When clients agree upon an EFP transaction, they should specify the accounts and names of traders who will create and confirm an EPF report. When the seller of the futures contract creates and sends the EFP report to the buyer of the futures contract for confirmation, the seller should select the agreed trader of the buyer. When confirming the EFP report, the trader of the buyer should also identify whether the EFP report is sent by the agreed trader of the seller to avoid mistake in such confirmation.
The “Counterparty Trader” input box displays the “username-name” of the System’s account through a drop-down list. A client may select a correct counterparty trader by inputting a username for quick matching. If a wrong counterparty trader is selected, the client can clear such selection and select a new counterparty trader.
If a wrong counterparty trader is found to be selected after a client has successfully created an EFP report, the client can conduct an “withdrawal” operation with respect to the EFP report under the “Query about EFP Reports” menu. If the counterparty happens to have confirmed the EFP report, the client must negotiate with the counterparty to address the problem.