Conceptual Message Flows - Dual Sided Exceptions

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This page describes exception workflows associated with dual sided submitted for clearing. These are the alternate uses cases where a trade submitted for clearing can be rejected by CME ClearPort or can be cancelled before it is cleared or voided after it is cleared. The variation in workflows based on the transport used for submitting these trades is also described here.

1 Trade Submission Using MQ - Trade Rejected
2 Trade Submission using HTTP - Trade Rejected
3 Trade Withdrawal/Cancel Submission - Trade Successfully Cancelled
4 Trade Void Submission - Successfully Voided

Trade Submission Using MQ - Trade Rejected

This scenario illustrates submitting a dual-sided trade to CME ClearPort using MQ as a transport to be cleared at CME DCO.

The steps include:

CME ClearPort validates the trade for product, account, credit and other trade information.
If the trade failed any validations, the submitter receives a negative Acknowledgement and the trade is sent to Clearing.

Trade Submission using HTTP - Trade Rejected

This scenario illustrates submitting a dual-sided trade to CME ClearPort using http as a transport to be cleared at CME DCO. The steps include:

CME ClearPort validates the trade for product, account and other trade information.
If the trade passes preliminary validation, the submitter receives a positive Acknowledgement and the trade is sent to Clearing.
CME ClearPort then validates the trade for credit. This is an asynchronous process. The trade fails the CME hosted risk check.
The submitter may send a request for status of the trade.
CME ClearPort reports the rejected status to the submitter.

Trade Withdrawal/Cancel Submission - Trade Successfully Cancelled

In this scenario, an affirmed trade has been submitted to CME ClearPort to be cleared at CME. One Clearing Member passes credit using the CME hosted risk limit check. The Trade is pending claim from a clearing member. The trade is eligible to be withdrawn.

The steps include

The participants agree to withdraw / Cancel the trade that is in a pending clear state.
The submitter submits a Withdrawal/cancellation request .
CME ClearPort validates the request and acknowledges the submitter if the withdrawal/Cancellation request was accepted by ClearPort.
CME notifies the clearing members of the withdrawal/cancellation.
CME ClearPort notifies the submitter of the successful withdrawal/Cancellation.

Trade Void Submission - Successfully Voided

In this scenario, an affirmed trade was submitted to CME ClearPort to be cleared at CME and the trade was successfully cleared by CME DCO.

The steps include

The submitter submits a void request to void a trade top day by specifying the ClearPort assigned Execution ID.
CME ClearPort validates the request and acknowledges the submitter if the void request was accepted by ClearPort.
The void is completed and the submitter and the clearing firms are notified.