Mirror Trade Scenario

This section describes how to mirror trades with an internal counterparty into the counterparty's book.

In order to enter a mirror trade, the counterparty of the trade can be one of the following:

•

The processing org that owns the mirror book, provided it has the "CounterParty" role as well.

•

An internal counterparty, i.e. a counterparty which parent is the processing org of the trade.

Ⓘ [NOTE: This does not apply to FX trades. FX trades have their own routing process, please refer to Calypso FX Trade & Position Routing documentation for details]

Create a Mirror Trade for an IR Swap

In this example, a user creates a mirror trade on a swap trade

Enter trade details in the Swap Trade window.

In the Details tab, check the Mirror checkbox, and select the mirror book. After the trade is saved, the id of the mirror trade appears next to the Mirror checkbox.

You can bring up the Trade Blotter for the mirror book to view the mirror trade.

The ID of the original trade is displayed in the Mirror Trade Id column.

Applying an Action

If the environment property MIRROR_WORKFLOW = false, applying a workflow action on the original trade will automatically apply the action to the mirror trade as well (regardless of whether the trade satisfies the rules, unless the rules are specifically designed for mirror trades, like CheckMirrorSDI).

If the environment property MIRROR_WORKFLOW = true, applying a workflow action on the original trade will apply an action to the mirror trade based on its own workflow.

Ⓘ [NOTE: The environment property MIRROR_WORKFLOW does not apply to Cash trades. Cash trades are linked using the MMLinked workflow rule unless the environment property CASH_MIRROR_WORKFLOW = True]

Example with MIRROR_WORKFLOW = false

From the Trade Blotter, apply an action on the original trade.

The original trade is canceled, and the mirror trade is canceled as well.

Example with MIRROR_WORKFLOW = true

From the Trade Blotter, apply an action on the original trade. Based on the mirror trade workflow, another action is applied to the mirror trade.