CME recently received notice that the Board of Governors of the Federal Reserve System authorized the Federal Reserve Bank of Chicago (the “Chicago Fed”) to establish and maintain a Reserve Bank account with certain services. The current authorization is limited to clearing member proprietary margins. CME is working with the Chicago Fed to open the account. No operational build will be required of our clearing members. CME will send an update on the interest rate paid on clearing member proprietary cash balances as we get closer to an account opening date.
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