subaccount can be modified or disabled Sub account status 30 User Guide June 2015 Add New Subaccount This function allows to create a new subaccount Add New Sub Account Market IDEM ITALIAN DERIVATIVES MARKET Member code Account type OHOC Sub account Activation date Thu 01 22 2015 Keep net position OY ON Net margin OYON Insert Cancel The user is required to specify the new sub account details in the dialog window The following fields have to
20. BCS eit User Guide Ver 5 0 1 June 2015 A24 f ME SS S S S S S S S S I L4 Stock Exchange Group Contents Summary 1 0 Introduction 6 1 1 About BCS 6 1 2 Work environment 7 1 8 How to get started T 1 4 Disaster Recovery Invocation 9 1 5 Clearing calendar 9 1 6 Login 11 1 7 Change Password 12 2 0 Application layout 13 2 1 Main Menu 13 2 2 Windows layout 18 2 8 Saving and closing windows 22 XX sm OE H mage 3 0 Archives 23 3 1 Markets 23 3 2 Classes 24 3 3 Tradable Series 26 3 4 Participants 27 3 5 Non Clearing Members 28 3 6 SubAccounts 29 3 7 Automatic Give up 36 4 0 Positions 43 4 1 Position list 43 4 2 Rectifications 50 4 3 Transfers 51 4 4 Sub Account Changes 56 5 0 Trades 58 User Guide June 2015 5 1 Trade list 59 5 2 Transfers 69 5 3 Splits 73 5 4 Open Close Changes 74 5 5 Client Code Changes 75 6 0 Exercise Assignments 77 6 1 Early Exercise By Positions 77 6 2 Early Exercise By Series 80 6 3 Expiry Exercise Exercise by Exception By Positions 81 6 4 Expiry Exercise Exercise by Exception By Series 84 6 5 Exercise Request History 87 6 6 Assignments 90 7 0 Risk Management 92 7 1 Trade Limit 93 7 2 Position Limit 95 7 8 Margin Limit 97 7 4 What If 99 8 0 Guarantees 101
21. June 2015 Table columns description Market Trading Market ABI code Clearing Member Identification Code for the Clearing system Account Type Account Type House Client Sub Account SubAccount Series Name Name of the Tradable Series ISIN Code ISIN Code Long Long current positions Short Short current positions Symbol Alphanumeric symbol of underlying instrument Expiration Month Expiration Month Product Type Product type B bond C equity and fund quotes F future O option R repo V convertible W warrant Expiration Date Expiration Date Strike Price Strike Price Put Call Option type Put Call Opening Date Position opening date Last Operation Last operation date Long at opening Long positions at market opening Short at opening Short positions at market opening Transfer Price Transfer price Intraday exercises Early intraday exercises Intraday assignments Intraday assignments Exercises Early exercises Assignments Assignments ITM amount In the money amount 78 User Guide June 2015 Early Exercise Request The Early Exercise Request allows to send an early exercise request on the specified position to the clearing system In order to send an Early Exercise Request the user should select a position from the Early Exercise By Positions window right click on it
22. Market Trading Market Member Member ABI Code Symbol Alphanumeric symbol of underlying instrument Expiration Month Expiration month 50 User Guide June 2015 Strike Price Strike Price Put Call Option type Put Call ISIN Code ISIN Code Series name Name of the series Account Type Account Type House Client Volume Volume Sign Operation sign increase decrease Execution Date Position adjustment date Execution Time Position adjustment time Status Operation status Y executed N not executed Sub Account Sub Account 4 3 Transfers This window lists all the Position Transfers of the member For General Clearing Members also Non Clearing Members transfers are shown The window lists the transfers executed on the current business date New transfers are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update on a transfer i e transfer status changed is automatically shown The window is composed by two tables the Transferred Positions and the Received Positions The Transferred Positions table shows all the transfers sent by the member to other clearing members The Received Positions table shows all the transfers received by the member The color of the row identifies if the request has been accepted by the receiver clearing member green row has been refused red row is still pending yellow r
23. Menu is made up of two sections Menu Bar and Active Windows Bar E BCS 3045 ANDREA on ISERNIA NUOVO File Archives Positions Trades Exercise Assignments Guarantees Risk Management Report Tools Help Menu Bar The Menu Bar contains the following menus and commands File pr M G 7 Menu Description Login Shows the login prompt Settings Allows to access the main settings of the BCS application Save Environment Saves the windows configuration Change Password Changes the current password Exit Performs the logout User Guide June 2015 Archives SaaS a el Menu Description Markets List of the available markets Classes List of the classes Tradable Series List of the tradable series Participants Clearing members list Non Clearing members List of own non clearing members for GCM only Sub Accounts Automatic Give up Configuration management of secondary accounts for every clearing member Configuration management of client codes for automatic give up functionality Positions ZE Menu Description Positions Allows to manage positions registered in the clearing system It is possible to see the list of open positions and access the functions of Rectification Transfer Subaccount Change and Early Exercise It s also possible to add positions to Custom Portfolios fo
24. NE ELETTRICITA STOC 170003242622 TOD S STOCK FUTURE CASH IT0003007728 TELECOM ITALIA RISP STOCK FUTURE CA IT0003497176 TELECOM ITALIA STOCK FUTURE CASH IT0003497168 TENARIS STOCK FUTURE CASH LUO156801721 ANSALDO STS STOCK FUTURE RETT 14 07 170003977540 ANSALDO STS STOCK FUTURE 170003977540 STMICROELECTRONICS STOCK FUTURE CAS NL0000226223 SARAS STOCK FUTURE CASH 170000433307 SNAM STOCK FUTURE CASH 170003153415 SAIPEM STOCK FUTURE CASH 170000068525 PRYSMIAN STOCK FUTURE CASH 170004176001 BANCA POP MILANO STOCK FUTUR CASH R 170000064482 BANCA POP MILANO STOCK FUTURE CASH TT0000064482 PARMALAT STOCK FUTURE CASH 1710003826473 PIRELLI amp C STOCK FUTURE CASH 170004623051 MEDIASET STOCK FUTURE CASH 170001063210 MEDIOLANUM STOCK FUTURE CASH 170001279501 MEDIOBANCA STOCK FUTURE CASH 1T0000062957 Table columns description Symbol Class Name Product Product type B bond C equity and fund quotes F future O option R Type repo V convertible W warrant User Guide June 2015 Product Underlying Symbol Group Description Class Description Market Trading market ISIN Code ISIN code of the underlying Underlying Underlying Margin Maximum upward downward expected deviation of the underlying price interval Settlement Settlement type of a financial contract ST settled CSH cash settled FUT Type future style Contract Number of shares underlying a standard contract size Option Fin
25. Only the overall amount of trade can be transferred In order to send a Trade Transfer the user should click on the button on the Business Date Bar and select the T 1 or T 2 date A new tab will appear in the Business Date Bar The user should select the Market the Account Type and the Side fields and click on the Download button Trades that match the specified criteria will be displayed The user should select one or more trades from the Trades List right click on them and select Trade Transfer The following steps should be performed ls Select Yes or No in the Rectify Position option Selecting Yes the clearing system will automatically increase the positions in case they are no more available when the receiver clearing member accepts the transfer i e in case of trade executions on the transferred series 3 Insert a value into the Additional Info field optional 4 Select the Receiver Member specifying the ABI code or the clearing member description 5 Press the OK button to confirm 62 User Guide June 2015 A confirmation message will be shown informing that the transaction has been correctly sent Split The Split allows to separate any trade into a set trades up to 8 each one having a different volume amount The total amount of the separated trades should be equal to the volume of the original trade This function is allowed on T and T 1 trades In order to execute a Split the user should se
26. Product type B bond C equity and fund quotes F future O option R repo V convertible W warrant Underlying Price Underlying price Status Status of the Early Exercise Request P Processed R Refused Please notice A cancel functionality for ex by ex requests is not available Since the last ex by ex request always overwrites the former on the same ISIN Code Abi Code Account Type Sub Account the user can just send another request with quantity 0 to delete a request previously sent 6 6 Assignments This window lists all the assignments received for the short option positions of the member For General Clearing Members also Non Clearing Members assignments are shown The window lists the assignments of the current business date New assignments are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window In order to have access to previous days assignments it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market and the ABI Code fields and click on the Download button Assignments that match the specified criteria will be displayed 90 User Guide June 2015 Table columns description Market Trading market ABI Code Clearing Member Identification Code for the Clearing system ISIN Code ISIN Code S
27. SP3DT TSfFrSP3DS TSfFrSP3Bp TSfFrSP3AS TSfFrSP38h Last trading day Alarm Time 17 AM 11 43 17 AM 11 43 13 AM 11 43 10 AM 11 43 07 AM Closing price Closing e Trades Limit lists all the existing trade limits right clicking on the limit it is possible to change or delete the trade limit clicking on the icon next to the Limit name the details of the limit are shown In case the risk engine doesn t work properly and the limit computation is not possible the corresponding trade limit name will be highlighted with a yellow background Clicking on the Add button it is possible to add a new trade limit through the following window User Guide June 2015 The following steps should be performed E Add Trade Limit Trade Limit Name Market MTA MERCATO TELEMATICO DELLE AZIONI MEM BIKE MTS MERCATO TELEMATICO TITOLI STATO cogs MIC MERCATO INTERB COLLATERALIZZATO v 20150918 20151218 Expiry Day List Strike Price List 20150717 wv Limit 1 100000 Limit 2 96 of Limit 1 2 Limit 3 96 of Limit 2 2 Add Close Select the market from the Market List Insert the Trade Limit Name in the related text box Select the ABI code from the combobox Select the ProductGroup from the combobox Define a value for the Limit1 In order to narrow the subset of trades to be included in the limit it is possible to select values for ProductType Put Ca
28. Series Strike Price of the Tradable Series Option type Put Call of the Tradable Series Deliver Account Type House Client Receiver Account Type House Client Deliver Client Info Deliver Client Code Deliver Client Code Receiver Client Info Receiver Client Info 70 User Guide June 2015 Receiver Client Code Receiver Client Code Sub Account Sub Account Quantity Transfer Quantity Transferred Received Transfer Type Transferred Received Product Type Product type of the Tradable Series B bond C equity and fund quotes F future O option R repo V convertible W warrant Transfer Mode Transfer Mode Automatic Manual Cancel Transfer Request Pending trade transfers with status H Holding can be cancelled by the deliver member The user should right click on the pending transfers in the Transferred Trades table and select Cancel Transfer Request The following steps should be performed 2 Press OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent Confirm Transfer Request Pending trade transfers with status H Holding can be accepted confirmed by the receiver member The user should right click on the pending transfers in the Received Trades table and select Confirm The transfer will be executed by the clearing system only after the user accepts the received trade Received trades can be
29. User Guide June 2015 The following steps should be performed 1 Select the tradable series of the position to early exercise in the ISIN Code or in the Series Name field 2 Select H or C in the Account Type option 3 Select the Sub Account of the position to early exercise in the Sub Account field 4 Insert the number of positions to be early exercised into the Quantity field the quantity field is limited to four digits In order to early exercise a quantity with more than four digits the user should send more than one request to cover the whole amount of positions to exercise 5 Insert a value into the Additional Info field optional 6 Press the nsert button to confirm A confirmation message informs the user that the transaction has been successfully committed Please notice An early exercise can be executed also in the Position List window reachable from the Positions item of the main menu or in the Early Exercise By Position window reachable from the Exercise Assignments menu 6 3 Expiry Exercise Exercise by Exception By Positions This window lists all the automatic and non automatic exercise proposals which could be confirmed or exercised by exception by the member If the member intends to accept all exercise and non exercise proposals it does not need to perform any operations For General Clearing Members also Non Clearing Members data are shown Any update of the window is automatically shown with
30. VISIONAL BALANCES FOR SETTLEMENT AGENT BONDS ICSDS SETTLEMENT FINAL BALANCES BONDS ICSDS SETTLEMENT PROVISIONAL BALANCES XCOM SPOT LEG FAIL POSITIONS X DELIVER XCOM SPOT LEG FAIL POSITIONS BY MEMBER XCOM COLLATERAL POSITIONS PER DELIVER 104 User Guide June 2015 Table columns description Report Type Report type identification code Description Report description PDF PDF Report availability status and zipped file size XML XML Report availability status and zipped file size TXT TXT Report availability status and zipped file size ZIP ZIP Report availability status and zipped file size Only for RISK file GCM GCM Participant Code the report refers to Operational steps description Select the Date and press Download button to view available reports for that date 2 For General Clearing Members more than one tab will appear allowing to choose the NCM for which you want 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 you will be able to open them Show Report as or save them in the local PC Save Report as 977 L a UM enr oe a Show report as gt Save report as gt XML Please notice For Risk file only the Save report as functionality is available 105 User Guide June 2015 The report window always shows the most recent version of a report in case more than on
31. alculated multiplying the price by the quantity Position Limit it shows the list of position limits of the clearing member and its NCM s and allows to create a new limit or change and delete an existing limit it shows for each position limit the limit values of the current business day as for trade limit this check is carried out evaluating for all the trades in place that composes the positions included in the Position Limit the notional value for derivatives products or the counter value for stock contracts Margin Limit it shows the list of the existing portfolios of the clearing member and its NCM s and for each portfolio the margin limit values of the current business day and the portfolio definition it allows to create a new portfolio and related margin limit or change and delete an existing portfolio and related margin limit What If it allows to calculate in advance the margin amount that the clearing system will ask to the member in case of a change on a the current open positions 92 User Guide June 2015 7 1 Trade Limit E Trades Limit testACE testACE testACE testACE testACE This window is composed by three tables Market Trade Limit Name Exceeded Limit Y SB Se D A d D Market Symbol ISIN code Product type MTA ACE2 XT0001207098 MTA ACE 170001207098 Product group Current Value 2 238 20 3 536 75 246 96 1117 20 4 605 98 Last day price Contract number TSfFr
32. ancial instrument type Bond Equity Index Underlying type Option Option style American European Style SubType Instrument type N Normal W Weekly M Monthly Q Quarterly Y2 Yearly Settlement Number of days between trade and settlement date days 25 User June 2015 Guide 3 3 Tradable Series The Tradable Series window shows the list of the standard tradable instruments for the current date Only the tradable series of the markets to which the member belongs to are shown Sub Type Product group Series Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal Normal o o o o o o o o o o o o o o o o n Table columns description name MIBO7R22500 MIBO7F22500 MIBO7R21500 MIBO7F21500 MIBO7R20500 MIBO7F20500 MIBO7R19500 MIBO7F19500 MIBO7R18500 MIBO7F18500 MIBO7R17500 MIBO7F17500 MIBO7R16500 MIBO7F16500 MIBO5022750 MIBO5C22750 MIROS5022250 IT0011613087 IT0011613079 IT0011613061 IT0011613053 IT0011613046 IT0011613038 IT0011613020 IT0011613012 IT0011613103 IT0011613095 IT0011613129 IT0011613111 IT0011613145 IT0011613137 IT0011612824 IT0011612816 Tr001161280n8 Strike price 22 500 0000 22 500 0000 21 500 0000 21 500 0000 20 500 0000 20 500 0000 19 500 0000 19 500 0000 18 500 0000 18 500 0000 17 500 0000 17 500 0000 16 500 0000 16 500 0000 22 750 0000 22 750 0000 22 250 0000 Put Ca
33. characters colors sort criteria etc The configuration is saved before closing and exiting the BCS client 22 User Guide June 2015 3 0 Archives This menu allows users to access clearing reference data like available markets product classes tradable series and clearing members It allows also to manage sub accounts and automatic give up codes 3 1 Markets The Markets window shows the information concerning the markets to which the member belongs to eo I I Aa ce 5 Acronym Alpha code Description ICSD EUROMOT EUROTLX AGREX DERIVATI SU COMMODITIES AGRICOLE MOT MOT TLX OBBLIGAZIONARIO RETAIL IDEX MERCATO DERIVATI SU ENERGIA MTS MERCATO TELEMATICO TITOLI STATO MTA MERCATO TELEMATICO DELLE AZIONI IDEM ITALIAN DERIVATIVES MARKET User Guide June 2015 Table columns description Id Market identification code Acronym Market identification name Alpha code Market alphanumeric code Description Market description 3 2 Classes The Classes window shows the list of the classes of the markets to which the member belongs to A class is a group of derivatives instruments options or futures with the same underlying E Instrument Description de Underlying Min margin Margin int UNIPOLSAI FUTURES CASH RETT 19 05 170004827447 UNIPOLSAI FUTURES CASH 170004827447 UNIPOL STOCK FUTURE CASH 170004810054 UNICREDIT STOCK FUTURE CASH 170004781412 UBI B FU S TERNA TRASMISSIO
34. client server architecture the server layer is located at one of the IDEM server farms and connected to the Clearing system and markets through their network access points On the other hand the client layer should be installed on the clearing members work environment BCS GUI is the comprehensive solution for all IDEM clearing functionalities The electronic platform supporting the client application is structured to make its access independent from the technical frame features of central systems 1 3 How to get started In order to access to the clearing services through BCS the user needs a login name a password and a Member Code These data have to be requested to Borsa Italiana BCS GUI can be downloaded from the Borsa Italiana website www borsaitaliana it and installed on one or more members PCs The BCS GUI needs Java Virtual Machine V 1 6 or higher A compatible version of the JVM will be installed during the setup process of the BCS GUI The client can be used to reach production PDC SDC or test environment CDS By default the Client will point to the production environment The user can select the desired environment at the startup in the login window Before starting the application is warmly suggested to the user to uninstall any previous version of the BCS GUI and to test the connectivity from the local desk to the BCS application servers This involves the following steps close the BCS GUI if running ver
35. e update is sent during the same day After the selection the download of the report will start showing a progress bar that will alert about the remaining and the elapsed time for this action The user can abort the download clicking on the Break button and then on Close 106 User Guide June 2015 10 0 Tools This menu allows to access the Monito and the Intraday Margin Calls windows 10 1 Monitor The Monitor windows shows in real time the list of clearing events previously subscribed by the user This window is automatically opened by the GUI after the login and show any event generated from that moment on related to the member For General Clearing Members also Non Clearing Members events are shown New events are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window Monitor By default only a subset of clearing events are subscribed for the notification The user could customize the list of events to be shown in this window by clicking the Settings button in the toolbar Lea The Settings button allows the user to select which clearing events to be shown in the Monitor window It s also possible to select the Always Show on Top and the Open at Startup options To enable any change the user should click the Ok button bu The Clear Messages button allows to clear the Monitor window deleting all the listed events Clicking on any event in the Monitor
36. e 2015 Select Open or Close in the Open Close option Select Client or House in the Receiver Account Type option Select the Sub Account in the Sub Account option Insert a value into the Receiver Client Code field optional Insert a value into the Receiver Client Info field optional Press OK button to confirm Or OU OOO A confirmation message will be shown informing that the transaction has been correctly sent Reject Transfer Request Pending position transfers with status H Holding can be rejected by the receiver member The user should right click on the pending transfers in the Heceived Positions table and select Reject The following steps should be performed 1 Press OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent 55 User Guide June 2015 4 4 Sub Account Changes This window lists all the sub account changes of the member For General Clearing Members also Non Clearing Members changes are shown The window lists the sub account changes executed on the current business date New changes are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window In order to have access to previous days sub account changes it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should selec
37. e Inactivation date Creation date Creation date Modify date Modify date Status Give out status Add New Give Out function allows to create a new Give Out client code All fields are mandatory E Add new Give Out Market IDEM ITALIAN DERIVATIVES MARKET Deliver member Account type OHOC Client code Receiver member 00001 Ml sons ITALIANA s p a B Gross position rectificati Y ON Description code Activation date Wed 12 31 2014 Insert Cancel Modify In the Give Out list the user can right click on the row corresponding to the Give Out that has to be modified and select Modify Only enabled fields can be modified 37 User Guide June 2015 E Modify Give Out Market IDEM ITALIAN DERIVATIVES MARKET Deliver member Account type Client code Receiver member MI BORSA ITALIANA S P A gt Gross position rectificati O Y ON Activation date Fri 07 15 2011 O Inactivation date Mon 07 18 2011 38 User Guide June 2015 Take Up This window lists all the Take Up client codes of the member For General Clearing Members also Non Clearing Members Take Up codes are shown New Take Up codes are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update on a Take Up codes is automatically shown Automatic Give Up Give Out Take Up YER TU Lari Marke
38. e chart in the Margin Limits table updates accordingly as soon as a clearing operation that impacts the Margin Limits value is executed a notification with the new value of the Margin Limits is received and the chart in the Margin Limits table updates accordingly 7 4 What If E what If Select the starting Portfolio for the Margin Calculation Empty Portfolio Existing Portfolio Y EE oed E B AA te iB 5 Market Accounttype Sub account Series name ISIN code Long Short Symbol Producttype Openin rare C OMN 170000062072 testpezzi OMN FR0007063177 OMN IT0003121677 OMN IT0001347308 OMN 1E0008471009 OMN ENI6L18 IT0012060163 Y eI n ach Market Accounttype Sub account Series name ISIN code Long Short Symbol Producttype Expiral T116 UCG2W5S3 70 IT0012499700 NICO UCG2W5G3 80 IT0012499718 Calculate Margin Limit This window is composed by three tables e Starting Portfolio lists the available portfolios with an associated margin limit that can be used as a starting point for the What If computation The starting portfolio is to be chosen between an empty one or among the listed ones e Portfolio Definition it shows the composition of the selected portfolio e Positions Delta List it lists the positions to be considered as part of the starting portfolio for the What If computation of the new Margin value By clicking on the Modify button on the bottom it is possible to modify the Positi
39. e executed trades registered in the clearing system It is possible to see the list of trades the history of a single trade and access the functions of International Give Up Trade Transfer Split Open Close Change and Client Code Change The Trades menu is made by the following tabs Trades List it shows the trades of the clearing member and its NCM s and allows to access the functions of International Give Up Trade Transfer Split Open Close Change and Client Code Change Transfers it shows the trade transfers delivered and received of the clearing member and its NCM s it allows to access the functions of Accept Reject and Cancel Trade Transfer Splits it shows the splits of the clearing member and its NCM s Open Close Changes it shows the Open Close Changes of the clearing member and its NCM s Client Code Changes it shows the Client Code Changes of the clearing member and its NCM s Trade History it shows all the clearing operations performed on the selected trade 58 User Guide June 2015 5 1 Trade list This window lists all the trades owned by the member For General Clearing Members also Non Clearing Members trades are shown The window lists the trades of the current business date New trades are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update on a trade i e Client Code Change Open Close
40. e the Modify option A pop up window will be shown Here the user can choose a new subaccount that will be assigned to the client code E Modify Market IDEM ITALIAN DERIVATIVES MARKET Member code Client code Account type Sub account Inactivate The user can right click a specific subaccount client code link choose the Inactivate option Clicking Ok the existing subaccount client code link will be inactivated 34 User Guide June 2015 Client Code Link Changes This window shows all the changes made during the current business day on subaccount client code links for a specific Member For General Clearing Members also Non Clearing Members data are shown New changes are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window Displayed changes will be active from next business day Table columns description Market Trading Market Member Member ABI Code Client code Client code Account type Account type House Client Sub account Sub Account Modify Type Description of requested operation type Modify Time Modify Time Delete It is possible to delete a change made on a subaccount client code link right clicking on the corresponding row and selecting Delete a dialog window will pop up the user should select Ok to delete the change 35 User Guide June 2015 3 7 Automatic Give up The A
41. e window 8 Click the Calculate Margin Limit button at the bottom of the previous window to calculate the new margin value o pa o n 100 User Guide June 2015 8 0 Guarantees This window shows collateral securities deposited in the Clearing System 8 1 Collateral Guarantees This window shows the list of securities eligible to be deposited in the clearing system 2 Collateral guarantees Y e em DP AE 3 ISIN code Description Currency Price Headcut NL0010364139 DSL 15 04 2016 NL0010200606 DSL 15 01 2018 IT0004987191 BTPS15 12 16 170004978208 CTZ31 12 15 24M IT0004957574 BTP 3 5096 DC18 IT0004953417 BTP 01 03 2024 IT0004938186 CTZ 13 30 06 15 24M IT0004923998 BTPS 01 09 44 IT0004922908 CCT01 11 18 IT0004917792 BTPS 15 05 16 IT0004907843 BTPS 3 500 01 06 18 IT0004898034 BTPS 4 500 01 05 23 IT0004890882 BTPSi 1 700 15 09 18 IT0004889033 BTPS 01 09 28 IT0004880990 BTPS 01 12 15 IT0004867070 BTPS 1 11 17 IT0004848831 BTPS 1 11 22 IT0004840788 BTPS 4 500 15 07 15 IT0004820426 BTP 01 06 2017 IT0004809809 CCTeu 1 424 15 06 17 IT0004806888 BTP IT0004805070 BTP 01032015 Table columns description ISIN Code Security ISIN Code 101 User Guide June 2015 Description Security description Currency Security currency Price Market price is calculated for Government bonds different from BOT as the compounded average market price on MTS If not available a price meaningful of market
42. ents Exercises Early exercises Assignments Assignments ITM amount In the money amount Rectify Rectify allows to increase decrease positions in options on share or index It s possible to rectify only IDEM market positions on Client account In order to execute a Rectify the user should select a position from the Positions List right click on it and select Rectify Rectify position Volume ae O Increase Decrease 45 User Guide June 2015 A pop up will be opened The following steps should be performed T Insert a value into the Volume field 2 Select the ncrease or Decrease option 3 Press OK button to confirm A confirmation message informs the user that the transaction has been successfully committed Transfer The Position Transfer allows to transfer an open position to another clearing member The clearing system processes the transfer request only after the counterpart has accepted the received position It is possible to transfer positions only to counterparts other than the member itself The user can access the position Transfer function right clicking on a specified position in the positions list also multiple selection is allowed E Transfer positions x Market ISIN code Sub account Volume Long Short Rectify position Additional info Transaction result DER 170011509483 Long Receiver member BORSA ITALIANA S P A B 46 User Guide June 2015 In orde
43. eral Clearing Members also Non Clearing Members Open Close Changes are shown The window lists the changes executed on the current business date New Open Close Changes are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window In order to have access to previous days Open Close Changes it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market field and click on the Download button Open Close Changes that match the specified criteria will be displayed Table columns description Open Close Open Close O Open C Close Sub Account Sub Account Market Trading Market ABI Code Clearing Member Identification Code for the Clearing system Trade Date Business Date of the Trade Contract number Trade Identification Number assigned by the Clearing system Unique Key for a Trade is made by Contract Number Side Trade Date Account type Account Type House Client Symbol Alphanumeric Symbol of Underlying Client Info Optional free text notes Client Code Client Alphanumeric Code Expiration date Expiration Date of the Tradable Series Strike Price Strike Price of the Tradable Series Put Call Option type P Put C Call ISIN code ISIN code of the Tradable Series Series Name Name of the Tradab
44. eries Name Name of the Tradable Series Symbol Account Type Expiration Month Assignment Date Sub account Strike Price Put Call Assigned Quantity Alphanumeric symbol of underlying instrument Account type House Client Expiration Month Assignment Date Sub Account Strike price Put Call Assigned Quantity 91 User Guide June 2015 7 0 Risk Management This menu allows to access to all the Risk Management functionalities Trade Limit Position Limit Margin Limit and What If The Risk Management menu is made by the following windows Trades Limit it shows the list of trade limits of the clearing member and its NCM s and allows to create a new limit or change and delete an existing limit for each trade limit an alarm will be shown as soon as a new executed trade fall under the imposed trade limit threshold this check will be carried out evaluating for each new executed trades the notional value for derivatives products or the counter value for stock contracts o for derivatives instruments the notional value is calculated multiplying the price by the quantity by the Index Point Value or Contract Size if the instrument is on Index or on Stock for a future instruments the price variable might refer to the trade price settlement price or a VWAP price while for an option instrument the price variable might refer to the premium or the strike price o for stock instruments the counter value is c
45. formed 1 Insert a value into the Client Code field 2 Insert a value into the Client Info field optional 3 Press the OK button to confirm In case multiple trades have been selected it s possible to insert the same Client Code and the same Client Info values in all of them at the same time using the copy and paste functionality CTRL C CTRL V in the Client Code Change window 66 User Guide June 2015 Trade History The Trade History allows to download all the clearing operations done on a selected trade In order to access the Trade History the user should select a trade from the Trades List right click on it and select Trade History A pop up will be shown listing each clearing operation performed on the trade Table columns description ABI Code Clearing Member Identification Code for the Clearing system Market Trading Market Trade Date Business Date of the Trade Contract Number Trade Identification Number assigned by the Clearing system Unique Key for a Trade is made by Contract Number Side Trade Date Side Side of the Trade Buy Sell Trade Price Price of the Trade Quantity Quantity of the Trade Contract State Account Type Sub Account Series Name ISIN Code Order Number Original Contract Number Market Contract Number Trade Time Symbol Expiration Month Strike Price State of the Trade T Active C Cancelled Account Type House Client Sub Account
46. he bottom it is possible to add a new portfolio with a new associated margin limit through the following window 97 User Guide June 2015 E Add Margin Limit Portfolio Portfolio Type O Standard Custom Portfolio Name New Portfolio E Market MTA MERCATO TELEMATICO DELLE AZIONI Members DoubleClick on the record to add to the Members List 95000 BORSA ITALIANA Members List Cum Margin Limit Margin Limit Name Test Margin Limit Limit 1 Initial margin 10000 Limit 2 Limit 3 The following steps should be performed Select the Portfolio Type between Standard and Custom Insert the Portfolio Name in the related text box Select the ABI code from the combobox Select the Account Type from the combobox Select the Market from the related combobox Select the list of Members to be added in the new portfolio from the list of the available ones 7 Define the Margin Limit by filling in the related text boxes Margin Limit Name Initial Margin value Limit 1 Limit 2 and Limit 3 values Qo as Coco ee e Portfolio Definition it shows the composition of the selected portfolio 98 User Guide June 2015 e Margin Limits it shows for each portfolio the timetable of the margin limit values of the current business day and the threshold of the Limit1 Limit2 and Limit3 Every five minutes a notification with the Margin Limit value is received and th
47. he receiver accepted or rejected it The position is still owned by the sender 52 User Guide June 2015 Table columns description Deliver Member Deliver ABI Code Receiver Member Receiver ABI Code Deliver Name Deliver Name Receiver Name Receiver Name Status Status of the Transfer H Holding P Processed R Rejected C Cancelled Additional Info Free text additional information Market Trading Market ISIN Code ISIN code of the Tradable Series Sub Account Sub Account Volume Transfer Quantity Long Short Position type Long Short Series Name Name of the Tradable Series Transfer Date Business Date of the Transfer Entry Time Entry Time of the Transfer when the Deliver Clearing Member sent the Transfer Request Execution Time Execution Time of the Transfer when the Receiver Clearing Member accepted rejected the Transfer Request Symbol Alphanumeric Symbol of Underlying Expiry Month Expiration Month of the Tradable Series Strike Price Strike Price of the Tradable Series Put Call Option type Put Call of the Tradable Series Transfer Price Transfer Price Deliver Account Type Deliver Account Type House Client Receiver Account Type Receiver Account Type House Client 53 User Guide June 2015 Deliver Client Info Deliver Client Info Delive
48. ify with the customer network department if a natted IP address is used to reach the BCS application servers instead of the real addresses If the real IP address is used go into the BCS GUI installation directory usually C Program Files Borsa Italiana BCS Client XXX and locate the GKApi J Version xml file in the etc Server directory verify that the file contains the real IP addresses of the BCS application servers the IP address should be specified in the TCP_IP tag of each application server User Guide June 2015 SERVER name BCSPRODUCTIONSERVER gt lt TCP_IP gt SSS lt TCP_1p gt lt TCP_PORT gt 34900 lt TCP_PORT gt lt KEEPALIVE_TIMEOUT gt 20 lt KEEPALIVE_TIMEOUT gt lt TRANSPORT_BUFFER gt 1024 lt TRANSPORT_BUFFER gt lt APPLICATION_WINDOW_SIZE gt 20000 lt APPLICATION_WINDOW_SIZE gt lt TRACE_LEVEL gt ERR lt TRACE_LEVEL gt lt TRANSACTION_BUFFER_SIZE gt 2000 lt TRANSACTION_BUFFER_SIZE gt lt SUBSCRIPTION_BUFFER_SIZE gt 2000 lt SUBSCRIPTION_BUFFER_SIZE gt lt INQUIRE_BUFFER_SIZE gt 2000 lt INQUIRE_BUFFER_SIZE gt lt TCP_BUFFER_SIZE gt 10240 lt TCP_BUFFER_SIZE gt lt SERVER gt telnet the BCS application server IP addresses and ports from the user local PC
49. inl E M Total Quantity Mean Weighted Price 1 0000 Receiver member BORSA ITALIANA S P A Bn 61 User Guide June 2015 In order to send an International Give up the user should select one or more trades from the Trades List right click on them and select International Give Up The following steps should be performed 1 Select Yes or No in the Rectify Position option Selecting Yes the clearing system will automatically increase the positions in case they are no more available when the receiver clearing member accepts the transfer i e in case of trade executions on the transferred series 3 Insert a value into the Additional Info field optional 4 Select the Receiver Member specifying the ABI code or the clearing member description 5 Press the OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent Trade Transfer The Trade Transfer allows to send one or more trades to another clearing member The transfer is performed at the execution price The settlement of the variation margins or the premium as well is performed accordingly Only the clearer has to deposit initial margins The clearing system processes the transfer request only after the counterpart has accepted the received trade This function is available only on T 1 and T 2 trades It is possible to transfer trades only to counterparts other than the member itself
50. intend 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 Let s see the syntax to be used for regular expressions and the meaning of each abbreviation x x character l 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 4 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 a Indicates the beginning of the string Indicates the end of the string Define a sub expression X X which recurs 0 or one time x X which recurs 0 or several times X 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 110 User Guide
51. it value is received and the 96 User Guide June 2015 chart in the Position Limit Values table updates accordingly as soon as a clearing operation that impacts the Position Limit value is executed a notification with the new value of the Position Limit is received and the chart in the Position Limit Values table updates accordingly 7 3 Margin Limit This window is composed by three tables E Margin Limits ai EC 2500200 p 2 000 000 1 500 000 1 000 000 500 000 o 1530 15 32 15 14 15 16 15 18 15 20 15 22 15 24 15 28 15 28 15 30 15 32 15 34 15 36 15 38 15 40 15 42 15 44 15 48 15 48 15 50 15 52 15 54 Peo Rash ittype Sub account ISIN code Long Short Symbol Producttype Opening date Last operation Long at opening Short at opening OMN DE0008404005 140 0 1 23 15 OMN DE000BASF111 0 70000 1 21 15 OMN IT0001353140 0 1100 e Portfolios lists all the existing portfolios of the clearing member and its NCM s with an associated margin limit By right clicking on the portfolio it is possible to change the portfolio and the related margin limit or to delete them By clicking on the icon next to the Portfolio name the details of the portfolio and of the related margin limit are shown In case the risk engine doesn t work properly and the margin limit computation is not possible the corresponding Portfolio name will be highlighted with a yellow background By clicking on the Add button on t
52. le Series Quantity Quantity of the Trade Side Side of the Trade Buy Sell Market Contract Trade Identification Number assigned by the Trading System User Guide June 2015 Number Request Time Execution Time of the Open Close Change Request Request Date Execution Date of the Open Close Change Request Request State State of the Open Close Change Request Return Code Return Code of the Open Close Change Request 5 5 Client Code Changes This window lists all the Client Code Changes executed by the member For General Clearing Members also Non Clearing Members Open Close Changes are shown The window lists the changes executed on the current business date New Client Code Changes are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window In order to have access to previous days Client Code Changes it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market field and click on the Download button Client Code Changes that match the specified criteria will be displayed Table columns description Client Code Client Alphanumeric Code Original Client Client Code before the Client Code Change Code Client Info Optional free text notes Sub Account Sub Account Original Sub S
53. lect a trade from the Trades List right click on it and select Split Market Trade date Contract number 6 25 15 ABI code Market Trade date Contract number 95000 DER 6 25 15 95000 DER 6 25 15 Side Trade price Cont Client code Client info Quantity 101 15 Side Trade price Cont Client code Client info Quantity S 23 055 000000 S 23 055 000000 Remaining Quantity O Rectify position 63 User Guide June 2015 A pop up will be opened showing in the higher part the current trade and in the lower part the trades that will be created after the split The following steps should be performed 1 Insert a value into the Quantity field in both the rows of the New Trades table In case more than two trades should be generated from the split the total amount should be lower than the quantity of the original trade in this case an additional row will be shown in the New Trades table allowing to specify the Quantity field for another trade The Hemaining Quantity indicator in the lower part of the window shows the quantity of the original trade that still needs to be allocated Repeat the insertion of the quantity for each trade that should be generated from the split up to 8 trades Insert a value into the Client Code field in any row of the New Trades table optional Insert a value into the Client Info field in any row of the New Trades table optional Press the OK button to confirm A confirmatio
54. ll Io i6 IP ity it itr it ith 9 IN Expiry day 06 2017 A 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 06 2017 03 2015 03 2015 02 2015 Y gt Symbol Class Symbol Product Product type B bond C equity and fund quotes F future O option R type repo V convertible W warrant Strike price Strike Price Put Call Option type Put Call Market Trading market ISIN Code Instrument ISIN code Series Name of the series 26 User Guide June 2015 name Expiry Day Expiry date Last Last Trading Date Trading Day Closing Daily settlement price closing price Price Last Day Last day settlement price Price Closing Closing price reference date Price Date Underlying Underlying product reference price Price Open Open Long short positions amount interest Volatility Volatility calculated by the clearing system 3 4 Participants The Participants window shows the members list for each market Only members of the markets to which the member belongs to are shown 27 User Guide June 2015 Table columns description ABI Code Clearing Member Identification Code for the Clearing system CED Code Market assigned numeric code Description Member name Mnemonic Alphanumeric code Participant Member clearing code Code Market Trading Market T
55. ll ExpiryDay StrikePrice if the LimitIndicator field is blank the StrikePrice value is considered as default value Clicking on the icon next to the Limit name the details of the limit are shown Qu o ms e Trade Limit Definition it shows all the series included in the selected Trade Limit e Trade Limit Alarm it shows an alarm as soon as an executed trade fall under the imposed trade limit threshold 94 User Guide June 2015 7 2 Position Limit Positions Limit Aposition B ENIMTAPosition osition Limit Values amp Wy MTAFNC amp 82across3069 40 000 EW crossmtaa2a A EW ENEMTaOnB03249 E MTAa2a2599 90009 MTAposition3069 25 000 Test Andrea Pe mm 20 000 ENEMTaOnB03069 25000 MTAace2599 10 000 5 000 o SE C Aa te 3 MTA H OMN ENI 170003132476 MTA c OMN ENI 170003132476 This window is composed by three tables 1506 1508 15 10 15 12 15 14 15 16 15 18 1520 1522 1524 16 26 1528 1530 1532 1534 1536 1538 15 40 15 42 15 4 15 49 15 48 45 5 o o o o o o o o 601 C 6 11 15 0 2000 6 11 15 0 gt lt D gt e Positions Limit lists all the existing position limits right clicking on the limit it is possible to change or delete the position limit clicking on the icon next to the Limit name the details of the limit are shown In case the risk engine doesn t work properly and the limit computation is not possible the corresponding position li
56. lumns description Deliver Member Deliver ABI Code Receiver Member Receiver ABI Code Deliver Name Deliver Name Receiver Name Receiver Name 69 User Guide June 2015 Status Status of the Transfer H Holding P Processed R Rejected C Cancelled Additional Info Free text additional information Market Trading Market Trade Date Business Date of the Trade Contract Number Trade Identification Number assigned by the Clearing system Unique Key for a Trade is made by Contract Number Side Trade Date Side Side of the Trade Buy Sell Series Name Name of the Tradable Series ISIN Code ISIN code of the Tradable Series Original Contract Number Trade Identification Number for the Clearing system before a split In case of multiple splits the Contract Number of the original trade is shown Market Contract Number Trade Identification Number assigned by the Trading System Transfer Date Business Date of the Transfer Entry Time Entry Time of the Transfer when the Deliver Clearing Member sent the Transfer Request Execution Time Execution Time of the Transfer when the Receiver Clearing Member accepted rejected the Transfer Request Price Symbol Expiration Month Strike Price Put Call Deliver Account Type Receiver Account Type Deliver Client Info Transfer Price Alphanumeric Symbol of Underlying Expiration Month of the Tradable
57. mit name will be highlighted with a yellow background Clicking on the Add button on the bottom it is possible to add a new position limit through the following window 95 User Guide June 2015 The following steps should be performed E Add Position Limit IDEM ITALIAN DERIVATIVES MARKET Position Limit Name Lii Market MTA MERCATO TELEMATICO DELLE AZIONI MR arket MTS MERCATO TELEMATICO TITOLI STATO 598 MIC MERCATO INTERB COLLATERALIZZATO v A 20150821 Expiry Day List Strike Price List v Limit 2 of Limit 1 30 Add Close Select the market from the Market List Insert the Position Limit Name in the related text box Select the ABI code from the combobox Select the ProductGroup from the combobox Define a value for the Limit1 Ord ONS In order to narrow the subset of positions to be included in the limit it is possible to select values for ProductType Put Call ExpiryDay StrikePrice if the LimitIndicator field is blank the StrikePrice value is considered as default value e Position Limit Definition it shows all the positions included in the selected Positions Limit e Position Limit Values it shows the timetable of the limit values and the threshold of the Limit1 and if specified in the PositionLimit definition the threshold of Limit 2 and Limit 3 Every five minutes a notification with the Position Lim
58. n in descending order the table The Quick Filter button allows to filter the rows of the table basing on a value of the selected column The Remove All Sorts button allows to remove any sort previously defined on any column of X 21 User Guide June 2015 Te EHR EE Ed Rl E ED RS The Remove All Quick Filters button allows to remove any filter previously defined on any column of the table The Remove Current Quick Filter button allows to remove a filter previously defined on the selected column of the table The Columns button allows to access a submenu with the following functions Hide Column Customize Autofit Column and Autofit All The Colors button allows to access a submenu with the following functions Background and Foreground The Font button allows to select the font of the data displayed in the table The Select button allows to select all the rows of the table basing on a value of the selected column The Export to Excel button allows to export the content of the table into a Microsoft Excel file The Print button allows to print the data of the table Only data shown on the screen is printed hidden columns if any or filtered data will not be printed The Print Preview button allows to have a preview of the data before it will be printed 2 3 Saving and closing windows The Save Environment function in the File menu of the Main Menu allows to save the windows current configuration i e filters
59. n message will be shown informing that the transaction has been correctly sent 64 User Guide June 2015 Open Close Change This function is allowed only on T trades In order to execute an Open Close Change the user should select one or more trades from the Trades List right click on them and select Open Close Change Close Change x ABI code Market Contract number Side Trade price Open Close Rectify position Transaction result 23 055 000000 Ekes fs E The following steps should be performed Ts Select Open or Close in the Open Close option 2 Select Yes or No in the Rectify Position option 3 Press OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent 65 User Guide June 2015 Client Code Change The Client Code Change allows to change the Client Code and the Client Info values of one ore more trades This operation could trigger a Sub Account Change or an Automatic Give Up in case the specified Client Code has been previously created and associated to any of this functionalities see sections 3 6 and 3 7 E Client Code Change x ABI code Market Contract number Side Trade price Client code Client info Transaction result 19164 B 23 055 000000 In order to execute a Client Code Change the user should select one or more trades from the Trades List right click on them and select Client Code Change The following steps should be per
60. n the screen is printed hidden columns if any or filtered data will not be printed The Print Preview button allows to have a preview of the data before it will be printed Ed E Ed a LJ Business Date Bar Tue 01 13 2015 A Business Date Bar is present in the windows of the BCS GUI where previous days data are available By default the current business day is selected In order to download data from a specific business date the user should click on the button next to the current business day tab and select the date of interest up to T 5 A new tab will be shown in the bar allowing to download data of the selected business date and to access the other clearing functionalities It s possible to switch between any active tab of the Business Date Bar in any time Any tab will be automatically updated in case of a change on the displayed data even if the tab is active in background 20 User Guide June 2015 Table functions It s possible to access a basic set of functions for the data management right clicking on the table header of every BCS window ISIN code Sort by ascending oduct type Expira Sort by descending LYS Remove All Sorts IE00B4275 Y Quick Filter JEQOB2NFTQ X CY to Cy iG Oy ita 1 C ie OY EN NE Oy EGO OY E63 CY Te B4 The Sort By Ascending button allows to sort the data of the column in ascending order The Sort By Descending button allows to sort the data of the colum
61. nge result 103 User Guide June 2015 9 0 Report This window shows the list of clearing reports provided by the clearing system together with the Order and Trades files provided by the trading system 9 1 Report This window 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 General Clearing Member can manage and download also its NCM s reports selecting the corresponding tab 06 24 2015 MEET BORSA ITALIANA Y D E Lu a a B A GCM Reporttype Description XML TXT 0 bytes 216 bytes 0 bytes 184 bytes EQUITY AND DERIVATIVES GROSS INITIAL MARGIN PRODUCT GROUP BY SUB ACCOUNT EQUITY AND DERIVATIVES GROSS INITIAL MARGIN BY PRODUCT GROUP 298 bytes 184 bytes 291 bytes 184 bytes E3290 bytes E 185 bytes PREMIUMS AND VARIATION MARGINS TO BE SETTLED ON A GROSS AND NET BASIS 269 bytes 185 bytes XCOM DELIVER FAIL POSITIONS XCOM MEMBER FAIL POSITIONS XCOM DELIVERY POSITIONS XCOM MEMBER POSITIONS OPTIONS AND FUTURES POSITIONS PER ACCOUNT AND SUB ACCOUNT 283 bytes 185 bytes TRADES AND POSITIONS WHICH HAVE BEEN GIVEN OUT AND TAKEN UP SAME DAY BONDS ICSDS CLEARING FEES BONDS CLEARING FEES SERVICE MEMBER FEES PER ACCOUNT CLEARING FEES PER ACCOUNT PER DAY 521 bytes 218 bytes E3293 bytes E 183 bytes BONDS ICSDS SETTLEMENT FINAL BALANCES FOR SETTLEMENT AGENT BONDS ICSDS SETTLEMENT PRO
62. nnnnnnnnnnnnnnnnnnnan B B B B B B B B B B B B B 8 8 B B B B B B B B B B B B B B gt User Guide June 2015 In order to have access to previous days trades it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market the Account Type and the Side fields and click on the Download button Trades that match the specified criteria will be displayed Table columns description ABI Code Clearing Member Identification Code for the Clearing system Market Trading Market Trade Date Business Date of the Trade Contract Number Side Trade Price Quantity Contract State Account Type Sub Account Series Name ISIN Code Order Number Original Contract Number Market Contract Number Trade Time Symbol Expiration Month Trade Identification Number assigned by the Clearing system Unique Key for a Trade is made by Market Contract Number Side Trade Date Side of the Trade Buy Sell Price of the Trade Quantity of the Trade State of the Trade T Active C Cancelled Account Type House Client Sub Account Name of the Tradable Series ISIN code of the Tradable Series Unique identifier of the order in the Trading System Trade Identification Number for the Clearing system before a split In case of multiple splits the Contract Number of the
63. onal 3 Press the nsert button to confirm 49 User Guide June 2015 The list of early exercise requests sent can be verified in the Exercise Assignments main menu in the Exercise Request History sub menu Please notice An early exercise can be executed also in the Early Exercise By Positions and Early Exercise By Series windows which can be reached through the Exercise Assignments main menu 4 2 Rectifications This window lists all the position rectifications of the member For General Clearing Members also Non Clearing Members rectifications are shown The window lists the rectifications executed on the current business date New rectifications are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window In order to have access to previous days rectifications it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market field and click on the Download button Rectifications that match the specified criteria will be displayed Rectifications Sub Account Changes Fri 01 5 Y D e La Expiration month Market Strike price Put Call ISIN code Series name Account type Volume Sign Execution date Execution time Status Sub account 03 2015 DER C 17001150 BMPS5C0 17 1 2 15 10 24 44 AM Table columns description
64. ons Delta List through the following window 99 User Guide June 2015 E Positions Delta List Portfolio Type O Standard Custom Portfolio Name Portfolio ABI Code Series List Quick Filters Markets IDEM ITALIAN DERIVATIVES MARKET ME Symbol Product Group Product type Selected 6 on 12955 records Doubleclick on the record to add to the Positions Delta List Market Symbol Producttype Product group SubType Series name ISIN code Strike price Put Call Expiry Normal ENEL7L 170012275506 Normal ENEL6L 170012083348 Normal ENELSL 170012083330 Normal ENELSI 170012094147 0 0000 DER ENEL ENE Normal ENELSH 170012441033 DER ENEL ENE Normal ENELSG 170012403348 5 E Positions Delta List DoubkClick on the record to remowe from the Positions Delta List Market ABI code Series name ISIN code Symbol Producttype Accounttype Sub account Volume Long Short DER 95000 ENELSI IT001209 ENEL 6131 Add Close The following steps should be performed Select the Market from the related combobox Select the Symbol from the related combobox Select the Product Group from the related combobox Select the Product Type from the related combobox Select the positions to be added in the Positions Delta List by double clicking on them In the Position Delta List table for each position select Account Type Sub Account Volume and Long Short from the related combobox 7 Click the Add button at the bottom of th
65. original trade is shown Trade Identification Number assigned by the Trading System Execution Time of the Trade Alphanumeric Symbol of Underlying Expiration Month of the Tradable Series 60 User Guide June 2015 Strike Price Strike Price of the Tradable Series Put Call Option type Put Call of the Tradable Series Open Close Open Close Trader Id Trader Identifier assigned by the Trading System Requested for Transfer Quantity Transferred Quantity Client Code Client Alphanumeric Code Client Info Optional free text notes Trade Source Source of the Trade M Market G Give Up S Split D Data Entry Market Trade Source Market Source of the trade International Give up The International Give Up allows to send one or more trades to another clearing member The transfer is performed at the execution price The settlement of the variation margins or the premium as well is performed accordingly Only the clearer has to deposit initial margins The clearing system processes the transfer request only after the counterpart has accepted the received trade This function is available only on T trades It is possible to transfer trades only to counterparts other than the member itself Only the overall amount of trade can be transferred E International Give Up x ABI code Market Trade date Contract number Side Trade price Qu Additional info Rectify position Transaction result DER 12 29 14 B
66. out the need for manual refresh Any exercise proposal will be automatically updated in case of Exercise By Exception sent by the member E Expiry Exercises Requests Y EE OB IC a G B Market Accounttype ITM OTM Proposed quantity Requested quantity Exercise type Sub account Symbol Expiration month Strike price 02 S 0 0 P OMN ENEL 01 2015 30 OMN ENEL 01 2015 User Guide June 2015 Table column description Market ABI code Trading market Clearing Member Identification Code for the Clearing system Account Type Account Type House Client Sub Account Sub Account Symbol Alphanumeric Symbol of Underlying Expiration month Expiration Month of the Tradable Series Strike Price Strike Price of the Tradable Series Put Call Option type Put Call of the Tradable Series Product Type Product type B bond C equity and fund quotes F future O option R repo V convertible W warrant ISIN Code ISIN code of the Tradable Series Proposed Quantity Requested Quantity Abandoned Quantity Available Quantity Proposed quantity Requested Quantity Abandoned Quantity Available Quantity Exercise type Exercise type P Proposed E Exception ITM OTM In the Money Out of the Money ITM OTM amount In the Money Out of the Money amount Underlying Price Underlying price Series name Name of the Tradable Serie
67. ow or has been cancelled by the member white row In order to have access to previous days transfers it s possible to click on the button on the Business Date Bar and select the date of interest 51 User Guide June 2015 Positions Positions List Transfers Rectifications Sub Account Changes Thu 01 08 2015 MF Receiver member Status Market Volume Long Short ISIN code Series name Transfer date Sub account Entrytime Execution IT0011479364 A2A6FO0 95 3 30 15 PM IT0011587026 ACE519H 3 30 14 PM 4 110011511109 ENI5C17 50 3 30 14 PM 170011577175 DIA7R37 3 29 37 PM 170011458053 EGPW5F1 55 3 29 37 PM 170011473169 EGPW5L1 85 3 29 37 PM Deliver member Status Market Volume Long Short Series name Transfer date Entry time Execution time Receiver member A new tab will appear in the Business Date Bar The user should select the Market field and click on the Download button Transfers that match the specified criteria will be displayed The color of the row shows the transfer status according to the following table Color Status Description Green Processed The receiver accepted the transfer The position is now owned by the receiver Red Rejected The receiver rejected the transfer The position is still owned by the sender Yellow Holding The receiver didn t accept or reject the transfer yet The position is still owned by the sender White Cancelled The sender cancelled the transfer request before t
68. r Client Code Deliver Client Code Receiver Client Info Receiver Client Info Receiver Client Code Receiver Client Code Transferred Received Transfer Type Transferred Received Product Type Product type of the Tradable Series B bond C equity and fund quotes F future O option R repo V convertible W warrant Position Value Counter value Cancel Transfer Request Pending position transfers with status H Holding can be cancelled by the deliver member The user should right click on the pending transfers in the Transferred Positions table and select Cancel Transfer Request The following steps should be performed 1 Press OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent Confirm Transfer Request Pending position transfers with status H Holding can be accepted confirmed by the receiver member The user should right click on the pending transfers in the Received Positions table and select Confirm The transfer will be executed by the clearing system only after the user accepts the received position Received positions can be allocated on house or client account If the transfer is accepted the color of the row gets green as soon as the transfer is executed by the clearing system the red row confirms instead that the transfer request has been rejected by the user The following steps should be performed 54 User Guide Jun
69. r Risk Management activities Trades Menu Description Trades Allows to manage executed trades registered in the clearing system It is possible to see the list of trades the history of a single trade and access the functions of International Give Up Trade Transfer Split Open Close Change and Client Code Change User Guide June 2015 Exercise Assignments Menu Description Early Exercise Allows to access the function of Early Exercise Request Expiry Exercise Exercise By Exception Allows to access the function of Exercise By Exception Ex By Ex and see the list of exercises at expiry proposed by the clearing system Exercise Request History Assignments Risk Management List of Early Exercise Requests and Expiry Exercises Exercise By Exception Requests sent to the clearing system by the clearing member and its NCM s List of Assignments received by the clearing system for the clearing member and its NCM s Menu Description Trades Limit Allows to manage the list of trade limits of the clearing member and its NCM s and it shows the alarms list Positions Limit Allows to manage the list of position limits of the clearing member and its NCM s and shows the limit values of the current business day Margin Limits This function will be soon available Allows to manage the list of portfolios of the clearing member and its NCM s and shows the margin limit val
70. r to send a Position Transfer the user should select one or more positions from the Positions List right click on them and select Transfer The following steps should be performed 1 2 3 4 2 6 Insert a value into the Volume field Select Long or Short in the Long Short option Select Yes or No in the Rectify Position option Selecting Yes the clearing system will automatically increase the positions in case they are no more available when the receiver clearing member accepts the transfer i e in case of trade executions on the transferred series Insert a value into the Additional Info field optional Select the Receiver Member specifying the ABI code or the clearing member description Press the OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent 47 User Guide June 2015 Sub Account Change The Sub Account Change allows to change the subaccount of a specific position At the same time it s possible to rectify the position and assign a part of it to the new sub account E Sub Account Changes x Market ISIN code Subac Volume Long Short Rectify position Sub account Additional info Transaction result DER 110011571418 Long No In order to perform a Sub Account Change the user should select a position from the Positions List right click on it and select Sub Account Change The following steps should be performed 1 Inser
71. ransfer i e transfer status changed is automatically shown The window is composed by two tables the Transferred Trades and the Received Trades The Transferred Trades table shows all the transfers sent by the member to other clearing members The Received Trades table shows all the transfers received by the member The color of the row identifies if the request has been accepted by the receiver clearing member green row has been refused red row is still pending yellow row or has been cancelled by the member white row In order to have access to previous days transfers it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market field and click on the Download button Transfers that match the specified criteria will be displayed The color of the row shows the transfer status according to the following table eee SSeS Color Status Description Green Processed The receiver accepted the transfer The trade is now owned by the receiver Red Rejected The receiver rejected the transfer The trade is still owned by the sender Yellow Holding The receiver didn t accept or reject the transfer yet The trade is still owned by the sender White Cancelled The sender cancelled the transfer request before the receiver accepted or rejected it The trade is still owned by the sender Table co
72. ry window right click on it and select Cancel Early Exercise Request The following steps should be performed 1 Press the Ok button to confirm 88 User Guide June 2015 Expiry Exercises This window lists on the expiration day all the exercise by exception requests sent by the member For General Clearing Members also Non Clearing Members exercises are shown New exercises are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window E Exercise request history Expiry Exercises Y mL Lar c CS Market ISIN code Sub account Account type Requested quantity Proposed quantity ITM OTM Exercise time 5325 IMN 1 Table column description Market Trading market ABI Code Clearing Member Identification Code for the Clearing system Sub Account Sub account of the position ISIN Code ISIN Code of the Tradable Series Account Type Account type House Client Requested Quantity Requested Quantity Proposed Quantity Proposed Quantity ITM OTM In the Money Out of the Money ITM OTM amount In the Money Out of the Money Amount Exercise time Time of the Exercise Request 89 User Guide June 2015 Symbol Alphanumeric symbol of underlying instrument Series Name Name of the Tradable Series Strike Price Strike price Put Call Put Call Expiration month Expiration Month Additional info Free text additional info Product Type
73. s 82 User Guide June 2015 Exercise By Exception Request The Exercise By Exception allows the user to send 1 arequest to partially or entirely exercise an Out of the Money option which would be otherwise abandoned by the clearing system 2 arequest to entirely abandon an In the Money option which would be otherwise exercised by the clearing system In order to send an Exercise By Exception request the user should select an expiry exercise proposal from the Expiry Exercise Exercise By Exception By Positions window right click on it and select Exercise by Exception S Exercise request ABI code Account type OH OC qm 1 Additional info Proposed positions 0 Positions to exercise 0 Positions to abandon Cancel 83 User Guide June 2015 The following steps should be performed 1 Insert the number of positions to be exercised by exception into the Quantity field the quantity field is limited to six digits Every Exercise by Exception sent replaces a previous request already sent on the same ISIN Code Abi Code Account Type Sub Account 2 Insert a value into the Additional Info field optional 3 Press the nsert button to confirm The list of exercise by exception requests sent can be downloaded through the Exercise Assignments main menu in the Exercise Request History sub menu Please notice An exercise by exception can be executed also in the Expiry Exercise
74. sent to the user Any other clearing function will be available If the CC amp G component is partially unavailable yellow it will not be possible to submit transactions to the clearing system historical data could not be downloaded the trade history function will not be available If the CC amp G component is totally unavailable red it will not be possible to submit transactions to the clearing system real time updates will not be available historical data could not be downloaded the trade history function will not be available clearing reports will be available If the Risk Management component is not available red it will not be possible to receive alarms and margin values updates and it will not be possible to change the limit and portfolios definition Any other clearing function will be available If the Real Time component is not available it will be possible to send submit transactions to the clearing system anyway data shown in the GUI may not be updated Active Windows Bar This bar shows a button for every active window of the GUI Clicking on a button will open the corresponding window User Guide June 2015 2 2 Windows layout This section describes the layout of the BCS windows and the basic functions which can be executed in order to manage sort filter and export data Toolbar The main windows of the BCS GUI have a toolbar on the top which contains a basic set of functions The Filter bu
75. t the Market field and click on the Download button Sub Account Changes that match the specified criteria will be displayed E Positions Positions List Transfers Rectifications Sub Account Changes Thu 06 25 2015 YZS Filte Mark quest date Request Time Long Short Accounttype Original sub account Sub account Rectify position Series name 6 25 15 3 05 54 PM N MINISI Table columns description Market Trading Market ABI Code Clearing Member Identification Code for the Clearing system Request Date Date of the modification request Request Time Time of the modification request Long Short Position type Long Short Account Type Account Type House Client Original Sub Account Original sub account identifier Sub Account sub account identifier 56 User Guide June 2015 Rectify Position Gross position rectification flag Symbol Alphanumeric symbol of underlying financial instrument Expiration Date Expiration Date Strike Price Strike Price Put Call Option type Put Call Product Type Product type B bond C equity and fund quotes F future O option R repo V convertible W warrant ISIN Code ISIN Code Series Name Name of the series Quantity Quantity Transfer Price Transfer price Request State Request state Return Code Operation result Counter value Countervalue User Guide June 2015 5 0 Trades This menu allows to manag
76. t the number of positions to be transferred into the Volume field 2 Select Long or Short in the Long Short option 3 Select Yes or No in the Rectify Position option Selecting Yes the clearing system will automatically increase the positions in case they are no more available when the receiver clearing member accepts the transfer i e in case of trade executions on the transferred series 4 Select the new Sub Account of the position in the Sub Account option D Insert a value into the Additional Info field optional 6 Press the OK button to confirm A confirmation message will be shown informing that the transaction has been correctly sent 48 User Guide June 2015 Early Exercise Request The Early Exercise Request allows to send early exercise requests to the clearing system In order to send an Early Exercise Request the user should select a position from the Positions List right click on it and select Early Exercise Request Exercise request ABI code 92008 Account type OH OC n Additional info Cancel The following steps should be performed 1 Insert the number of positions to be early exercised into the Quantity field the quantity field is limited to four digits In order to early exercise a quantity with more than four digits the user should send more than one request to cover the whole amount of positions to exercise 2 Insert a value into the Additional Info field opti
77. t v Deliver mem Receiver member Accounttype Client code Table columns description Market Additional info Open Close Description code Activation date Trading market Deliver member Trading member code Client code Client code Account type House Client account type Receiver member Clearing member code Open Close Open Close Assigned by Trader Description code Description the deliver member has to specify the same code into description code field of the corresponding Give Out Additional info Free text additional information Activation date Activation date Inactivation date Inactivation date Creation date Creation date Modify date Modification date Status Take Up status 39 User Guide June 2015 User Guide June 2015 Add new Take Up This function allows to create a new Take Up client code I Add new Take Up IDEM ITALIAN DERIVATIVES MARKET Deliver member 00001 M BORSA ITALIANA s p a Receiver member Account type OHO C Client code Additional info Open Close Open Close Assigned by Trader Description code Activation date Wed 12 31 2014 Y Insert Cancel All fields are mandatory except for Additional Info The value Assigned by Trader in the Open Close field will assign to the incoming trade the same value specified for
78. the current business date New splits are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window In order to have access to previous days splits it s possible to click on the button on the Business Date Bar and select the date of interest A new tab will appear in the Business Date Bar The user should select the Market field and click on the Download button Splits that match the specified criteria will be displayed Table columns description ABI Code Clearing Member Identification Code for the Clearing system Market Trading Market Contract number Trade Identification Number assigned by the Clearing system Unique Key for a Trade is made by Contract Number Side Trade Date Original Contract Number Series name Trade date Buy Sell Account type Quantity Client info Client code Market Number Contract Trade Identification Number for the Clearing system before a split In case of multiple splits the Contract Number of the original trade is shown Name of the Tradable Series Business Date of the Trade Side of the Trade Buy Sell Account Type House Client Quantity of the Trade Optional free text notes Client Alphanumeric Code Trade Identification Number assigned by the Trading System 73 User Guide June 2015 5 4 Open Close Changes This window lists all the Open Close Changes executed by the member For Gen
79. tion of Early Exercise By Position i e by seeking the option position to exercise within the list of the open positions or By Series i e by seeking the option series to exercise within the list of all the option series e Expiry Exercise Exercise By Exception it allows to access the function of Expiry Exercise Exercise By Exception By Positions i e by seeking the expiring option position within the list of the expiring option positions where are also indicated the automatic exercises proposed by the clearing system or By Series i e by seeking the expiring option series within the list of all the expiring option series e Exercise Request History it shows the early exercise requests and the expiry exercises Exercise By Exception requests sent by the member to the clearing system e Assignments it shows all the assignments received by the member for its short option positions The information for the use of the above mentioned functions are provided below 6 1 Early Exercise By Positions This window lists all the options positions of the member for which is possible to send an Early Exercise Request long positions For General Clearing Members also Non Clearing Members data are shown New data are automatically shown as soon as they are processed by the clearing system without the need for manual refresh of the window At the same way any update on a position is automatically shown 77 User Guide
80. tton allows to enable a set of background filters on the displayed data Where allowed regular expressions can be used See Appendix A Regular Expressions a Filters O Active Client Client info Contract number Market v O Filters off Ok Cancel El The Select All button allows to select all the rows of the table User Guide June 2015 ASCII PDF file ES E E Customize Select visible columns Visible columns ABI code Market amp Trade date amp Contract number Side Trade price Quantity Contract state Account type Sub account Series name The Autofit button allows to automatically resize the columns width in order to fully show the data contained in the cells of the table The Save button allows to export the content of the table into a Microsoft Excel file or to an The Customize button allows to select which columns to show in the table and in which order It s possible to select which columns have to be shown in the fixed part of the table moving them over the red slider User Guide June 2015 The Foreground button allows to select the foreground color of the rows of the table The Background button allows to select the foreground color of the rows of the table The Font button allows to select the font of the data displayed in the table The Print button allows to print the data of the table Only data shown o
81. ub Account before the Client Code Change Account Market Trading Market ABI Code Clearing Member Identification Code for the Clearing system Trade Date Business Date of the Trade Contract Trade Identification Number assigned by the Clearing system Number Unique Key for a Trade is made by 75 User Guide June 2015 Contract Number Side Trade Date Side Side of the Trade Buy Sell Account type Account Type House Client Symbol Alphanumeric Symbol of Underlying Open Close Open Close O Open C Close Rectify Position Rectify Position Y Yes N No Expiration date Expiration Date of the Tradable Series Strike Price Strike Price of the Tradable Series Put Call Option type P Put C Call ISIN code ISIN code of the Tradable Series Series Name Name of the Tradable Series Quantity Quantity of the Trade Request Time Execution Time of the Client Code Change Request Request Date Execution Date of the Client Code Change Request Request State State of the Client Code Change Request Return Code Return Code of the Client Code Change Request 76 User Guide June 2015 6 0 Exercise Assignments This menu allows to exercise the long option positions and verify the assignments received for the short option positions The Exercise Assignments menu is made by the following sub menus e Early Exercise it allows to access the func
82. ues for the current business day What If This function will be soon available Allows to calculate in advance the margin amount that the clearing system will ask to the member in case of a change on a the current open positions Guarantees Menu Description Collateral guarantees List of Collateral guarantees Deposited guarantees List of Deposited guarantees User Guide June 2015 Report Be IIi Menu Description Report List of available clearing reports Tools Hc Menu Description Monitor Shows the main activities of the clearing member and its NCM s in real time Intraday Margin Calls Intraday margins requested by CC amp G The menu bar also contains two status lights 1 BCS Server Connection Status Risk Management Report Tools Help Server IP port Status x2 SERVER DEV 02 10 15 20 125 34900 Connection Up ij SERVER DEV 01 10 15 20 124 34900 Connection Up It shows the connection status of the BCS GUI to the BCS application servers green red User Guide June 2015 2 BCS Server Components Status Risk Management Report Tools Help ww Server Reports CC amp G Risk Management Real Time SERVER DEV 01 o SERVER DEV 02 o Q Oo It shows the status of the BCS server components green red If the Reports component is not available red clearing reports file could not be downloaded any update about the reports availability will not be
83. utomatic Give Up menu allows to manage International Give Up and Trade Transfer operations automatically using client codes associated to specific participants Automatic Give up codes can be set on both sender Give out and receiver Take Up sides Members can set Give Out and Take Up client codes in order to automatically transfer trades among different participants Give Out This window lists all the Give Out client codes of the member For General Clearing Members also Non Clearing Members Give Out codes are shown New Give Out codes are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update on a Give Out codes is automatically shown E Automatic Give Up Grve Out Take Up E SE 9 Il I7 ac Deliver member 4 Receiver mem X Accounttype Client code Rectify position Description code Activation date Inactivation de 5 22 12 3 29 12 Add new Give Out Table columns description Market Trading market Deliver member Deliver member code Client code Client code Account type Account type client only Receiver member Receiver member code Rectify Position Rectify Position Description code Description code receiver member has to specify the same value into Description code field of the corresponding Take Up 36 User Guide June 2015 Activation date Activation date Inactivation dat
84. window will open the corresponding window of the GUI where the information of that event is displayed 107 User Guide June 2015 It s possible to change the colors of the events by clicking on the Background button in the toolbar It S possible to define a color for every type of clearing event Table columns description Time Timestamp of the reception of the clearing event message Event Description of the clearing event 10 2Intraday Margin Call This window shows the requests of additional intraday margins issued by the clearing system to the participant This window will be automatically shown when a new intraday margin call will be required by the clearing system to the clearing member or to one of its NCMs In this case one tab for each NOM will be shown Table columns description Sequence Number Identifier of the request Date Date of the request Account Type Account Type Initial Margin Initial Margin Variation Margin Variation Margin Premium Margin Premium Margin Net Margin Net Margin Asset Guarantees Amount 108 User Guide June 2015 Requested amount Requested Amount Percent Variation Percent Variation Margin Call Type Margin Call Type 109 User Guide June 2015 11 0 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 you
85. ype Member type Individual Clearing member Non Clearing member General Clearing member 3 5 Non Clearing Members The Non Clearing Members window shows for each available market the list of the Non Clearing Members and segregated accounts ISA and AOA of the Clearing Member Table columns description ABI Code Clearing Member Identification Code for the Clearing system CED Code Market assigned numeric code Description Participant name Mnemonic Alphanumeric code Participant Code Participant clearing code Market Trading Market 28 User Guide June 2015 Type Member type Non Clearing member General Clearing member 3 6 SubAccounts The Subaccounts window allows to show and manage the list of subaccounts of the member and its NCMs SubAccount List This window lists all the subaccounts of the Clearing Member For General Clearing Members also Non Clearing Members subaccounts are shown New subaccounts are automatically shown as soon as they are managed by the clearing system without having to manually refresh the window At the same way any update on a subaccount is automatically shown E Sub Accounts Sub Account List Client Code Links Client Code Link Changes Sub account Activation date Sub account status Creation date Market maker flag Liquidity provider flag 12 30 14 Active 12 29 14 12 18 14 Active 12 17 14 12 18 14 Active 12 17 14 12 13 13 Active 12 13 13 12 13 13 Active 12 13 1

GUI User Guide - Borsa Italiana

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