Capture. Report. Store
Our Swap Data Repository captures, stores and reports data for cleared, non-cleared and bilateral swaps.
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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. The system eliminates the costly labor-intensive task of preparing and distributing monthly checks to brokers and assures timely brokerage payments.
Daily and monthly reports and data files produced for each firm detail executed trades, volume, and rate applied to each trade. Monthly banking reports are produced for brokers and firms.
At the end of each trading day, all trade records are processed through BPS, which tries to match each trade against a firm-entered rate. The rates entered by the firm can be specified by:
As trade records are corrected or later given-up in the clearing system, BPS adjusts the charges. At the end of each month, preliminary reports show the trading activity for that month, and the amount of money that will be debited from the firms’ accounts and credited to the brokers’ accounts.
Firms have three banking business days to make adjustments to either the trading activity in BPS or to the payment that will be made. Adjustments to trading activity might be necessary if a trade cleared with an incorrect broker symbol. Firms can withhold payment for a month if major discrepancies exist.
At the end of the three banking business days, final monthly reports are produced, reflecting any firm-made adjustments. The banking reports reflect the amount of funds that the firm should make available for transfer. Additionally, the brokers’ banking statements detail the amount of money to be transferred into their accounts on a per firm basis.
Complete and submit banking information (including a voided check) to the CME Membership and Registration Department to be recognized by BPS.
|CME Monthly Banking Cycle|
|Banking Business Day||Action Taken|
|1||Preliminary Detail and Banking Reports are distributed|
|4||Final Detail and Banking Reports are distributed|
|4||CME sends instructions to debit firms' banking accounts|
|7||CME sends instructions to credit brokers' banking accounts|
|8||Funds are transferred to banks for distribution to brokers' accounts|
Read BPS Broker Reports and Fee Deposits Calendar (PDF)