15.17.5 Clipping the message
The incoming message from Markit may be for a single MEI which may represent multiple investors or a single MEI for a single investor or a multiple MEI for multiple investors.
While processing the message, the Borrower Tranche contract in the system is identified based on the External CUSIP/ISIN in the incoming message. The branch code, drawdown product(s) and participant(s) thus be identified.
- Multiple messages with different Agent Ref Nos. and Message Ids are received for each MEI Code.
- The message is placed in the Incoming Browser with Processing Status as WIP.
- System waits for messages of all the other participants, before processing the messages for any of the participants
Once the messages are received in the Incoming Browser for each MEI Code in the tranche, then the system validates the External CUSIP/ISIN, Value date, Maturity date, Borrower, Tranche Global Amount, Borrower Amount combination and checks that the number of messages equals the number of participants with different MEI Codes.
Once the above conditions are met, the system processes the messages together to create a single contract/trigger a single event with all participants.
Parent topic: Viewing the Markit Agency Interface Browser