Reuters Dealing and Dealing 3000 Matching MATCHING COORDINATOR GUIDE

Transcription

1 Reuters Dealing and Dealing 3000 Matching MATCHING COORDINATOR GUIDE Date: June 2010

2 Introduction This guide is designed to help you, as a Matching Coordinator, to manage the Service at your Site. Your support and assistance on behalf of your colleagues in the dealing room will ensure that the Service runs smoothly and is operated in a mutually secure, orderly and co-operative fashion. This guide will give you the key points to ensure that your Site benefits fully from Matching. Please spend the necessary time to read it. The Help Desk is available to help you with any queries, whether regarding Service functionality, operations or administrative procedures. Help Desk support is available 24 hours a day; your local Sales representative will provide the number of the Help Desk. Matching Coordinator's Activity Chart The activity chart that follows provides an overview of each activity the Matching Coordinator is required to perform/supervise to ensure the smooth operation of the Service(s) at your Site. Each of the activities listed is explained in detail in the Description of Activities that follows. The activities in the chart are broken down into actions you will need to take when the Service is started up at your Site, general responsibilities, routine daily or monthly activities, and other situations that may occur. Activities Starting Up Have you identified who will be responsible for each activity? Have you organised training for all Users and staff responsible for Matching Coordinator activities? Do you have Dealing Xtra access for the Matching Daily Confirmation Statement receipt? Person Responsible Have you set Credit Limits, Credit Indications and Payment Instructions for Counterparties? If you are part of a Matching Global Credit Organisation do you know who are the Global Credit Administrators for your organisation? General Responsibilities To be responsible for the security of the Service(s) at your Site To be present on Site during trading To be responsible for User queries regarding performance of the Service(s) To ensure all Users understand the Service Rules and have received training To supervise the setting and maintenance of Credit Limits, Credit Indications and Payment Instructions To retain client Site records The Matching Coordinators are responsible for all transaction conducted using the AutoQuote Service The Matching Coordinators are responsible for the security of the AutoQuote service at

3 your site. The Matching Coordinators must be available for immediate contact whenever the AutoQuote Service is in use. The Matching Coordinators must immediately advise Reuters of any changes to their contact details Daily Activities Check Dealing Xtra for receipt of the Daily Confirmation Statement and ensure operability of any Printers Reconcile Matches and Deals against on screen, printed or electronic records Reconciliation of the Matching Daily Confirmation Statements against Trade Records Monthly Activities Confirm Subscriber/User Standing Data Check Monthly Billing Summaries and the Reuters Transaction Services Limited Invoice Settlement of the Reuters Transaction Services Limited Invoice Other Administrative Duties Subscriber Information Changes Routine User Permissioning Changes Urgent Requests Other Subscriber Information Changes Training Requests Problems User Passwords Contact with the Help Desk Site Problems System Problems Unresolved Problems

4 Description of Activities Starting Up Have you identified who will be responsible for each Matching Coordinator activity? You must identify the staff in your Organisation who will be responsible for each of the listed activities to ensure that each activity is covered. Reuters training personnel will be contacting you to arrange a schedule for briefing relevant staff, tailoring their presentation to focus on the appropriate administrative functions. Have you organised training for all Users and staff responsible for Matching Coordinator activities? The Service, although easy to use, does require familiarisation. Not only do your Users have to understand the trading principles on which the Matching Service operate, but they need to be fully conversant with Service functionality and the rules governing the use of the Service. Reuters provides training for new users, and on-site visits for any users who require additional or refresher training. A member of Reuters Products Support Team can be on Site to assist with first-time Users. Training can be scheduled by contacting the Help Desk. Do you have a Dealing Xtra password? Clients must obtain a Dealing Xtra password to enable you to obtain your Daily Confirmation Statement. The System will automatically generate Daily Confirmation Statements (plus any Interim Daily Confirmation Statements) from the first day that your Site executes a Match on the Service (including Saturdays, Sunday and Bank Holidays). Have you set Credit Limits and Payment Instructions for Counterparties? The Matching Coordinator is responsible for ensuring Spot Credit Limits and Payment Instructions are entered and maintained for each of your counterparties on the System. However, if your site is part of a Global Credit Organisation the responsibility for establishing Spot Matching credit limits rests with the nominated Global Credit Administrators. If you are part of a Global Credit Organisation you should ascertain from your central office who are the Global Credit Administrators for your organisation. Each non-global Credit Organisation Subscriber determines its own Credit Limits and/or Credit Indications for other Subscribers and prescribes both who should be responsible for entering these limits and how they should be entered. Before you can start trading on the Service, you will need to establish how much credit will be entered into the Service for each Spot counterparty, whether a "Yes" Credit Indication is to be set for Forwards counterparties, and how credit will be monitored during the day. It is also essential that you input Payment Instructions for these counterparties.

5 General Responsibilities To be responsible for the security of the Service at your Site: Physical security over access to the Service at your Site is your responsibility. We provide the following measures to assist you in this responsibility: Only you as a Matching Coordinator have the authority to request new User access to the Service or changes in User access permissioning. A logon trader ID identifies all activity on the Service at your Site so you can trace any action at any time. First time logon to the Service by your Users, with the Reuters-supplied initial password, only permits a User to access the Service for the purposes of changing the password to one of the User s choice. To be present on Site during trading: Each Site must nominate at least two named Matching Coordinators authorised to act on behalf of the Subscriber on all matters concerning the Service. While the Service is being used at your Site, at least one Matching Coordinator, or another person appointed by the Coordinator, must be present. The Coordinator should also be present on site for up to one hour after the end of the trading session in case other clients need to contact you requesting confirmation of any Unconfirmed Deals. If you are using AutoQuote keystations you must put in place arrangements to ensure that the AutoQuote keystations are continually monitored, either locally or remotely, thus ensuring that there is no gap in coverage. Appointees at the relevant Remote Monitoring Site must immediately respond to all calls from any such counterparty directly to resolve any issues (including in the event of an unacknowledged match) in accordance with the provisions of the Matching Agreement. To be responsible for User queries regarding operation of the Service: Whilst the Reuters Service Centres (RSC) also called Help Desk - is always available to answer any questions, it may be more convenient for you to filter questions to the Help Desk. Certain queries by Users may require your authorisation before they are actioned. To ensure all Users understand the Rules and have received training: As part of your subscriber agreement with Reuters, you should ensure that every User: has been trained to use the System; is familiar with the Subscriber s obligations under its agreement, or agreements, with Reuters in relation to the Service; and receives, understands and complies with the Rule Book To ensure the setting and maintenance of Credit Limits, Credit Indications and Payment Instructions: If your site is a member of a Global Credit Organisation then the responsibility for setting Spot Matching Credit Limits rests with the nominated Global Credit Administrators. If you are not a member of a Global Credit Organisation, then the Matching Coordinator is responsible for supervising the setting and maintenance of Credit Limits and Payment

6 Instructions. Dealing 3000 Forwards Credit Indications are the sole responsibility of the Matching Coordinator. Only those Users specified by you will be permissioned to set Credit Limits, Credit Indications and/or Payment Instructions. Spot Global Credit Organisation members should also periodically check for new Subscribers in order to set Payment Instructions. It is recommended that at least two Users on your Site be permissioned to set Credit Limits and/or Credit Indications. As a safety feature, only one person at a time on your Site can update the credit files. All updates are recorded in the Audit Trail. The Service will alert Users when the Spot Credit Limit for a counterparty or credit group has fallen to 25% of its original value, or when the number of Forwards Yes Indicators falls below the minimum number established by the System. Spot Credit Limits should only be used as a guide to the trading position. They are updated during trading on a rounded million US Dollar basis. For those new Subscribers for whom you have not set credit on the service appear listed in red in the Credit Limits file (unless they have been placed in a zero-rated group or in a group which has credit already established). When setting Spot Credit Limits and/or Forwards Credit Indications for new Subscribers, you will also need to set their Payment Instructions. Without these, the tickets produced by the Service will not contain the details required for settlement. As with credit, it is recommended that at least two Users be permissioned to set up and maintain Payment Instructions. If you have selected Credit Auto Reset for Spot Credit Limits, these will be automatically reset daily for both the Spot and Forwards services. If you have not selected Credit Auto Reset, you should review your credit file at the beginning of each day and reset or modify limits where necessary. Please note that the credit auto reset facility does not operate for Forwards only sites. Credit Limits should be reviewed following any service disruption. To retain client Site records: Although the Daily Confirmation Statement provides an opportunity for daily reconciliation of Deals, you will need to retain the Matching Audit Trail printer records for your Site for at least six months or longer if required by local regulations. Subscribers may replace the Audit Trail printer with an alternative electronic storage device that provides an audit trail of at least equal quality and reliability as that provided by the Audit Trail printer. The Matching Coordinators are responsible for all transaction conducted using the AutoQuote Service The Matching Coordinator has responsibility for all transactions conducted through the AutoQuote service. The Matching Coordinator also has responsibility for the resolution of any trade disputes involving transactions made using the AutoQuote service.

7 The Matching Coordinators are responsible for the security of the AutoQuote service at your site The Matching Coordinator should ensure that no unauthorised access is permitted to the AutoQuote service. The Matching Coordinators must be available for immediate contact whenever the AutoQuote Service is in use. An AutoQuote Coordinator must be available for immediate contact whenever the AutoQuote Service is in use and for one hour after trading has ceased. The AutoQuote Coordinators must immediately advise Reuters of any changes to their contact details. Reuters should be immediately informed of any change of Matching Coordinator, including and telephone changes.

8 Daily Activities Check Operability of Printers Please check all printers for their paper supply. If the Audit Trail printer fails, the print stream will default to the Conversation printer. If both printers fail, you will be logged off the System automatically. Check Dealing Xtra for your Daily Confirmation Statement Each day you should obtain your Daily Confirmation Statement via Dealing Xtra, both for Spot and Forwards services. Whilst Dealing Xtra retains this information for 24 months you should check the Daily Confirmation Statement daily and reconcile the statement each day. Dealing Xtra also provides information about the Service including notification of new Subscribers, instruments and other events. Reconciliation of Daily Confirmation Statements against Trade Records The Daily Confirmation Statement acts as a final check that you are aware of all Matches and Deals executed on Matching at your Site. The monthly invoice and billing report is a composite of the month s Daily Confirmation Statements; reviewing each one daily will also minimise the potential for queries when you receive your monthly invoice. This data is available electronically via Dealing Xtra. The Daily Confirmation Statement must be reconciled against the System match references in the Audit Trail, Trade Log, Mailbox, Matching Deals Component, Review or Tickets and your own back office systems. The Daily Confirmation Statement lists time stamp, trade and match number, instrument, ID, quantity and price for the Matches and Deals executed at your Site. It also specifies whether you were the aggressor (therefore billable) in the deal and reports on all Acknowledged and Unacknowledged Matches. If there are any discrepancies, please advise Reuters by the end of the first working day following the day to which the statement relates. If you have no queries it will be assumed that the Daily Confirmation Statement has been accepted as correct for that day. The Daily Confirmation Statement will be available usually within 15 minutes of the DCS Cut-Off Time (in GMT), as specified by you on the Subscriber Data Document. If the Daily Confirmation Statement is not available please contact the Help Desk within one hour of the opening of business on the first working day following the day to which the statement relates and request a hardcopy statement. Reconcile Matches and Deals against on-screen and printed records As a Matching Coordinator, you will need to supervise the reconciliation of trading activity. Each Match Notification should be followed by a corresponding Deal Confirmation (for Unconfirmed Matches, see User Guide Chapter 5 and 6 and the Matching Rule Book). On-screen facilities (Mailbox, Matching Deals Component, Review Window and Tradelog) should be compared with printed records from the Audit Trail, Conversation or Ticket printers to ensure that a complete and accurate record of Deals at your Site exists.

9 The Service provides you with a number of on- and off-screen references: The Dealing Extended Mailbox scrolls to allow you to review the last 500 message lines at the keystation. The standard Mailbox allows you to scroll through the last 15 message lines. The Matching Audit Trail Component in Dealing 3000 shows the last 2500 messages that represent keystation activity, including administrative as well as trading functions. You can filter these messages to display only the ones that interest you most. The Review function summarises all activity at the keystation. The Tradelog records all trading activity and can be viewed by User ID, Self, Other or All. The Audit Trail, Conversation and Ticket Printers record all activity from Dealing or Dealing 3000 Matching keystations on your Site. Dealing Xtra web service provides add-value information management tools e.g. access to the Daily Confirmation Statement in electronic format, Monthly Deal Fees and Monthly Trade Summaries, plus directory, exchange rates and value date information.

10 Monthly Activities The following should be performed on a monthly basis: Check Monthly Billing Summaries and the Reuters Transaction Services Limited Invoice You will receive a monthly statement of billing information and an invoice from a Reuters Group company called Reuters Transaction Services Limited. The exact details of all Billable Deals executed at your Site and other relevant billing information for the billing month is available electronically via Dealing Xtra under Monthly Deal Fees. You can verify the invoice and attached statements against the daily totals on the Daily Confirmation Statements. You will receive the invoice by mail before the end of the second calendar week in the calendar month following the billing month; the data on Dealing Xtra is available once the billing process has been completed by RTSL. Settlement of the Reuters Transaction Services Limited Invoice Payment of the invoice is due promptly on receipt. If you do not receive your monthly invoice from Reuters Transaction Services Limited by mail before the end of the second week in the calendar month following the billing month, please contact the Help Desk. If you have any queries on the invoice, please contact the Help Desk by the end of the first working day following your receipt of the invoice. This will allow us to respond quickly to any reason you might have for non-payment of the invoice. You must formally notify Reuters Transaction Services Limited in writing before the end of the calendar month in which you receive the invoice if you have any reason for nonpayment. This will avoid Service availability being terminated at your Site. Payment details are clearly shown on the face of the invoice. Once details on the invoice have been verified it should be quickly processed for prompt payment.

11 Other Administration Duties Subscriber Information Changes Over time changes will be required to the details supplied on the original Subscriber Data Document (SDD). In order to keep the data shown as accurate as possible you should check the data via the Your client record menu option on Dealing Xtra. Please check this regularly and if you have any changes please advise the Help Desk who will ask you to complete a revised SDD form for you to sign and return to Reuters. Routine User Permissioning Changes Changes may be required to the details supplied on the original UDD form. Reuters can process routine changes to the list of Users, their Permissions, or the identity or details of Matching Coordinators in real-time. In order to keep the data shown as accurate as possible you should check the data via the Your client record menu option on Dealing Xtra. It is your responsibility to ensure the accuracy of this data so if you have any changes (additions or deletions) please advise us by completing a UDD form and returning it to your Reuters Account Manager or your Treasury Transaction Services Account Manager. Urgent Requests Notify the Help Desk immediately in the case of required urgent changes concerning Users, their Permissions, Matching Coordinators, including the requirement to delete any User or Coordinator. However, before we will act on any verbal requests for changes, we must have received written notification on your letterhead stationery (fax or also accepted). Other Subscriber Information Changes For any other requests involving office moves, new Service requests, equipment cancellations, terminal moves, etc., please contact the Help Desk. Notify the Help Desk promptly if your Organisation s legal, business or trading name changes or if the address at which the Service is installed changes. Training Requests For new Users of the Service, please contact the Help Desk as early as possible to arrange off-site training at our Customer Training Centre. If any of your Users require additional training, a local training representative will be happy to visit the Site at your convenience. For queries that can be discussed over the phone, please contact the Help Desk. While the Help Desk is always available to answer any questions, it may be more convenient for you, as the on-site Matching Coordinator, to filter questions to the Help Desk and to authorise certain requests made by the Users. For this reason, we recommend that you attend the off-site training session to ensure you are fully familiar with all aspects of the Service. Users should inform Matching Coordinators whenever: Users have trouble logging onto the Service;

12 Users forget their passwords; Users suspect there is a problem with the System which they feel may affect their Orders, Matches or Deals; Users receive a call from the Help Desk during a potential System problem. A Matching Coordinator must ensure that any problems with the Service at the Site are handled as set out in Rules 10, 11 and 12 of the Matching Rule Book.

13 Problems User Passwords Users who experience logon difficulties or who disable themselves by attempting to log on to the Service with the wrong password more than three times will need to contact the Help Desk to have the password re-initialised. If a User verbally contacts the Help Desk and fails to verify their identity, the Help Desk will contact you to confirm instructions. Similarly if you experience problems logging into Dealing Xtra please contact the Help Desk. Contact with the Help Desk All Users at the Site should co-operate with all reasonable requests made by the Help Desk. If, in Reuters reasonable opinion, the orders of one of your Users are for any reason impairing normal operation of the Service in any respect, Reuters may request you to stop that person from trading on the system. The caller identity of User requests made verbally to the Help Desk will be verified and confirmed by the Help Desk prior to their confirming action for such requests. Identity verification is facilitated by the additional personal information each User provides when Permissions are notified to Reuters. All telephone conversations with Help Desk staff are recorded. Site Problems Specific instructions for handling a Site-specific problem are contained in Rule 10. System Problems In the event of a system problem, information will be posted on Reuters Alerts pages. If that page shows no relevant information within five minutes of the problem, telephone the Help Desk and follow their directions. Please refer to Rule 11 for further details. Unresolved Problems Rule 12 sets out the procedures for your notification and Reuters action in the case of unresolved problems with the Service. Please contact the Help Desk immediately if you suspect any System malfunction or failure not covered by the Keystation Failure procedures and Rule 11. If a User contacts Reuters and reports a problem, the Help Desk will ascertain from the User the nature and circumstances of the problem and then contact you directly to confirm the User s report before taking further action. The Help Desk can then help you, if necessary, by providing on-site support to address the problem.

14 Remote Manned Matching Coordinator s Supplement Introduction This guide is designed to help you as a Matching Coordinator manage the Remote Manned AutoQuote Service for which you have responsibility. Your support and assistance will ensure that the AutoQuote Service runs smoothly and is operated in a mutually secure, orderly and co-operative fashion. This guide will give you the key points to ensure that your site benefits fully from the AutoQuote Service. Please spend the necessary time to read it. The Reuters Support Centre (Help Desk) is available to help you with any queries, whether regarding AutoQuote Service functionality, operations or administrative procedures. Help Desk support is available 24 hours a day; your local Sales representative will provide the number of the Help Desk Remote Manned Matching Coordinator s Activity Chart Activities Starting Up Do all the Remote Manned Matching Coordinators have access to Dealing Xtra, for Matching Daily Confirmation Statement checking, for all the AutoQuote keystations they are responsible for? Do all the Remote Manned Matching Coordinators have electronic access to the Audit trails outputs from the relevant AutoQuote enabled Dealing Codes? Has a manned Dealing Code been Identified that can receive and resolve Match enquiries? Are the personnel on these codes trained to resolve enquiries relating to the Remote Manned AutoQuote Service? General Responsibilities The Matching Coordinators is responsible for ensuring Auto Reply is enabled on the AutoQuote Matching Umbrella code and that the response is current and valid. Person/s Responsible

15 Description of Activities Starting Up Do all the Remote Manned Matching Coordinators have access to Dealing Xtra, for Matching Daily Confirmation Statement checking, for all the AutoQuote keystations they are responsible for? Remote Manned Coordinators must obtain a Dealing Xtra password to enable them to obtain their Daily or Interim Confirmation Statements for any local or remote AutoQuote keystations for which they are responsible. This password must not be disclosed to a third party. The Dealing Xtra service can be access via the Internet at the following address, Do all the Remote Manned Matching Coordinators have electronic access to the Audit trails outputs from the relevant AutoQuote enabled Dealing Codes? To enable prompt resolution of any trade enquiry, efficient access to the Dealing Audit output is required. The Matching Coordinators should check, everyday, that they have access to a current and updating copy of the Audit Trail output. This is required for each dealing code that has an AutoQuote Service. It should be noted that the Dealing 3000 service does not provide remote overview of an audit output. Any equipment and connectivity used to provide an overview of the audit output and the maintenance thereof is the sole responsibility of the client. Has a manned Dealing Code been Identified that can receive and resolve Match enquiries? Are the personnel on these codes trained to resolve enquiries relating to the Remote Manned AutoQuote Service? In the event of a trade query counterparties and support agents will attempt to contact the Matching code or Umbrella Code for that bank It is the AutoQuote Coordinators responsibility to ensure that this code is staffed whenever the AutoQuote service is in use. If you are unsure which Dealing code should be staffed, please call your Sales representative for clarification. General Responsibilities The AutoQuote Coordinators is responsible for ensuring Auto Reply is enabled on the AutoQuote Matching Umbrella code It is possible not to have a manned keystation on the Matching or Umbrella code that the AutoQuote service is running on. Wherever a Matching or Umbrella code is unmanned, the Auto Reply service must be enabled. The AutoQuote Coordinator should ensure each day that the Auto Reply service is running by testing from another Dealing code and that the reply is kept up to date. The auto-reply message should contain the following standard text:

16 THERE IS NO-ONE PHYSICALLY PRESENT AT THIS DEALING CODE. PLEASE CALL THE FOLLOWING CODES WHO HAVE OUR AUTHORISATION TO RESOLVE YOUR MATCHING QUERY: BETWEEN 18:00 AND 22:00 (GMT) BETWEEN 22:00 AND 07:00 (GMT) [INSERT TCID] [INSERT TCID] THANK YOU #END LOCAL# Reuters All rights reserved. Reuters and the sphere logo are the trade marks or registered trade marks of the Reuters group of companies around the world. Published by Reuters Limited, South Colonnade, Canary Wharf, London E14 5EP Tel: Reg. Number England August 2009 This guide is made available solely for the use and reference of current Matching subscribers only and must not be accessed by anyone else. By accessing this document you represent to Reuters that you are a current Reuters Matching subscriber. Reuters Dealing , Reuters Dealing 3000 Matching and Reuters Matching for FX Options are covered by one or more of the following U.S. Patents: 5,077,665, 5136,501; 5,195,031;5,727,165; 5,924,082; 5,924,083, 6,260,025, 6,462,758, 6,380,954 FOR FURTHER INFORMATION ABOUT REUTERS VISIT US ONLINE AT