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Block Trades

Submission of EFRP (EFF) and Block Trades

Submission of ELX EFRP(EFF, EFP, EFR and EFS) and Block Trades
Details of Exchange of Futures for Related Positions or “EFRP” (EFRP types include EFP, EFF, EFS and EFR) and Block Trades should be submitted directly using the form found on MyOCC Member’s Portal. Submission of trade details is the responsibility of individuals authorized by the relevant ELX Clearing Privilege Holder (OCC clearing member authorized by OCC to clear ELX Futures transactions) to submit transaction details according to the rules and procedures of ELX Futures and OCC. Non-clearing firms should contact their clearing firms to determine what procedures to follow in order to process these trades on a timely and accurate basis.

Rules associated to trade practice and eligibility for EFRP and Block Trades are detailed in ELX Rules IV-16 and IV-17. It is the responsibility of ELX Clearing Privilege Holders to be sure those parties involved in EFRP or Block transactions are compliant with these rules.

Submission of EFRP and Block Trades for ELX Using MYOCC
After executing an ELX EFRP OR Block Trade, a representative from both the buy-side and the sell-side Clearing Member must log on to www.myocc.com and submit the transaction for clearing within the timeframes that are explained in detail below. A webpage for this purpose can be found in the Operations tab of MyOCC under Forms.

An authorized user from both the buy-side and sell-side must enter in the trade details on this form. Once each user completes the form they should click Submit, which will display a confirmation screen. Once confirmed, the submission will generate an email confirmation back to the user as well as notifying OCC and ELX. If the buyer and seller submissions match, then ELX will enter the transaction into ENCORE.

It is important that the user fills in the Execution Time (when the buyer and seller agreed to the transaction details) in the provided field. Submission time, will be captured when the Submit button is clicked. ELX will use these two values in order to monitor compliance with ELX rules.

EFP & Block Trade Reporting and DDS
Once the trade is entered in to ENCORE it may be viewed on the Trade Inquiry screen and on-demand report. The trade will appear identical to a Block Trade or EFP that was executed on any other OCC cleared market.

In addition to showing the transaction on Encore screens and reports, OCC will generate DDS Trade messages for the Block Trade or EFP trades. The TrdTyp tag in the TrdCaptRpt message for Trades will distinguish Block Trades and EFRPs; TrdTyp=”1” indicates a Block Trade. TrdTyp=”2” indicates an EFRP. While the system uses the text “EFP” all such trades are considered by ELX to be EFRP transactions. Therefore it is acceptable that EFF, EFR and EFS trades carry this label. Please see the OCC DDS Reference Guide for details.

Once the trade is entered in ENCORE Clearing Members may update or allocate the trade in the same manner as any other trade.

Non-clearing firms should contact their ELX Clearing Privilege Holder for details on how to submit EFRPand Block transactions. Clearing Privilege Holders should contact their OCC Clearing Member representative or the Member Services Help Desk at the following numbers: 800-621-6072 or 800-544-6091. Within Canada , please call 800-424-7230. Clearing Members may also e-mail us at memberservices@theocc.com.

To determine the status of a trade entry, Clearing Privilege Holder representatives should contact ELX Support (877-359-6610/212-915-1200 or via e-mail at support@elxfutures.com).

Timing
Administrative Deadlines - In order for ELX to process an EFRP or Block Trade, both the buyer and the seller must have properly submitted an EFRP or Block Trade request, and the two requests must match.

The matched pair of submissions must be received by 6:30 PM ET/5:30 PM CT in order to be included in the current day’s activity and final position. Matches that occur after 6:30 PM ET/5:30 PM CT will be entered for the following activity date.

Regulatory Deadlines - ELX Rules require that parties to EFRP and Block trades submit the details of the transaction within prescribed times from when the transaction was executed.

EFRP transactions executed before 3:30 PM ET/2:30 PM CT must be reported no later than 5:30 PM ET/4:30 PM CT on the same day. Transactions executed after 3:30 PM ET/2:30 PM CT must be reported no later than 10:00 AM ET/9:00 AM CT on the following business day. These requirements do not preclude parties that transact EFRP transactions after 3:30 p.m. ET from reporting the transaction that day. Administrative deadlines described above still apply.

Block Trade details must be reported within 15 minutes of execution.