Clearing Systems and Operations - CME Group


CME Clearing is a fast, highly complex and high volume business that uses sophisticated systems and operations.

The Front-End Clearing System (FEC) is a web-based application that provides clearing member firm back office staff with an integrated method for entering and processing a variety of trade types.

Average Pricing Calculations

The Average-Pricing feature of Front-End Clearing allows a group of transactions at various prices, to be replaced by a smaller set of transactions at an average price. The system supports both a true average price, and a rounded average price. Here are the exact calculation details, expressed both in English and algebraically, and here are some examples.

The Give-Up Payment System (GPS) offers real-time fee calculation, automatic payment processing for member firm give-up execution business and online viewing of transactions.

BPS facilitates brokerage payments to filling brokers by member firms via automatic debits to member firms' bank accounts. All members and member firms are required to use BPS for broker billing and payment.

This document provides exact descriptions and examples of how to calculate settlement variation amounts for futures and premium amounts for options, including the “futures inverse” method. It also provides details on calculation of “daily adjustment amounts” for certain futures.

Find systems manuals, technical standards and guidelines, training, forms and other resources in this directory.

This document provides exact details of money calculations and clearing processing for forwards, including cash-settled and non-deliverable OTC FX forwards, physically-deliverable forwards on metals, and forwards on deliverable natural gas.


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Futures & Options Trading

As the world's leading and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through the CME Globex electronic trading platform and trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX, and COMEX.