11.3.1 Automatic Rate Set Process for Future Dated Split Re-Price

The system processes the SPIX on the Rate Fixing Date. The Interest rate is picked from Daily LIBOR Rate for the Rate fixing date for Drawdown currency and for Interest Rate Period and Rate Code. The SPIX gets processed online once the Job starts processing and also when the rate maintenance available for the Rate fixing date.

If the flag Auto Auth Rate Fixing Events is Yes at loans parameters screen, then SPIX gets auto-authorized with maker/checker as SYSTEM.

If the flag Auto Auth Rate Fixing Events is No, then SPIX is not authorized. The Maker Id for SPIX event is SYSTEM. You are allowed to authorize this event from Split Re-Price Transaction Screen.

You to manually amend the interest rate through Interest Rate Amendment screen (IRAM), if further amendments required for the Re-priced Drawdown interest components. The job fails the SPIX event if rate maintenance is not available for the day. Appropriate exception is logged saying rate maintenance is not available.