This advisory presents an overview of the process and timeline by which NYMEX and COMEX products will be integrated into CME Clearing. The integration will be accomplished in four phases:
- Phase 1 – Monday, December 8, 2008: Back-end integration – clearing-level performance bond (margins), collateral management, financial settlement and banking
- Phase 2 – Friday, April 10, 2009: Combined customer-level performance bond processing
- Phase 3 – Monday, July 13, 2009: Front-end integration – trade and position processing – for COMEX products
- Phase 4 – Monday, August 3, 2009: Front-end integration – trade and position processing – for NYMEX products
This plan provides important near-term financial benefits for joint clearing members with minimal disruption to existing clearing practices for NYMEX and COMEX products, while providing plenty of time for testing and implementation of the more significant changes associated with integration of trade and position processing.