Position Maintenance Request  (MsgType = AL)

The Position Maintenance Request (AL) message allows the position owner to submit requests to the holder of a position which will result in a specific action being taken which will affect the position. Generally, the holder of the position is a central counter party or clearing organization but can also be a party providing investment services. Submission of a request may result in the following:

- adjustement of both the long and short start of day position quantity

- exercise of an option position into a position in the instrument underlying the option

- abandonment of an option position that would otherwise exercise

- netting of current day trades to change to the end of day long and short position

- spreading of a position against other position in order to reduce margin requirements

- pledge of a position for collateral purposes

- large trader submission of the long and short quantities

The request may be submitted as either new, replace or cancel and may refer to a specific position or the previously submitted message. The request is always submitted as of a Clearing Business Date and is therefore required. The parties both owning and holding the position are specified in the parties block.