Page Comparison

This section illustrates the interactions between the various organizations using conceptual messages, which depict the messaging function.   

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1. The executing firm marks a trade (trade amendment) for average pricing by specifying an average price group ID.
2. The clearing system:
   • Acknowledges the executing firm of the trade amendment that marked it for average pricing.
   • Creates a new group, if it does not exist, and sends a group summary creation notification to the executing firm, or
   • Alternatively, if the group already exists, updates the group and sends a group summary notification to the executing firm.

Scenario 2: Specifying an Average Price Group Later

1. The executing firm marks a trade (trade amendment) for average pricing without specifying a group.
2. The clearing system acknowledges the executing firm of the trade amendment and marks it for average pricing.
3. The executing firm updates the trade again by specifying an average price group. 
4. The clearing system:
   • Acknowledges the executing firm of the group update.
   • If the group does not exist, creates a new group and sends a group summary creation notification to the executing firm, or
   • Alternatively, if the group already exists, the clearing system updates the group and sends a group summary notification to the executing firm.

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Scenario 1: Group has no Pending Allocations

In this scenario, the executing firm has added trades to an average price group and completed the average price group: 

1. The executing firm un-completes the average price group.
2. The clearing system sends the executing firm a group summary, indicating the group is incomplete.

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1. The claiming firm requests a reversal.
2. The clearing system:
   • Acknowledges receipt of the request to the claiming firm
   • Notifies the executing firm of the reversal request.
3. The executing firm refuses the reversal.
4. The clearing system:
   • Acknowledges the refusal of the reversal to the executing firm.
   • Notifies the claiming firm of the refused reversal.

Executing Firm Requests Reversal

This scenario is the same as (Claiming Firm Requests Reversal – Claimed by Executing Firm). In this case the reversal request is initiated by the executing firm instead of the claiming firm, and then claimed by the claiming firm.

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