TW Confirmation Trade

MSTW trades for TW are for confirmation only. (MSL-TW-Confirmation Book)

The business reason will be tagged as "Confirmation Trade".

They are booked just to send out confirmations with correct contracting entities. They face client. But the actual ledger's positions are updated by MSTW-TW-Agency book.

MSL-TW-Confirmtion trades carries the correct Rebate that we offers our client, yet the MSTW-TW-Agency trades carries every detailed charges that are calculated by external booking system, which are then reported to the exchange.

This "duplication" on trades are due to the mismatch in internal booking model and external client facing.

To keep the duplicated trades while avoid causing problem on ledger and position updating special rules has to be setup:

• Posting Rules:
  • MSL-TW-Agency trades cash postings should be suppressed
    • MSL - CLN leg, the REB should be posted. Other posting should be suppressed.
    • MSL - MSTW leg, all postings should be suppressed.
    • MSTW - MSL leg should be suppressed from generating.
      • Because the MKT trade for MSL-TW-Agency trades are not there, there is no market side to match with MSTW-MSL trade. Generating this interco leg will call problem to MSTW book matching.
  • MSTW-TW-Agency trades should posts as per normal.
• Position Update
  • MSL-TW-Agency trades should NOT update any stock positions.
  • MSTW-TW-Agency trades do the position keeping.
• Confirmation
  • MSTW-TW-Agency trades should be suppressed for confirmation sending.
  • MSL-TW-Agency should send auto-confirmations.