CME Group » Clearing » Trading Practices
Trading Practices
Overview

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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.

 
 
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Mutual Offset System

The Mutual Offset System (MOS) is a partner program between CME and SGX that enables traders to open a futures position on one exchange and liquidate it on the other.
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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. Weather Block Trades can be easily reported through Pivot.

 
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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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EFP, EOO 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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Forwards Processing

CME Clearing currently offers clearing of privately-negotiated deals, submitted via CME ClearPort, in Cleared OTC London Gold Forward contracts.

In the near future, we expect to begin offering clearing for other types of forwards. Exactly as with futures, forwards may be cash-settled or physically-delivered.
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