• CME Account Manager Notices: July 6, 2015

      • To
      • CME Account Manager Customers
      • From
      • Global Account Management
      • #
      • 20150706
      • Notice Date
      • 06 July 2015
      • Effective Date
      • 09 July 2015
    • Update - Introducing Automated OTC Account Setup

      Denotes update to the article

      The full implementation of Phase 3 (scheduled for Monday, July 13), has been postponed. A new implementation date will be announced in future CME Account Manager notices.

      † Please note: Clearing firms should continue to set up portfolio margin accounts in CME Account Manager and send the CME Client Services Team the consolidated account setup form for portfolio margin accounts until further notice.

      On Monday, June 15, 2015, CME Clearing began a phased approach to automating the account set up process. Benefits include:

      • Decreased turnaround times for setting up new OTC accounts.
      • Eventual removal of the Consolidated Account Sheet.
      • Increased Clearing Firm control of the account set up process.

      Please note: This change does not affect Portfolio Margining, CME Clearing Europe, or New Release account setups. These processes will continue to require a Consolidated Account Setup Sheet.

      CME Clearing will implement this upgrade in three phases:

      Phase 1: Monday, June 15 - Launched

      CME Clearing will no longer provide mapping documentation to affirmation platforms.

      • Clearing Member Firms will need to communicate account/alias mappings to the desired platforms. To assist with this change, CME Clearing publishes account-level mapping data in the PlatformMapping_XXX_YYYYMMDD.csv file, where “XXX” is the Clearing Member Firm ID. This file is published daily between 5:00 and 5:30 pm Central Time (CT) to the secure FTP.
      • CME Clearing also publishes the Account Reconciliation file, AccountRecon_XXX_YYYYMMDD.csv, which contains all details needed for platform account setups.

      Phase 2: Monday, June 29

      CME Clearing will no longer require Clearing Member Firms to send the Consolidated Account Setup Sheet for OTC account creation.

      • Information formerly communicated through the Consolidated Account Setup Sheet will now be entered directly into CME Account Manager.
        • CME Clearing will finalize the account creation within 24 hours of the account being entered into CME Account Manager.
      • Once the account is fully setup, it will display in your "Platform File" as eligible to be mapped and will be marked as complete on your Account Reconciliation file.

      Please Note: The process of adding new accounts to CME Account Manager will not change. The procedure is outlined within the CME Account Manager WebHelp.

      Additional information including platform mapping file examples is available here.

      † Phase 3: Monday, July 13 – Partial Launch

      Effective Sunday, July 12 (trade date Monday,July 13), all Clearing Member Firms will be required to enable accounts for the CME Portfolio Margining program via CME Account Manager only. Additionally, for the foreseeable future, Clearing Member Firms should also send the CME Client Services Team the consolidated account setup spreadsheet. This will allow CME Clearing to continue testing this new phase and eventually allow for Clearing Firms to no longer have to contact CME Client Services Team for these setups.

      Firms may begin enabling accounts for the CME Portfolio Margining program via CME Account Manager starting Sunday, June 21 (trade date Monday, June 22).

      Additional Information

      • Portfolio Margining should only be enabled for the Futures account and not the IRS account.
      • CME Clearing will backload all historical portfolio margin accounts into CME Account Manager.

      To use the Portfolio Margining option

      • Set the Portfolio Margining option and the Margin/Master Account on the Account Setup page.
        • The Margin/Master Account should be equal to the Margin/Master Account of the interest rate swap account.
      • ‘CBOT (Clearport)’ and ‘CME (Clearport)’ elections, not IRS, should be made on the Market Permissions page.
      • Account limits must be created before an account activates. Limits can be set to zero.
      • Filter by Portfolio Margining on the Account Search and Credit Controls Search pages.
      • Account and credit controls search results show whether this option is enabled.

      For more information, click here to access the Creating Accounts or Credit Controls topic.

      For questions or more information ,please contact Client Services at +1 312 338 7112.