14.15 Transferring Updated Information to Markit

Whenever there is a change in External CUSIP for a tranche, a change in External CUSIP for a drawdown or a change in MEI CODE, the system transfers the data to Markit by generating the relevant messages. These are explained below.

For a Tranche

If, for a tranche, the current CUSIP value is blank and a new External CUSIP has been entered, the system sends a new Take On Facility notice to Markit. If the External CUSIP for the tranche was not blank initially but has been updated with a new CUSIP, then the system will send:

• Cancellation messages for all the prior messages sent to Markit, except for the Take On Facility notice.
• Amend Contract message with the updated CUSIP value.
• All the prior messages that were cancelled with the new CUSIP value.
• Position Update message for Position Statement with the latest positions for latest value date.

The notices are sent as part of an offline activity that begins after the tranche amendment for the CUSIP update is saved. The authorization of this update can happen only after the message generation is completed. If the tranche amendment is deleted, then the generated messages are deleted too. Once the generation is complete and the authorization of the tranche amendment is done, the handoff to Markit will happen. After the offline activity is through, the messages at the drawdown level are generated and till all such messages are generated and handed off for the drawdowns corresponding to the amended tranches, no events are allowed for the tranches.

For a Drawdown

If, for a drawdown, the current CUSIP value is blank and a new External CUSIP has been entered, the system sends a new Drawdown notice to Markit. If the External CUSIP for the drawdown was not blank initially but has been updated with a new CUSIP, then the system will send.

• Cancellation messages for all the prior messages sent to Markit, except for the drawdown notice.
• Amend Contract message with the updated CUSIP value.
• All the prior messages that were cancelled with the new CUSIP value.
• Position Update message for Position Statement with the latest positions for latest value date

The notices are sent as part of an offline activity that begins after the authorization of the tranche amendment. End of day Pending Transactions show any message pending generation/handoff and Marking of End of Transaction Input are not allowed till the message generation and handoff is completed. In addition, no further events are allowed for drawdowns for which messages are being generated and handed-off till the process is complete.

For MEI CODE

MEI CODE is a UDF at a Customer level that is maintained in the system. Whenever this is updated, saved, and authorized at the customer level, then:

• An offline job is initiated which registers the event ‘AMEI’ (Amendment of MEI Code) on all the tranches that have this customer as one of the participant. This job handoffs the following messages.
  • If the MEICODE value was blank initially and it is now updated with a value, then a Position Update message with Position Statement type is generated and handed off for each of the tranches for which the event is registered. This Position Update notice includes only the participant details for which the MEICODE update has happened.
  • If the MEICODE value was non-blank and was updated now, then a Position Update message with Correction type is generated and handed off for each of the tranches for which the event is registered. This notice is a bulk message with one message containing the old MEICODE and with all the positions (funded or committed) as zero and the other with the new MEICODE and with all the actual positions of the participant.

The End of Day Pending Transactions show any message pending generation/handoff and Marking of End of Transaction Input is not allowed till the message generation and handoff is completed. Additionally, no further events are allowed on the underlying tranche/drawdowns which have the participant with the MEI CODE changed, till the messages are generated and handed off.