The Canadian Mobile Values (CSAs) have adopted new obligations on the data on the continuation of the Canadian commercial repository (CTRS) report, including the termination of the original or the “Alpha” exchange.
Before the deadline for compliance on July 25, 2025, the deadline for compliance with these revised rules, CME CLEARING provided additional information to market participants to facilitate timely reference to CTRS.
For Alpha Swaps erased from Novation, CME CLEARING’s automated nightlife will report output messages on the CTR where the alpha alternation (the “original swap CTR”) originally mentioned. Not later than the compliance date, this automated exit process will be executed around 9 pm CST on T+1, where T represents the date where trade cleans in CME clearance.
The time for this process aims to mitigate the risk that the creation data for an Alpha exchange are not yet available in the original SWAP CTR while House Clearing submits an Alpha Swap termination message on the original Swap CTR.
Wherever available, commercial submissions to CME CLEARING must include the legal entity ID (“LEI”) of the original Swap CTR and the unique ID for Alpha Swap (“UTI” ID) in accordance with revised reference rules referred to in the original Swap CTR.
Submission of trade must also indicate which side of the exchange of alpha is the counterparty reports in accordance with the applicable Canadian rules (which may sometimes be different from the appropriate US rules). The liquidation house will interpret the absence of an original Lei and/or Alpha Swap Uti of the original CTR exchange as a counterparty certificate that no Swap Alpha termination is required in accordance with Canadian rules.
House Clearing reports the data in CTR in relation to transactions from provinces that meet both criteria: (i) CME clearance is authorized to clear the indicative exchanges and (ii) local counterparties, as reflected in CME systems.