Please be reminded the Exchange maintains a schedule of fines to be imposed on clearing firms that fail to meet (1) the respective final reconciliation deadlines of 7:00 p.m. (CST) for its Chicago markets and 6:45 p.m. (EST) for its New York markets; and (2) the GLOBEX top-day trade correction deadline of 6:00 p.m. (CST). It is for the benefit of all of our related clients and partners that we strive for consistency and timeliness in processing and disseminating trade and settlement data. As a reminder, and in response to firms’ inquiries, any clearing firm requesting a deadline extension will be subject to a fine pursuant to the following schedule:
Extension 1st Offense 2nd Offense (in 30 Days) 3rd Offense (in 30 Days)
Up to 15 minutes $100 $200 $400
Up to 30 minutes $500 $1,000 $2,000
> 30 minutes * $2,500 $3,000 $5,000
* In 30 minute increments
The exchange may from time to time announce a deadline extension due to high volume or high volatility. When such occurs, the fine schedule will still apply to any firm requesting an additional extension. The exchange appreciates the efforts of all firms that have taken the necessary steps to be operationally efficient and to comply with its processing deadlines.
If you have any questions, please call Steve Staszak, at 312-930-3189, or Tony DiBenedetto, at 212-299-2152.