EFETnet Glossary
The following list includes some of the terminology you will frequently come across using EFETnet:
Acknowledgement (ACK) - All exchanged documents receive a business Acknowledgement.
Back-office application - This software application holds data and communicates with the EFET Box in order to execute the matching of trade confirmations. It is typically a subcomponent of the ETRM.
Buyer - Counterparties to a trade assume complementary roles: “buyer” and “seller” these roles are distinguished within the Back-office application.
Document Type - Multiple documents are defined within the EFET standards for the ECM process. The following comprehensive list defines the names used to refer to each such document of groupings thereof within the EFET Box:
All – All document types
CNF – Trade confirmation documents
REJ – Rejections for trade confirmation documents
ACK – Acknowledgements for documents
CAN – Cancellation documents for trade messages
MSU – Match suggestions for trade documents
MSR – Match suggestion refusal documents
MSA – Match suggestion acceptance documents
EFET Adapter - The EFET Adapter is the software subcomponent of the EFETBox that implements the eCM process and manages the exchange of documents with the back-office application.
EFET Box - This is the software application that automates the eCM process and manages the exchange of Document Types over the internet. It is comprises the Messenger and the EFET Adaptor.
EIC Codes - Within the community of trading organisations (efetNet participants) a unique code is required to identify a party. This code is also used by the EFET Box in its processing. Within the EFETnet project, EIC codes are used to identify participants (ETSO Identification Codes).
Electronic Confirmation Matching (eCM) - This is the process defined by the EFET standards for the automated comparison of trade confirmation documents.
Electronic Trade and Risk Management (ETRM) - This software is the reference application that holds all trade data for a counterparty. It typically comprises Front, Middle and Back Office application functionality.
Match - During the eCM process comparison of trade confirmation documents may lead to a match between two such documents. As defined within the EFET standards such a match triggers a subsequect exchange of further XML documents, in particular the Match Suggestion (MSU) and Match Suggestion Acceptance (MSA) which are used in final validation of the proposed Match.
Payer, Payee - Two business roles defined by the EFET Standards that are used within the ECM process and typically correlate with the Buyer/Seller business roles for a trade.
Ponton X/P - This XML messaging component of the EFET Box delivers a business document securely and reliably to a counterparty’s EFET Box. By doing this, documents will be XML-validated, signed, compressed, encrypted, logged, and archived. The external communication protocol supported by Ponton X/P is ebXML. The Messenger is used to perform a guaranteed document delivery.
Seller - Counterparties to a trade assume complementary roles: “buyer” and “seller” these roles are distinguished within the Back-office application.
