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As you are aware, a void or correction is allowed to occur up to four business days after the original trade has cleared through Front-End Clearing (FEC). Currently, with respect to PIT transactions, when correction functionality is leveraged through FEC+, there are no offsets of Exchanges Fees applied within the Exchange Fee System (EFS). Instead a Clearing Member Firm must submit a manual rebate request, to CME Group’s fee administration staff.
Effective February 28, 2014, the Exchange Fee System will systematically offset the Exchange Fees incurred on PIT transactions for all product exchanges (CME, CBOT, and NYMEX/COMEX) when the following FEC+ correction functionality is leveraged. Step by step details are reflected in the attached advisory notice.
For the full text of this advisory...
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