5.24.1.1 Automatic rate set for Future Dated Transactions

The future dated events, found in the system for the Rate set events pending to be processed. The Job automatically initiates online process on the Rate Fixing Date as soon as the LIBOR Daily rate maintenance is available for the day. The Jobs are automatically started based on the Auto rate set Job start time for all the branches. While processing Rate Set Events automatically, the Job skip the contract and proceed with next contract in the below scenarios:

• Valid Rate Setting Rules not maintained by user
• Rate Code or Rate Effective End Date is not maintained by user
• If Rate Fixing is already done by user manually
• If the contract is not authorized
• If the contract is not in uninitiated status for the new Drawdown

The Rate Set event Processing Date and Value Date should pick the rate from Daily LIBOR Rate, this is always be same which is Interest Rate Fixing Date.

For future dated transactions, Auto Rate Set event is not processed on the rate fixing date, if rate fixing is not done / rate setting rule screen is not visited while capturing the future dated transactions. In addition, User have to visit Rate Setting Rule screen before visiting Rate Fixing screen while capturing the future dated transactions.

If Future dated rate setting events pending to be processed on the same day for multiple Drawdown under a tranche and if the flag Auto Auth Rate fixing Required is deselected then

• The system processes the first Drawdown and keep the event unauthorized.
• Subsequent events of other Drawdowns can be marked as failed with the exception as Drawdown 1 under the tranche is unauthorized.

You have to manually re-process the failed events individually.