Manage LME Futures Contracts in Issue Viewer

In the Future Contract panel, you can manually add and change an LME future contract. An LME future contract is a future traded on the London Metal Exchange. A future contract is a standardized, transferable, exchange-traded contract that requires delivery of a commodity, bond, currency, or stock index, at a specified price, on a specified future date. LME futures do not net positions or close down positions of a held contract. Instead, the contract is offset by the existence of a new contract held in the portfolio that has the same underlying asset and prompt date. LME futures can pair long and short positions to derive a net cash settlement amount.

This article assumes you are familiar with the entity elections that have been made for processing future contracts.

Add LME Future Contracts

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To manually add a London Metal Exchange (LME) future contract:

In Accounting Center, in the left navigation pane, click Setup > Securities > Manage Securities > Issue Viewer.
You see the Issue Viewer tool.
Click the Add arrow.
Point to Derivatives and click LME Future Contract.
You see the Future Contract panel.
NOTE: If you are adding a London Metal Exchange (LME) future contract, you can also select the Derivatives/Future Contract option. However, using the LME Future Contract option allows you to add the future more easily, because it displays default field values in the panel that apply to LME futures.
Complete the options on the Future Contract panel.
The following fields are required to set up an LME future contract: Issue Name, Primary Asset ID Type, Primary Asset ID, Issue Country Code, Asset Currency, Settlement Currency, Income Currency, Primary Exchange Code, Prompt Date, and Last Trade Date.
Click Submit.

Change LME Future Contracts

Some fields are locked when there is an existing position on the security. This is because a change would impact the existing position. These fields include Asset Currency, Investment Type, Processing Security Type, Quantity Type, Price Multiplier, and Quantity Scale. Other fields are locked so they cannot be changed. See the About Locked Security Master Record Fields section for more information.

If you need to change a security master record, Eagle recommends canceling the security, making changes to the security master record, and rebooking the security.

To manually change an LME future contract:

In Accounting Center, in the left navigation pane, click Setup > Securities > Manage Securities > Issue Viewer.
You see the Issue Viewer tool.
Enter the query parameters and click Search.
You see a list of security records that meet your selection criteria in the Query Result window.
Select the security record you want to update, click the Change arrow, and click Change Future Contract. Or double-click the security record.
You see the Change Future Contract panel.
Change the options on the Change Future Contract panel.
Click Submit.

Future Contract Panel Options - LME Future Contract Option Selected

The following are the options in the Future Contract panel when you select the LME Future Contract option. Note options may vary according to your selections.

Option	Tag	Description
SRM Status Flags
Release Status	614	Displays the release status of the Security Reference Manager (SRM) record. This field is null when adding a new security.
Authorize Flag	11742	Flags records that have been authorized.
Validation Process Flag	4569	Flags records that have been reviewed in the Security Reference Manager (SRM).
Future Identification
Issue Name	961	Specifies the name of the security.
Issue Description	962	Describes the security.
Ticker	13	Specifies the system of letters used to uniquely identify the security.
Primary Asset ID Type	1432	Specifies the primary asset identifier type for the security, such as CUSIP, ISIN, and SEDOL.
Primary Asset ID	14	Specifies the primary asset identifier for the security.
Alt Asset ID Type	5501	Specifies an alternate asset identifier type for the security.
Alt Asset ID	1795	Specifies the alternate asset identifier for the security.
Future Xreference Identification
CUSIP	1952	Specifies the Committee of Uniform Security Identification Procedure (CUSIP) that identifies the security issue.
ISIN	1955	Specifies the International Security Identification (ISIN) number that identifies the security issue.
Sedol	1958	Specifies the Stock Exchange Daily Official List (SEDOL) number that identifies the security issue.
Reuters	1961	Specifies the Reuters identification number that identifies the security issue.
Bloomberg ID	1964	Specifies the Bloomberg identification number that identifies the security issue.
SICOVM	1967	Specifies the SICOVM identification number that identifies the security issue.
Valoren	1970	Specifies the Valoren identification number that identifies the security issue.
Cash Matching ID	1973	Identifies the security issue for use in cash matching when you use cash segregation. If you set up security cross reference identifiers of CMM for use with cash matching, you can provide a Cash Matching ID for each security you plan to use in cash matching.
INTERNAL	1976	Specifies the internal identification number that identifies the security issue.
CINS	1979	Specifies the CINS identification number that identifies a foreign security issue. The CINS numbering system is an extension of the CUSIP numbering system.
Xref Exchange	1981	Specifies the exchange where the security is traded. Displays LME.
Future Details
Investment Type	11	Specifies the investment type. Displays FT, for future contracts.
Processing Security Type	3931	Displays the code value that the system uses to determine the type of security you are adding. For example, FTXXXX, for future contracts.
Security Type	82	Specifies the type of security.
Sub Security Type	1464	Specifies the sub security type.
Risk Classification Type	11584	Specifies the risk classification type for the security. This value allows funds to disclose the primary type of underlying risk within derivatives contracts and hedging activity, such as interest rate risk, credit risk, and so on. The FAS 161 report uses this information. You can select any value defined for the RISK_TYPE code category.
Granularity Category	11476	Specifies the asset's classification for ledger granularity purposes. If the security attributes available for ledger granularity account breakouts (security type, long/short indicator, Federal tax indicator, market sector description, affiliated/unaffiliated, and issue country) do not provide enough detail, you can use a granularity category to classify the asset for ledger reporting. Code values are maintained under the GRANULARITY_CAT code category.
Cost Basis Rule Type	2817	Specifies the cost basis rule type for cost basis reporting.
Quantity Type	12	Specifies the quantity generally accepted as a standard for exchange, such as shares and par.
Price Multiplier	18	Determines what the system uses for a price. You should not change this value once a position exists.
Contract Size	19	Specifies the contract size.
Country of Risk	2288	Specifies the issuer of the security's principal place of business.
Country of Risk Code	10536	Specifies the code of the issuer of the security's principal place of business.
Issue Country	2290	Specifies the name of the country that issued the security.
Issue Country Code	1418	Specifies the code that represents the country that issued the security.
Asset Currency	85	Specifies the currency in which the security is priced. You should not change this value once a position exists.
Settlement Currency	63	Specifies the currency in which the security is settled.
Income Currency	1186	Specifies the currency in which the security pays income.
Primary Exchange	2291	Specifies the marketplace in which the security is traded.
Primary Exchange Code	17	Specifies the code of the marketplace in which the security is traded. It is also used with global tax withholding and tax reclaim processing. This field displays a value of LME, which is needed in order for the system to correctly process LME futures.
Region	5423	Specifies a region. It does not necessarily mean the location of the exchange in which a security is traded. For example, suppose you have a Canadian bond that trades in the London Stock Exchange. You may want to set the region to Canada or North America.
Prompt Date	2302	Specifies the LME future contract's prompt date, or cash settlement date.
Last Trade Date	5076	Specifies the last date that the security is eligible for trading. The system displays the date that you specified for the Prompt Date field (tag 2302), but allows you to edit that date.
Point Size	8501	Specifies the value of one point for statutory investment schedules for insurance companies. The point size represents the monetary value of a one (1) point move in a futures position published by the exchange.
Future Flags
Restricted Flag	1139	Indicates any trade restrictions on the security. Options include: 144A. An SEC rule modifying a two year holding period requirement on privately placed securities to permit qualified institutional buyers to trade the positions among themselves. Reg S. Various SEC rules relating to offers and sales made outside the U.S. without SEC Registration. Reg D. An SEC regulation governing private placement exemptions. This rule allows some companies to raise capital through the sale of equity or debt securities without having to register the securities with the SEC. Private Placement. The raising of capital using private rather than public placement. The result is the sale of securities to a relatively small number of investors. 4(2) Paper Other None
Create Synthetic Cash Security	2300	Indicates whether to seed a synthetic cash security. Options include: Yes No
Look Thru Value	1808	Specifies the underlying security.
Look Thru Ind	1776	Used to view exposure to the underlying security, index, or portfolio.
Inactive Flag	11043	Indicates whether the security is inactive. Options include: Yes. The system reports the security as inactive. No. The system reports the security as active. NOTE: If this field is set to Yes, no trades are allowed.
Variation Margin Information
Variation Margin	4533	Indicates that the system does not calculate a daily variation margin for the LME future contract. If the Primary Exchange field has a value of LME, indicating that you are adding an LME future contract, The system displays a value of No in this field, because it does not allow you to calculate a variation margin for the security.
Variation Margin Rule	2289	Displays a variation margin rule of Standard Life to Date Future for LME futures. Rounding occurs at the total position level. The system uses variation margin rules to calculate notional cost, market value, unrealized gain/loss, and realized gain/loss for futures with and without variation margin.
Underlying Information
Underlying Issue Name	1141	Specifies the name of the underlying security.
Underlying Ticker	1349	Specifies the ticker of the underlying security.
Underlying Asset ID	1348	Specifies the asset identifier of the underlying security.
Underlying Type	916	Specifies the type of underlying security.
Issuer Information
Issuer ID Name	2285	Specifies the name of the company or municipality that offered the security for sale.
Issuer ID	1413	Specifies the identifier of the company or municipality that offered the security for sale.
Country of Incorporation Code	1174	Specifies the ISO country code of the country in which the issuer of the security was incorporated.
Issuer Industry	1417	Specifies the industry of the issuer.
Legal Entity Identifier (LEI)	5089	Displays the Legal Entity Identifier (LEI) that identifies the issuer as a financial party. If an LEI value is present, the Legal Entity Identifier Details section appears.
Legal Entity Identifier Details
Legal Name	5090	Displays the legal name of the issuer as the financial party registered with the LEI.
Entity Status	5091	Displays the status of the issuer. For example, ACTIVE and INACTIVE.
Legal Form	5092	Displays the legal form of the issuer as financial party registered with the LEI. For example, CORPORATION.
Assigned Date	5093	Displays the date when the issuer's LEI was assigned.
Last Update Date	5094	Displays the date when the issuer's LEI information was last updated.
Disabled Date	5095	Displays the date when the issuer's LEI information was disabled.
Record State	5096	Displays the record state for the issuer's LEI. The record state indicates the current process status of the CFTC Interim Compliant Identifier (CICI) record. For example, UNDER_REVIEW, DUPLICATE, CONFLICTING_SOURCES, INADEQUATE_SOURCES, VALIDATED, PENDING_REMOVAL.
Certification State	5097	Displays the certification state used to register the issuer's LEI. For example, CERTIFIED, NOT_CERTIFIED, STALE.
Street	5098	Displays the street address used to register the issuer's LEI.
City	5099	Displays the city used to register the issuer's LEI.
State	5100	Displays the state code used to register the issuer's LEI.
Zip	5180	Displays the ZIP code used to register the issuer's LEI.
Country Code	5181	Displays the country code used to register the issuer's LEI.