This advisory notice is intended to clarify the Exchange’s plans to convert all trade processing related messaging from the legacy TREX format to FIXML. Converting to FIXML is critically important because TREX messaging will not be supported for NYMEX and COMEX trade processing following the integration.
The Exchange first announced its plans to convert all messaging to FIXML format in March, 2007. The original conversion deadline was October 31, 2007, at which time TREX use would be discontinued. In response to firms’ requests for more development and testing time, the deadline for eliminating TREX was extended though all of 2008 and now into 2009.
The Exchange’s current effort consists of converting all electronic confirm messages and give-up API (GAPI) messages to FIXML. That deadline was June 30, 2008. Firms that have yet to convert off of TREX for these message types have been assessed a $2,500 monthly TREX maintenance fee. (Firms still using TREX for these types of messages have paid $20,000 to date.) This maintenance fee will increase to $5,000 per month beginning April 1.
The Exchange previously announced that, following the conversion of electronic confirm messages and GAPI messages to FIXML, it would convert the remaining message types, e.g. inbound/outbound pit trade and correction/change messages, within thirty days (which it did not enforce until now).
FIXML Conversion Schedule
Accordingly, the final schedule for converting all trade message types to FIXML is as follows:
Message type FIXML Conversion Deadline Monthly TREX Maintenance Fee Applied
Electronic Confirms June 30, 2008 Current $2,500. $5,000 beginning 4/1/09
Give-Up API June 30, 2008 Current $2,500. $5,000 beginning 4/1/09
Pit Trades June 30, 2009 $5,000 beginning 8/1/09
Corrections/Changes June 30, 2009 $5,000 beginning 8/1/09
Converting to FIXML within these deadlines is critical because TREX messaging will not be supported for any NYMEX and COMEX products once they are migrated to the CME clearing platform. Those migration dates are July 13, 2009 for COMEX products and August 3, for NYMEX products. That means firms would have to separately enter all NYMEX and COMEX product electronic confirm messages, GAPI messages, pit trades, and correction messages into bookkeeping if not converted to FIXML.
If you have any questions or need assistance regarding this matter, please call Farris Oweimrin at 312-648-4780, Mahmoud Ajamia at 312-634-1595, or email at email@example.com.