Change of Firm

The following diagram shows the 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 (tag 487-TradeReportTransType= 2) even though Firm B never saw the new trade (tag 487-TradeReportTransType= 0). Firms are not guaranteed to see the trade as new (tag 487-TradeReportTransType= 0) and must be able to process trades first encountered as replaced (tag 487-TradeReportTransType= 2).

This example also illustrates a second transition from Firm B back to Firm A. The identity (tag 1003-TrdID and tag 1040-TrdID2) of the trade does not change. Firm A receives a trade cancelled message (tag 487-TradeReportTransType= 1) followed later by a trade replaced message (tag 487-TradeReportTransType= 2). Firms must be able to process this sequence of events.