T + 3 Workshops – SLB - jse.co.za 3 Worshops... · LB ACCT. P. Dr. Cr. 100,000 DDT. C GROVE. C...

1

Copyright© JSE Limited 2009

www.jse.co.za

T + 3 Workshops – SLB

21 June 2012

2

Automation of SLB

Removal of the Internal Collateral Functionality

Electronic Pledge functionality

Controlled Client Lending and Borrowing

SAT Securities Lending and Borrowing

SAT Fails Management

T + 3 Workshops - SLB

3

Automation of SLB

Instruction to Lenders CSDP

Loan of securities without cash collateral MT542 DFPLoan of securities with cash collateral MT543 DVP

Receive securities as collateral MT540 RFPReceive cash as collateral No SWIFT messages for cash collateral

Instruction to Borrowers CSDP

Borrow of securities without cash collateral MT540 RFPBorrow of securities with Cash collateral MT541 RVP

Provide securities as collateral MT542 DFPProvide cash as collateral No SWIFT messages for cash collateral


4

Automation of SLB

It is proposed that when a loan or collateral transaction is created that requires securities to be moved between CSDP’s, the user be prompted to indicate (YES/NO) on whether they want a Swift message to be sent immediately to the CSDP or not.

If YES, SWIFT messages will be automatically triggered to the CSDPs

On receipt of an affirmation of this message by the CSDP, the Loan/Collateral transaction will be confirmed for settlement in BDA

If this loan/collateral transaction is incorrect it will have to be ‘repaid’ and an new transaction created, with the associated Swift messages


5

Automation of SLB

If NO, the proposed message will be updated on a ‘Release’ screen.

The user may then correct any incorrect loans before the messages are sent

On receipt of an affirmation of this message by the CSDP, the Loan/Collateral transaction will be confirmed for settlement in BDA

BDA will indicate where messages could potentially be bulked into one. The user would then have the option on sending the bulked message or the individual messages

o If messages are bulked BDA will not confirm the loans on receipt of the affirmation. Confirmation of the loans will have to be done manually

o Bulking of messages must be agreed to by the Lender


6

Automation of SLB

New Screens to be developed

A new ‘Release’ screen will be developed to allow for the releasing of Swift messages at a later stage as highlighted in the previous slides

A new ‘Monitoring’ screen will be developed to display the status of the loan with regard to the Swift messages. The status intimations will also be seen on DSTAT

Whether the message has been sent

Whether the message was affirmed

Whether the loan was confirmed

Whether the loan has settled


7

Automation of SLB

Notes:

Messages will not be triggered when the loan is between two Controlled Clients of the same broker

Messages will not be triggered for Cash Collateral transactions

Messages will be triggered for Controlled/Proprietary lending and borrowing


8

Removal of functionality

Due to the Controlled and Proprietary Holdings split the Internal Securities Collateral functionality within BDA may no longer be used.

SCOLU transactions will have to be created with the necessary swift messages


9

New Functionality

New functionality will be created to allow electronic securities to be pledged

Securities will remain on the clients account but flagged as pledged No messages will be required as the securities will remain in the Controlled Client Holdings

account at the brokers CSDP


10



Controlled Client lending is not considered a T + 3 enabler

Mandates to allow Controlled Client lending must be obtained from clients

Cash Collateral provided to Controlled Clients will be held on a predetermined Balance Code

The cash will be held at trustees and earn interest at the trustee interest rate Only one Balance Code will be used for this purpose, irrespective of whether the client

has received the collateral from another Controlled Client, a Non-controlled account or a Lending Desk

This breakdown will be provided in a report

11

New fields to be added to CLMNT/AGMNT/STMNT

SLB Lending Mandate

Indicator and date field to control whether securities may be loaned out

SLB Borrowing Mandate

Indicator and date field to control whether securities may be borrowed to settle a trade

Lending Desk Mandate

Indicator and date field to indicate whether a client wishes to lend to or borrow directly from a Lending Desk

SLB BPID

SLB BPID field will be added. This field must be populated on the accounts of the recognised Lending Desks


12

Cash Collateral

Discussion Points

Cash Collateral provided by a Controlled Client borrower to a broker must be held at trustees

Brett indicated that it would not be necessary for this Cash collateral to be kept at JSE Trustees

Should a new Account Type ‘LD’ be created?o All Accounts for licensed Lending Desks would have to be loaded with

Account Type ’LD’

Brokers indicated that it would not be necessary for a new Account Type to be created. Lending Desk accounts would remain ‘LL’ accounts.


13


Dr Cr100,000 DDT

BROKER PROPLB ACCT

P

Dr Cr100,000 DDT

C GROVEC ACCT

P

LOANProprietary LenderControlled Client Borrower

CONTROLLED CLIENT CSDP

CONTROLLED CLIENT BORROWER

PROPRIETARY CSDP

PROPRIETARY LENDER

LOAN 100,000 DDT

540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

P

P

14


Dr Cr10,000 AGL

BROKER PROPLB ACCT

P

Dr CrC GROVEC ACCT

10,000 AGL

P

SECURITIES COLLATERALProprietary LenderControlled Client Borrower



SECURITIES COLLATERAL 10,000 AGL

PROPRIETARY CSDP

540 – RFP541 – RVP542 – DFP543 – DVP

BALANCE = OUT ON COLLATERAL

COLLATERAL BALANCE540 – RFP541 – RVP542 – DFP543 – DVP

P

P

15


CASH COLLATERAL

Dr Cr

C GROVEC ACCT

R100,000.00Dr Cr

BROKER PROPLB ACCT

R100,000.00

Proprietary LenderControlled Client Borrower



CASH COLLATERAL R100,000.00

PROPRIETARY CSDP

540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

16


Dr Cr100,000 DDT

C GROVEC ACCT

P

LOAN

Dr Cr100,000 DDT

LENDING DESKLL ACCT

P



PROPRIETARY CSDP

Lending Desk as Lender Controlled Client Borrower

Dr Cr

BROKER PROP

LB ACCT

LENDING DESK CSDP

LENDING DESK LENDER

LOAN 100,000 DDT

540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

P AFFIRMATION

P AFFIRMATION

17


SECURITIES COLLATERAL

Dr CrLENDING DESK

LL ACCT

P

10,000 AGL

Dr CrC GROVEC ACCT

P

10,000 AGL



SECURITIES COLLATERAL 10,000 AGL

PROPRIETARY CSDP


Dr Cr

BROKER PROP

LB ACCT

LENDING DESK CSDP

LENDING DESK LENDER

540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

P AFFIRMATION

P AFFIRMATION

18




PROPRIETARY CSDP

Dr Cr

BROKER PROP

LB ACCT



CASH COLLATERAL

Dr CrLENDING DESK

LL ACCT

R100,000.00

Dr CrC GROVEC ACCT

R100,000.00

LENDING DESK CSDP

LENDING DESK LENDER

540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

MANUAL PAYMENT

BALANCE = COLLATERAL OUT

19

LOANControlled Client LenderProprietary Borrower

PROPRIETARY CSDP

PROPRIETARY ACCOUNT BORROWER

Dr Cr

BROKER PROPLB ACCT

50,000 AGL

P


CONTROLLED CLIENT LENDER

LOAN 50,000 AGL

Dr CrC GROVEC ACCT

50,000 AGL

P


540 – RFP541 – RVP542 – DFP543 – DVP

P 540 – RFP541 – RVP542 – DFP543 – DVP

P

20

SECURITIES COLLATERALControlled Client LenderProprietary Borrower


Dr Cr

BROKER PROPLB ACCT

P

100,000 BVT

PROPRIETARY CSDP


SECURITIES COLLATERAL 100,000 BVT

Dr Cr

C GROVEC ACCT

P

100,000 BVT



540 – RFP541 – RVP542 – DFP543 – DVP

P

540 – RFP541 – RVP542 – DFP543 – DVP

P 100,000 BVT = COLLATERAL BALANCE

21

CASH COLLATERALControlled Client LenderProprietary Borrower



Dr Cr

C GROVEC ACCT

R1,000,000.00


Dr Cr

BROKER PROPLB ACCT

R1,000,000.00

PROPRIETARY CSDP


CASH COLLATERAL R1,000,000.00

540 – RFP541 – RVP542 – DFP543 – DVP

MANUAL PAYMENT

SWEEP JSET BALANCE = COLLATERAL

540 – RFP541 – RVP542 – DFP543 – DVP

22

LOANControlled Client LenderLending Desk Borrower

Dr Cr

BROKER PROPLB ACCT

P



LOAN 50,000 AGL

Dr Cr

C GROVE

50,000 AGL

LL ACCT

P

Dr Cr

LENDING DESK

50,000 AGL


PROPRIETARY CSDP

C ACCT

LENDING DESK CSDP

LENDING DESK BORROWER

540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

P

P AFFIRMATION

AFFIRMATION

23

SECURITIES COLLATERALControlled Client LenderLending Desk Borrower

Dr Cr

BROKER PROPLB ACCT



Dr CrC GROVE

P

Dr Cr

LENDING DESK

LL ACCT

P

50,000 BVT 50,000 BVT


PROPRIETARY CSDPLENDING DESK CSDP


SECURITIES COLLATERAL 50,000 BVT

540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

P

P AFFIRMATION50,000 BVT = COLLATERAL BALANCEAFFIRMATION

24

CASH COLLATERALControlled Client LenderLending Desk Borrower

PROPRIETARY CSDP

Dr Cr

BROKER PROPLB ACCT LL ACCT

R500,000.00 R500,000.00



Dr CrC GROVE Dr Cr

LENDING DESK


LENDING DESK CSDP



540 – RFP541 – RVP542 – DFP543 – DVP

540 – RFP541 – RVP542 – DFP543 – DVP

MANUAL CASH RECEIPTSWEEP JSET BALANCE = COLLATERAL

25

SAT Securities Lending and Borrowing

All SLB transactions initiated by the Settlement Authority via ECS will be automated in BDA

BDA will create the necessary transactions based on an instruction received from ECS

ECS will generate the necessary Swift messages for these loans


26


Rolling of Settlement

Rolling of settlement entries will be generated by the Clearing system and updated to the affected brokers BDA accounts

Messages to the CSDPs will be triggered

Failed Trades Re-transactions

Failed Trades Re-transactions entries will be generated by the Clearing system and updated to the affected brokers BDA accounts

Messages to the CSDPs will be triggered

Failed Trades Compensation

Failed Trades Compensation entries will be generated by the Clearing system and updated to the affected brokers BDA accounts


27


Terminating Transactions

A new message is required which will supply ECS with all Proprietary and Controlled Clients terminating transactions for a specific instrument to assist ECS with selecting contra deals for Rolling Of Settlement and Failed Trade processing.


28

Fails Management

Rolling of Settlement (Example 1 – Same quantity)


29

Fails Management - Rolling of Settlement Transactions

1. During the normal course of the settlement cycle, where a trade has not been settled timeously, this trade (the client’s trade) will be compulsory reverse substituted to the Reverse Substitution Account (Account 40980)

1.1 The trade is reverse substituted from Client A’s account

1.2 In the defaulting broker’s books (Broker C), the trade would have been reverse substituted from the client to the broker’s Reverse Substitution Account

Note that processes 1.1 and 1.2 may occur in the natural course of business, and do not signify that rolling of settlement needs to occur. The settlement authority will attempt to settle the trade via SLB and other means, before deciding on the rolling of settlement course of action


30

ROLLING OF SETTLEMENT


S PNon Controlled Client

Client A

S P

Broker DRolling of Settlement

Suspense Account


Client B

DEFAULTING BROKER NON-DEFAULTING BROKER

100 AAA R500

100 AAA R500

1

100 AAA R500 100 AAA R1000

S P

Broker CReverse Substitution

Account

S P

Broker CRolling of Settlement

Suspense Account

31


2. ECS will send an instruction (message) to BDA. Acting on this instruction, BDA will reverse the transaction for the non-defaulting client party (Client B) (for Broker D) from the client to the non-defaulting broker’s (Broker D) Rolling of Settlement Suspense Account

2.1 The transaction for the non-defaulting client party (Client B) will be reversed (for Broker D)

2.2 The transaction is reversed from the client to the non-defaulting broker’s (Broker D) Rolling of Settlement Suspense Account. The new “Rolling of Settlement Suspense Account” will be a common account used across the market


32




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500 100 AAA R1000 100 AAA R1000

100 AAA R1 000

2

100 AAA R500

1

S P


Account

S P


Suspense Account

33


3. Based on the same ECS message as above, BDA will create a transaction to move the position from the non defaulting broker’s Rolling of Settlement Suspense Account to the defaulting broker’s Rolling of Settlement Suspense Account.

3.1 Transaction is moved out of the non-defaulting broker’s Rolling of Settlement Suspense Account

3.1 Transaction is created to the defaulting broker’s Rolling of Settlement Suspense Account


34




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000

100 AAA R1000 100 AAA R1000

100 AAA R1 000 100 AAA R100032

100 AAA R500

1

S P


Account

S P


Suspense Account

35


4. Based on the same ECS instruction as above, BDA will create a new transaction to book the trade back to the non defaulting client’s account in the non defaulting brokers books, and to the Rolling of Settlement Suspense Account in the non defaulting brokers account, with the original trade date, and the new settlement date provided by ECS.

4.1 The transaction is booked from the non-defaulting broker’s Rolling of Settlement Suspense Account

4.2 The trade is booked back to the non defaulting client’s account. The system needs to ensure that when creating the new deal, that the same brokerage as per the original deal is applied to the new deal. This is to ensure that the new deal created uses the same fee structure as the original deal, and the only difference in the deals is the difference in the settlement dates.


36




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1 000 100 AAA R1000

4

32

100 AAA R500

1

S P


Account

S P


Suspense Account

37


5. Based on the same ECS instruction as above, BDA will create a new transaction with original trade date and new settlement date, as provided by ECS, to move the position from the defaulting broker’s Rolling of Settlement Suspense Account to the non-defaulting broker’s Rolling of Settlement Suspense Account.

5.1 Trade is booked to the defaulting broker’s Rolling of Settlement Suspense Account

5.2 Trade is booked to the non defaulting broker’s Rolling of Settlement Suspense Account


38




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R10 00

100 AAA R1000

100 AAA R1 000 100 AAA R1000

4

32

5

100 AAA R500

1

S P


Account

S P


Suspense Account

39


6. The defaulting broker will then have to manually (via the front end) clear the Reverse Substitution Account by allocating it back to the defaulting client account.


40




Client A

S P


Suspense Account


Client B


100 AAA R500

100 AAA R500

100 AAA R500

100 AAA R1000

100 AAA R500

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R10 00

100 AAA R1000

100 AAA R1 000 100 AAA R1000

4

32

6

5100 AAA R500

1

S P


Account

S P


Suspense Account

41

Fails Management

Rolling of Settlement (Example 2 – Give up trade quantity is greater)


42


This example shows the Rolling of Settlement process when the Give up trade is for a greater quantity than the failing trade






43




Client A

S P


Suspense Account


Client B


100 AAA R500

100 AAA R500

1

100 AAA R500 300 AAA R3000

S P


Account

S P


Suspense Account

44



2. ECS will send an instruction (message) to BDA. Acting on this instruction, BDA will reverse the transaction for the non-defaulting client party (Client B) (for Broker D) from the client to the non-defaulting broker’s (Broker D) Rolling of Settlement Suspense Account


2.2 The transaction is reversed from the client to the non-defaulting broker’s (Broker D) Rolling of Settlement Suspense Account. The new “Rolling of Settlement Suspense Account” will be a common account used across the market


45




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

2

100 AAA R500

1

S P


Account

S P


Suspense Account

300 AAA R3000

300 AAA R3000

300 AAA R3000

46



3. Based on the same ECS message as above, BDA will create a transaction to move the full position (Give up trade qty and value) from the non defaulting broker’s Rolling of Settlement Suspense Account to the defaulting broker’s Rolling of Settlement Suspense Account.

3.1 Transaction is moved out of the non-defaulting broker’s Rolling of Settlement Suspense Account

3.1 Transaction is created to the defaulting broker’s Rolling of Settlement Suspense Account


47




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

300 AAA R3000

300 AAA R300032

100 AAA R500

1

S P


Account

S P


Suspense Account

300 AAA R3000

300 AAA R3000

300 AAA R3000

48



4. Based on the same ECS instruction as above, BDA will create a new transaction to book the trade back to the non defaulting client’s account in the non defaulting brokers books, and to the Rolling of Settlement Suspense Account in the non defaulting brokers account, with the original trade date, and the new settlement date provided by ECS.

4.1 The transaction is booked to the non-defaulting broker’s Rolling of Settlement Suspense Account

4.2 The trade is booked back to the non defaulting client’s account. The system needs to ensure that when creating the new deal, that the same brokerage as per the original deal is applied to the new deal. This is to ensure that the new deal created uses the same fee structure as the original deal, and the only difference in the deals is the difference in the settlement dates.


49




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

300 AAA R3000300 AAA R3000

300 AAA R3000

300 AAA R3000

4

32

100 AAA R500

1

S P


Account

S P


Suspense Account

300 AAA R3000

300 AAA R3000

300 AAA R3000

50



5. Based on the same ECS instruction as above, BDA will create a new transaction with original trade date and new settlement date, as provided by ECS, to move the position from the defaulting broker’s Rolling of Settlement Suspense Account to the non-defaulting broker’s Rolling of Settlement Suspense Account.

5.1 Trade is booked from the defaulting broker’s Rolling of Settlement Suspense Account

5.2 Trade is booked to the non defaulting broker’s Rolling of Settlement Suspense Account


51




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

300 AAA R3000

300 AAA R3000

300 AAA R3000

300 AA A R3000

300 AAA R3000

300 AAA R3 000 300 AAA R3000

4

32

100 AAA R500

1

S P


Account

S P


Suspense Account

300 AAA R3000

300 AAA R3000

5

52



6. The defaulting broker will then have to manually (via the front end) clear the Reverse Substitution Account by allocating a new trade with the new settlement date back to the defaulting client account


53




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

300 AAA R3000

300 AAA R3000

300 AAA R3000

300 AA A R3000

300 AAA R3000

300 AAA R3 000 300 AAA R3000

4

32

100 AAA R500

1

S P


Account

S P


Suspense Account

300 AAA R3000

300 AAA R3000

5

100 AAA R500

100 AAA R500

6

54

Fails Management

Failed Trades Re-transactions


55

Fails Management - Failed Trades Re-transactions






56

FAILED TRADES RE-TRANSACTIONS



Client A

S P

Broker DFailed Trades Re-transactions

Suspense Account


Client B


100 AAA R500100 AAA R500 100 AAA R1000

100 AAA R500

1

S P


Account

S P

Broker CFailed Trades Re-transactions

Suspense Account

57


2. ECS will send an instruction (message) to BDA. Acting on this instruction, BDA will reverse the transaction for the non-defaulting client party (Client B) (for Broker D) from the client to the non-defaulting broker’s (Broker D) Failed Trades Re-transaction Suspense Account


2.2 The transaction is reversed from the client to the non-defaulting broker’s (Broker D) Failed Trades Re-transaction Suspense Account. The new “Failed Trades Re-transaction Suspense Account” will be a common account used across the market


58




Client A

S P

Broker DFailed Trades Re-transaction

Suspense Account


Client B



100 AAA R1 000

2

100 AAA R500

1

S P


Account

S P


Suspense Account

59


3. Based on the same ECS message as above, BDA will create a transaction to move the position from the non defaulting broker’s Failed Trades Re-transaction Suspense Account to the defaulting broker’s Failed Trades Re-transaction Suspense Account.

3.1 Transaction is moved out of the non-defaulting broker’s Failed Trades Re-transaction Suspense Account

3.1 Transaction is created to the defaulting broker’s Failed Trades Re-transaction Suspense Account


60




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000

100 AAA R1000 100 AAA R1000

100 AAA R1 000 100 AAA R100032

100 AAA R500

1

S P


Account

S P


Suspense Account

61


4. The non-defaulting broker will need to re-transact via the trading system and rebook the transaction within the market to his own proprietary account. Current business processes and functionality will create this transaction within BDA, and this functionality is not based on any failed trade re-transacting message received from ECS.


62




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000

100 AAA R1000 100 AAA R1000

100 AAA R1 000 100 AAA R100032

100 AAA R1500

Re-transaction

100 AAA R500

1

S P


Account

S P


Suspense Account

63


5. A new transaction will be created for the non-defaulting broker proprietary account, allocating the trade to the non-defaulting client, with the original trade date, and the new settlement date. This would be performed based on a new instruction (message) from ECS, and not the previous message (as described in points 2 to 3).

5.1 Non defaulting broker allocates the trade

5.2 Client is allocated the new trade.


64




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1 000 100 AAA R1000

5

32

100 AAA R1500 Re-transaction100 AAA R500

1

S P


Account

S P


Suspense Account

65


6. Once this transaction has been resolved the broker must manually reverse the trade on the Reverse Substitution Account to the Failed Trades Re-transaction Suspense Account


66




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1000

100 AAA R1 000 100 AAA R1000

5

32

100 AAA R1500 Re-transaction100 AAA R500

1

S P


Account

S P


Suspense Account

100 AAA R500

100 AAA R500

6

67

Fails Management

Failed Trades Compensation


68

Fails Management - Failed Trades Compensation






69

FAILED TRADES COMPENSATION



Client A

S P

Broker DFailed Trades Compensation

Suspense Account


Client B


100 AAA R500100 AAA R500 100 AAA R1000

100 AAA R500

1

S P


Account

S P

Broker CFailed Trades Compensation

Suspense Account

70

Fails Management - Failed Trades Compensation

2. ECS will send an instruction (message) to BDA. Acting on this instruction, BDA will reverse the transaction for the non-defaulting client party (Client B) (for Broker D) from the client to the non-defaulting broker’s (Broker D) Failed Trades Compensation Suspense Account


2.2 The transaction is reversed from the client to the non-defaulting broker’s (Broker D) Failed Trades Compensation Suspense Account. The new “Failed Trades Compensation Suspense Account” will be a common account used across the market


71




Client A

S P


Suspense Account


Client B



100 AAA R1 000

2

100 AAA R500

1

S P


Account

S P


Suspense Account

72

Fails Management – Failed Trades Compensation

3. Based on the same ECS message as above, BDA will create a transaction to move the position from the non defaulting broker’s Failed Trades Compensation Suspense Account to the defaulting broker’s Failed Trades Compensation Suspense Account.

3.1 Transaction is moved out of the non-defaulting broker’s Failed Trades Compensation Suspense Account

3.1 Transaction is created to the defaulting broker’s Failed Trades Compensation Suspense Account

The financial compensation transactions will be done manually


73




Client A

S P


Suspense Account


Client B


100 AAA R500100 AAA R500

100 AAA R1000

100 AAA R1000 100 AAA R1000

100 AAA R1 000 100 AAA R100032

100 AAA R500

1

S P


Account

S P


Suspense Account

74

Notes:

All trades that are transferred to the Failed Management Suspense account or the Reverse Substitution account are all done at the consideration (i.e. Quantity x Price) of the original trade.


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T + 3 Workshops – SLB - jse.co.za 3 Worshops... · LB ACCT. P. Dr. Cr. 100,000 DDT. C GROVE. C...

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Transcript of T + 3 Workshops – SLB - jse.co.za 3 Worshops... · LB ACCT. P. Dr. Cr. 100,000 DDT. C GROVE. C...