Chi-X Australia Announces Additional Service for Crossings
Chi-X is pleased to announce the availability of a market feature that permits participants to instruct Chi-X not to send a crossing to the clearing house. This feature is supported in the current trading interface specification and may be used from Monday 2 July 2012.
More specifically, FIX tag <8177> RemoveCrossingFromClearing is a custom tag in the trading interface specification that can be set on orders and trade reports. If the tag <8177> is set to Y on both the buy and sell order for a trade matched on market and the buyer and seller are the same FIX tag <76> ExecBroker, Chi-X will not to send a crossing to the clearing house. The default setting is that crossings are sent to the clearing house.
Participants that instruct Chi-X not to send a crossing to the clearing house should ensure that they have appropriate arrangements in place for the settlement and back-office processing of the transaction.