On December 15, 2008, CME Group took the first step toward integrating the New York Mercantile Exchange (NYMEX), COMEX exchange (COMEX), and Dubai Mercantile Exchange (DME) products, trading, and processing into the CME Group Clearing system. This first phase incorporated firm-level financial and margining functions. Specifically, firms carrying positions in CME, CBT, OneChicago, NYMEX, COMEX, and DME products now receive combined margin calls, use combined collateral to cover positions, and perform all banking and settlement functions through CME Clearing applications.
The second phase of integration, converting to the CME Group Brokerage Payment System (BPS), was completed on Monday, March 2, 2009.
Phase 3 of the integration, consisting of the move to CME Group’s Exchange Fee System (EFS) was completed at the end of March, and all fees will be charged using EFS, from Wednesday, April 1, 2009.
Three other phases of clearing integration will occur in the coming months:
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