Once a trade has been registered an open position is created. The open position has a series of rules:

• Trades with opposite sign for the same contract are netted regarding the open position; for example, the purchase of two Base Calendar 2014 swaps and the sale of three swaps from the same contract leave an open position of one swap contract sold from Base Calendar 2014.
• In segregated clients accounts, which have a "gross record", different trades for the same contract are not netted; following the previous example, the purchase of two Base Calendar 2014 swaps and the sale of three swaps from the same contract leave an open position of two swaps purchased and three sold from Base Calendar 2014.
• Although clearing occurs at the open position level, trades are live until the expiration date.

Although trades with opposite sign on the same contract are normally netted (except in accounts which have a "gross record") the system does not delete the trades but keeps them registered.

This record is important for swap contracts. In a future contract, where there is a daily variation margin, the contracts are fungible and since the variation margin updates all the prices of the contracts at the daily settlement price of the session, the netting of trades is complete. Nevertheless, this daily variation margin does not occur in swaps contracts, and therefore the netting of trades is not as in futures, and a pending variation margin is maintained.

Once a trade has been registered, the member can take any of the following actions to manage its position correctly.

Reassignment of a trade from the daily account to another account or to various accounts. This does not imply a modification in the trade price and the maximum volume that can be allocated is that of the original trade.

A type "D" operation identifies allocation. The member performs the allocation itself.

Reassignment of a trade from one account, other than the daily account and the one where the trade is currently assigned, to another account or accounts other than the original. This does not imply a modification in the trade price and the maximum volume that can be adjusted is that of the original trade.

A type "T" operation identifies regularisation. The member performs the regularisation itself.

Sending a trade from the executing broker to another member. This does not imply a modification in the trade price and the maximum volume for the give-up is that of the original trade.

A type "G" operation identifies a give-up. The member performs the give-up itself. The clearing broker and its clearing member must accept the trade.

A trade that has had an allocation, regularisation or give-up, will not appear as a live trade in the original account in the live trades file, but will appear as a live trade in the account in which the transaction was received.

Transfer of the position of one holder to another member or transfer of the position of one member to another member.

The origin member and the destination member must request the transfer of the position from the Clearing House. A type "Z" operation identifies a position transfer.

Cancellation of the original trade. A request must be made to the Clearing House. A type "X" operation identifies a cancellation.