TOPS and its OR API are being phased out as member firms seek more innovative and robust order management systems. Current TOPS users are expected to have an alternative order management system by May 28, 2001. The trade data is electronically routed to bookkeeping systems where additional account information is automatically added to the trade fill data. It is then sent on to the Board of Trade Clearing Corporation for trade matching, also on a real-time basis. Trade confirmation data also can be routed via the API to customer accounts systems for processing real-time account adjustments and statements.
Firms have several choices for routing trade data to their bookkeeping system.
Firms would select the appropriate routing based on their order management system features and capabilities. Firm wants trade data returned via order management system. Brokers can receive orders from all FCM member firms connected to the routing network. The Electronic Clerk automates clerical deck management tasks. The broker s deck is automatically organized by price and order type.