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Process and Requirements
As a trading participant you are set up for Straight-Through Processing (STP) through the admittance to trade the respective products. STP default settings established in the rules and regulations of ECC and the participating exchanges will apply. Each broker is requested to send a valid Broker White List to determine which trading participant as client of the respective broker is activated for the default setting “always”. In case “Automatic Confirmation” should be deactivated (opt out) or refined, trading participants are requested to revoke the Broker White List or use the T08 form to request required settings.
Participation in STP only requires an admission by ECC and the respective exchange to trade the products offered for STP.
As a Broker, STP has to be activated through signing the T09 STP activation form for brokers, setting out the legal and procedural requirements for participation.
The STP is accessible for broker firms which are admitted as Trading Brokers or Non-trading Brokers:
Trading Brokers are trading participants or Trade Registration participants of the respective Partner Exchange and ECC operating as brokers that do not only enter trades into the trading system on behalf and in the name of NCMs but that can also open own positions which they can then transfer to their clients’ respective position accounts (Give-ups). Non-Trading Brokers only enter trades into the trading system on behalf and in the name of NCMs (direct trade entry). Hence, no trading participant membership is needed. As a result, they cannot carry out Give-up trades.
Please find the STP forms for Auto Registration (Brokers) respectively Refinement/Deactivation of Auto Confirmation (Trading Participants) here.