CME STP FIXML - Change of Firm

The following diagram illustrates messages sent when a clearing firm changes the account for a trade, causing the trade to transition from Firm A to B.

Firm B receives the trade replaced message (@TransTyp = 2) even though Firm B did not see the new trade (@TransTyp = 0). Firms are not guaranteed to see the trade as new (@TransTyp = 0) and must be able to process trades first encountered as replaced (@TransTyp = 2).

This example also illustrates a second transition from Firm B back to Firm A. The identity (@TrdID and @TrdID2) of the trade does not change. Firm A receives a trade cancelled message (@TransTyp = 1) followed by a trade replaced message (@TransTyp = 2).

Firms must be able to process this sequence of events.