Affects Version/s: wd33
Fix Version/s: wd33
In theory the potential multiplicity in Transactions is unlimited:
One can contemplate
1 Party to 1 Party Transactions,
n Party to 1 Party Transactions, and
n Party to m Party Transactions.
Additionally, any transaction can be for 1 interval or multiple intervals, and any Transaction can be for 1 EMIX product or many.
Tenders have the multiplicity of Transactions plus additional potential multiplicity such as:
For an n Party to m Party Tender are one or more Transactions for a subset of the Party and CounterParties allowed or must all n to m Tenders accepted as a single Transaction?
And is the EMIX quantity for each Tender Integral Only or not ( all of the tendered quantity must be transacted or none)?
In practice most tenders and transactions are bilateral (1 Party to 1 Party) for a single product. This is because of complex negotiation and default issues in complex transactions. And where complex m to n party transactions are desired, an exchange or clearing house is often the counter party to all of the Parties.
Market matching methods are out of scope for EI. It would seem we have two choices for Transaction and Tender multiplicity in EI.
1. Allow unlimited multiplicity and expect implementers to restrict the multiplicity. Either restriction is by conformance rules or by using as yet undeveloped restrictions on multiplicity communicated in the Market Context.
2. Allow only 1 party to 1 party transactions and tenders for 1 EMIX Product on sequences of one or more intervals wherein the quantity in each interval is variable or integral only.