The LME Clear core clearing platform has been delivered by Cinnober’s TRADExpress Real-Time Clearing (RTC). The solution is a Java-based application utilising the FIX 4.4 messaging protocol. This provides improved straight through functionality via FIX.
The LME Clear Graphical User Interface (GUI) provides members with a comprehensive real time view of their core clearing activities. From the GUI a member can view their positions, manage their collateral, maintain a real time view of their portfolio. The GUI also provides members with the ability to manage the option expiry process with reports delivered direct to the GUI immediately upon completion at 11:15.
The LME Clear platform automatically produces a full set of reports and data files daily at the times dictated by the relevant business triggers. These reports are available in a variety of formats on the Secure File Transfer Protocol (SFTP) server and GUI. When each automatically generated report or data file is created it generates a news message on the FIX feed. This news message is only issued if the data has changed from the previous day.
Mechanisms available for delivery of reports
The following mechanisms are available for the delivery of reports to members:
- File Transfer Protocol – members can connect to a nominated server and collect member dedicated reports, SPAN parameters and data files as needed. Members are notified when reports are available via email and a FIX message.
- The GUI interface provides access to both generated and ad-hoc reports and allows LME Clear to update and offer new capabilities without having to release new applications to members for installation.