On Monday, October 15, 2012, CME will introduce an important enhancement to the clearing processing for its USDRMB futures contract – the USD Renminbi future with USD banking.
This is the CNY contract where the contract size is 100,000 USD, the price is quoted in CNY (Chinese Renminbi Yuan) per US dollar, and the settlement variation amounts are converted from CNY back to USD by dividing by the current spot exchange rate between CNY and USD.
Currently, the trade register report and datafile for this product provide values in CNY. With the change, the values will be provided in USD, and attributes will be provided to drive the conversion of the variation amounts from one currency to another.
The goal is of this enhancement is to simplify bookkeeping processing and reconciliation for clearing firms. This methodology will be applied to other products in the future.
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