RIB/FIX enhancementPlease note that Member Test A is available to test the new RIB/FIX enhancement. Below are the LMEsmart Member GUI Guide and also the latest LMEsmart FIX API Member Guide v2.27.
Useful testing information for pre-trade transparency (PTT) customer testing
The auction duration period in MTA is set to 30 seconds to mirror Production.
The auction duration period in MTB is set to 5 minutes for testing purposes.
To initiate an auction, trades must contain:
- Venue – Inter-office
- Category – Normal or Give-up Executor/Clearer
- Price Type – Current
- Product listed on the LIS table
- Volume under the LIS threshold
- Both sides of the trade must have Commodity Derivatives Indicator set to “No”
- Auction period: 30 seconds
- Participating bids and offers should contain the below:
o Venue – Inter-office
o Category – Normal
o Price Type – Current
o Relevant prompt/s for the auction
o Relevant price/s for the auction
o Auction ID (enter into the Public Reference field)
o Relevant Trade time
o Counterparty ‘AUC’
- If one side of the below trade types are cancelled, both sides will be cancelled to prevent matching with auction participants:
o Client crosses
o Give ups (member to member and client crosses)
- Members can also use their member test counterparties to test auction initiations and auction participation
- LIS levels: (TTM_0_1Y = TOM to 1 Year forward, TTM_1_2Y = 1 Year forward to 2 Years forward, etc
|PRODUCT||CONTRACT TYPE||CURRENCY||TIME TO MATURITY BUCKET||PTT LIS THRESHOLD|
- Carry trades that straddle multiple Time to maturity buckets will be categorised by the maturity bucket with the lowest LIS threshold.
- Options and TAPOs are currently not considered for PTT
- If members wish to test on LMEsmart but do not want to initiate an auction, trades entered with the below will not initiate an auction:
o Trades with higher lots than the LIS levels detailed above
o Trade with categories other than “Normal” or “Give-up Executor/Clearer”
o Trades with Commodity Derivatives Indicator set to “Yes” (only one side of the trade needs to contain this for the whole trade to not be considered for PTT)
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