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.
Five other phases of clearing integration will occur in the coming months:
- Phase 2 – Monday, March 2, 2009: CME Group Brokerage Payment System (BPS) will process brokerage payments for NYMEX and COMEX activity.
- Phase 3 – Wednesday, April 1, 2009: CME Group Exchange Fee System (EFS) will process all Exchange Fees for NYMEX, COMEX, and DME activity.
- Phase 4 – Friday, May 22, 2009: The combined CME/CBT/OneChicago/NYMEX/COMEX/DME SPAN file will be live in production.
- Phase 5 – Monday July 13th, 2009: this phase will include trade and position processing of all COMEX products using the CME Clearing system. During this initial trade launch period firms will continue to process the remaining NYMEX and DME products through the NYMEX Clearing system.
- Phase 6 – Monday August 3rd, 2009: in this last phase, the remaining NYMEX and DME products will be processed through the CME Clearing system.