The time of agreement (including date and time of agreement) is the time when the parties to an EFP transaction agree upon the EFP transaction and is rounded to the nearest second. Pursuant to applicable rules, after agreeing upon an EFP transaction, the parties thereto shall create and confirm an EFP report without the least delay, but not later than 10:15 a.m. on the following trading day.
The time of agreement can be any time point between 9:15 a.m. and 3:15 p.m. on a trading day for the futures contract. If the parties agree upon the EFP transaction after the close of the trading of the futures contract on a trading day, the EFP report is required to be submitted before 10:15 a.m. on the following trading day. If the parties agree upon the EFP transaction on a non-trading day immediately preceding a trading day, the EFP report is required to be submitted before 10:15 a.m. on the trading day.
In summary, the time of agreement (including date of agreement) cannot be a time point in the future or earlier than 9:15 a.m. on the previous trading day. Otherwise, the System will prompt an error. If such prompt is given due to an input error, the System’s verification can be passed after the input error is corrected. If the period for submission of the EFP report has expired, the EFP report cannot be created, and the problem needs to be solved through consultation with the counterparty.