MEFF allows register of pre-arranged trades (Trade Register) in swaps and futures as follows:
In the first case, the member will receive User ID code and password to the portal, and the following situations may occur:
Trayport’s trades are registered automatically, so that MEFF receives the trades register and requests both parties to accept the trades.
In all cases, once the trade has been accepted by the counterparty members, there will be a verification that the trade satisfies MEFF´s and BME CLEARING´s price and volume filters and afterwards it will send to BME CLEARING so it can be registered. If the trade does satisfy the filters, a check will be carried out to see if the member has sufficient margin to register the trade. Trades may be confirmed through the web portal, by voice or by email.
Trades may be confirmed through the web portal, by voice or by email. For more information about the trades register, see the circulars:
MEFF: "Pre-arranged Trades or Block Trades"
BME CLEARING: "Transactions directly agreed between Energy Segment Members and Brokered Transactions” Members