Clearing Special Types of Trades
Overview

CME Clearing accommodates special types of trades to meet the business needs of our diverse base. These include large orders and privately negotiated transactions that require clearing.

All-or-None

All-or-None (AON) trades are specially designated large order trades that must be filled completely or not at all.

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Block Trades

A Block Trade is a privately negotiated futures transaction executed apart from the public auction market, either on or off the exchange trading floor.

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EFP, EBF and EFR Trades

An Exchange for Physical (EFP) is a privately negotiated, non-competitive futures trade transacted apart from the public auction market of a futures exchange but submitted for clearing through a futures clearing house.

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