UST Working Group Survey

    In our second OSTTRA UST Working Group session, we reviewed the Request For Quote (RFQ) workflow. Following the SIFMA "Done-Away" recommendation and established OTC Swaps Clearing standards, we are moving forward with a "Ping" Model for pre-trade limit checks. In this model, RFQ platforms "Ping" a centralized Hub or the FCM for approval before execution.

    Action Required: To ensure our next Working Group session on February 04, 2026 is productive, we ask that you complete this questionnaire by January 27, 2026.

    We will be aggregating these responses to identify areas of consensus and friction. By providing your feedback in advance, we can focus our live meeting time on resolving specific industry pain points rather than gathering raw data. Your input is vital to finalizing the network buildout design.

    Questionnaire:

    Question: Pre-Trade Repo Rate. Given that the final repo rate is unknown until execution, should trading venues be required to provide an indicative repo rate in the credit check request to facilitate DV01 calculations?

    Question: Limit Check Response time. Currently the amount of time given to respond to a limit check request is driven by the Platforms, which is approx 20-25 seconds. Should the FCMs have the ability to modify this time?

    Question: Limit Check Response time II If FCMs should have this ability, what specific timeframes (in seconds or minutes) would they consider sufficient to process these approvals or rejections?

    Question: Approval Token Time to Live (TTL). Currently this is configurable on the LimitHub UI. Should the venues or clients also have the ability to negotiate the TTL?

    Question (if Trading Venue): Approval Token Time to Live (TTL) II: If you are a trading venue, what is an acceptable TTL that would cover all your client’s trading requirements?

    Question: Token Renewal RFQ. Do you agree that the current process of cancelling and re-booking an expiring order is sufficient for RFQ needs?

    Question: Limit Check Amount. Should the Amount on a repo transaction be the collateral amount or the near-leg settlement amount (for a Notional Limit Check)?

    Question: Package Trades. Does your firm require package trade support for your clients?

    Question: Common Package Types.

    Question: Failover Limits. I would utilize failover limits (pushed limits to RFQ (Ping) Venue for backup only) if offered.

    Thank you for your response

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