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Exchange & Clearing House Issues
Block trade rules and aggregation of orders The Exchange circular, issued at the beginning of December, which clarified the interpretation of its rules governing block trades and aggregation of orders, stated that a review of the rules would be carried out to assess their compatibility with various customer groups. To this end, the FOA will be helping in this process via a meeting with the Exchange on the 10 th February. Members interested to putting their views to the Exchange should contact Hugo Jenkins.
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European Brokerage System The discussions between The Clearing Corporation (TCC) and FOA members about the implementation of TCC's GAINS brokerage system in Europe are still ongoing. There are still a number of issues that still need to be resolved such as agreeing a pricing structure and establishing contractual arrangements with Eurex and Euronext.liffe but good progress is being made. Once the key components on the service offering have been finalised, a presentation will be held to inform the wider brokerage community about the proposed service. If you would like to discuss this initiative in more detail, call Hugo Jenkins.
A meeting was held on 13 th January with Mathys & Squire in order to try and finalise the scope of a core service offering and to obtain feedback on the extranet software that would support it. The FOA is now awaiting final cost numbers from M&S prior to circulating the service specification to the wider FOA member community.
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