This is with reference to Exchange circular no. 20130729-23, dated July 29, 2013, regarding Rationalisation of Client types in the Exchange trading system and based on feedback from market participants. Trading members are hereby informed that it is proposed to further rationalize the client types as an enhancement in the trading system for Equity Derivatives & Currency Derivatives segments.
Highlights of this enhancement are as follows –
- Currently, there are 4 client types, namely CLIENT, OWN, INST and SPLCLI, from which members have to select one suitable client type when placing an order.
- Going ahead, from the effective go-live date, there shall be only 2 client types, namely CLIENT & OWN for placing an order.
- In view of the above, from the effective go-live date, trading members shall be able to place CP code (custodial participant) based orders using client type ‘CLIENT’ in place of existing client types – ‘INST’ & ‘SPLCLI’. In other words, members shall be able to place CP code-based orders using client types ‘INST & ‘SPLCLI’ (reference circular no. 20230810-42, dated August 10, 2023) only till the effective go-live date of the provisions of this circular.
- CP code field shall be optional at the time of placing an order, only to be used for those clients whose trades are settled by their clearing member (not by trading member) and not for other clients.
- As per existing practice, only valid CP codes, as assigned by Clearing Corporations, shall be allowed and the same shall be made available to trading members in the participant master file of the respective segment.
- There shall be no impact of this change on the client code registration process available in the UCC system, which is governed by guidelines as prescribed by Exchange’s Inspection Department.
There is no change in the existing ETI API formats, except that client types – ‘INST’ & ‘SPLCLI’ shall not be applicable. This is similar to the functionality already implemented in the Equity segment (for more details, please refer circular no. 20200911-47, dated September 11, 2020). New version of ETI API document, ver.1.6.7 highlighting the same is available on the Exchange website on the following webpage - https://www.bseindia.com/nta.aspx.
Trading members and front-end trading application vendors are requested to take note of the above-mentioned enhancement and initiate development in their respective front-end trading application to use the client types suitably. This enhancement shall be available in the test environment from Monday, September 04, 2023 onwards.
Further, front-end trading application vendors are also advised to ensure that the features mentioned above are made available in their respective trading application provided to the trading members from the effective go-live date.
Trading members are requested to note that this enhancement shall be implemented in the live environment for trading in Equity Derivatives & Currency Derivatives segments with effect from Monday, September 18, 2023.
In case of any queries, trading members may kindly contact their respective Relationship Manager or IML Info, BSE Tech support teams as per the email id and contact details given below –
For and on behalf of BSE Ltd.,
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Vivek Garg
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Tejash Somaiya
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Sr. General Manager
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General Manager
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Trading Development
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Trading Development
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August 17, 2023 |