This is in continuation to Exchange circular nos. 20151007-4 dated October 07th 2015 & 20160114-35 dated January 14th 2016 regarding PAN-based self-trade prevention check functionality (STPC) for Currency Derivatives segment and circular no. 20190315-21 dated March 15, 2019 regarding enhancements in trading system APIs.
Based on feedback from members, the existing mechanism of self-trade prevention check is being enhanced. Members are requested to kindly take note of the same as follows –
Ø Members shall have the option to specify, at the time of submitting an order, whether to cancel active or passive order in case of a likely self-trade. This shall be applicable for orders submitted through API-based (IML/ETI APIs) trading applications.
Ø If an active order is likely to match with a passive order such that both orders belong to the same PAN thereby resulting in a likely self-trade, then either active or passive order shall be cancelled based on the active/passive specification provided in the incoming active order.
· If active order is getting cancelled, the existing STPC mechanism of active cancellation shall continue to be applicable
· If passive order is getting cancelled, the entire passive order shall get cancelled as per price-time priority and the active order shall be considered for possible matching with other passive orders.
The above-mentioned enhancement shall be made applicable in the live environment for Currency Derivatives segment with effect from Monday, April 01, 2019. Members shall be able to test the same during the mock trading session on Saturday, March 30, 2019.
As communicated earlier vide circular no. 20190315-21 dated March 15, 2019, these changes have already been made available for testing in the simulation environment.
In case of any queries or clarifications on the above functionality, trading members may kindly get in touch with the IML Info/ IML Tech Support teams as per the contact details given below –
For and on behalf of BSE Ltd.,
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Vivek Garg
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Tejash Somaiya
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General Manager
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Deputy General Manager
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Trading Development
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Trading Development
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March 29, 2019 |