As derivable from its name one or more trades can be transferred. This transfer is always a transfer to a different account under the same Clearing Member ID. An account transfer always terminates the existing trade and re-opens a new trade with the same attributes and a new trade id.
There are two possibilities to perform the account transfer via:
It is the same process for both environments.
At any time during the business hours:
Configurable box allows to select up to 100 trades at once when initiating a transfer in the GUI. If you wish to upload more than 100 trades, the procedure must be performed several times.
There is also an option to trigger transfer with no limitation on the number of trades in the respective portfolio.
Yes, it is possible to transfer part of the original notional to a different notional.
It is also possible to allocate all of the original notional to several different accounts during the transfer.
To be considered in case of a partial transfer: It needs to be specified what happens to the remaining notional!
Example: We have the following trade with a notional of 7.5 mio. EUR.
from this a trade with a notional of 5 mio. EUR should be transferred to another account (from MNOHB_P to MNOHB_A1).
If the notional is just changed to 5mio. EUR when specifying the target account as below.
To avoid this message, it needs to be specified what happens to the remaining 2.5 Mio. EUR trade (use the Add row functionality!).
The remaining notional can be left at the original account, also a different account or split into smaller notional portions of your choice! Some examples below:
No, fees cannot be added in this case.
You can find it on the Member Section or via Help button in the OTC Clear GUI.
Help Functionality in the OTC Clear GUI:
It can appear when the Clearing Member tries to pick up the trade(s).
If an initiated PTE does not pass the incremental risk check successfully it can stay pending in status ‘WAIT_MARGIN’ until the end of the business day and will be rejected afterwards.
* Under the assumption that the transferred trade has a risk increasing effect on old and new portfolio, the Initial margin in below chart represents the Initial margin amount which will be released after the transfer for the transferor account and increase in initial margin amount for transferee account.
Possible effects for the old account:
Possible effects for the new account:
The trade daily summary report (CI201 / CB201) shows all terminations and novations due to post trade events like the trade transfer.