Is it necessary to have an ECA in place between traders and brokers?

Is it necessary to have an ECA in place between traders and brokers?

This is not relevant for Brokers as the ECA is an addendum to the Master Trading Agreement between counterparties which specifies that a confirmation should be issued by FAX.

Since we use an electronic format the trader/trader agreement under which they trade needs to be amended – by the ECA. There is no confirmation arrangement contractually defined between traders and brokers – so no need for the ECA. When a new counterparty comes to the CMS they do not need ECAs in place with other CMS users because there is a multilateral ECA clause within the CMS eCM terms.

For more information please visit the General terms and conditions for Equias Software here: https://www.equias.org/group/user-area/terms-and-conditions

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