Understanding "Ex-Pit" Transactions

Balancing CLOB Liquidity with Institutional Needs

This document is intended to explain ex-pit transactions including EFRPs and blocks as they are currently practiced in CME Group markets, using our interest rate futures contracts as the focus of this discussion. It’s important to recognize that CME Group strives to balance the needs of firms that provide liquidity in the central limit order book (CLOB), as represented by the market on the CME Globex electronic trading platform, with the needs of institutions, maintaining a liquid, orderly and transparent marketplace under a wide variety of market conditions.

It covers:

  • Ex-Pit Transactions
  • What is an EFP?
  • Offsetting Cash Position
  • Block Trades
  • How to Transact?
  • Who Trades "Ex-Pit" and Why?
  • Value of Transparent Pricing

Read Full report

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.

Idea Exchange

Idea Exchange is your direct link to the product managers, marketers, and the development teams who create cmegroup.com and will allow you to review functionality, participate in focus and provide feedback on upcoming Web initiatives

Idea Exchange - Join Our User Focus Program

Contact Us

CME Group/Chicago HQ:
Local: +1 312 930 1000
Toll Free: +1 866 716 7274

Global Customer Contacts

More CME Group Direct Lines
Phone list by department

Global Partnerships


Global Offices Contact Information

Calgary Houston Chicago New York Washington São Paulo Belfast London Singapore Hong Kong Seoul Tokyo Beijing

© 2014 CME Group Inc. All rights reserved.

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.