5.24.1.3 Automatic Rate Set Process for Future Dated Split Rollover

The system processes the ROIX on the Rate Fixing Date. The Interest rate is not picked from Daily LIBOR Rate for the Rate fixing date for Drawdown currency, Interest Rate Period and Rate Code. The ROIX get 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 the ROIX is auto-authorized with maker/checker as SYSTEM. If the flag Auto Auth Rate Fixing Events is No, then ROIX is not authorized. Maker Id for ROIX event is SYSTEM. You are allowed to authorize this event from Drawdown Contract Online screen.

You have to manually amend the interest rate through Interest Rate Amendment screen (IRAM), if further amendments required for the Drawdown interest components. The Job fails the ROIX event if rate maintenance is not available for the day and an Appropriate exception will be logged saying rate maintenance is not available.