• Rule Amendments in Connection with Transition of CME Spot Market from Open Outcry to Electronic Trading

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-7680
      • Notice Date
      • 30 November 2016
      • Effective Date
      • 04 December 2016
    • As previously announced, effective Sunday, December 4, 2016 for trade date Monday, December 5, 2016, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will begin transitioning the dairy spot markets from open outcry to the CME Direct Auction electronic platform commencing with the Nonfat Dry Milk (NM) contract (see SER-7797 dated November 18, 2016).

      At that time, CME will: (1) create new CME Rulebook Chapter 12 (“CME Spot Market Trading – Electronic”); (2) subject the Nonfat Dry Milk (NM) contract to new Chapter 12; and (3) amend Chapter 11 (“CME Spot Market Trading”) to exclude the Nonfat Dry Milk (NM) contract.   The electronic trading hours for Nonfat Dry Milk (NM) contract will be 11:30 a.m. – 11:40 a.m. Central Time.

      Questions regarding this Special Executive Report may be directed to Erin Middleton, Sr. Rules & Regulatory Outreach Specialist at 312-341-3268 Erin.Middleton@cmegroup.com, Robert Sniegowski, Executive Director, Rules & Regulatory Outreach at 312-341-5991, Robert.Sniegowski@cmegroup.com or  Charles Piszczor, Director, Commodity Research & Product Development, at 312-930-4536 or Charles.Piszczor@cmegroup.com.

      Please click here for PDF of SER-7680.