(This SER supersedes SER #7232R dated November 7, 2014 to provide clarifying language with respect to the final settlement price of expiring USD/CLP futures following the last trading day.)
Effective Sunday, November 23, 2014 for trade date Monday, November 24, 2014, and pending all CFTC regulatory review periods, the Chicago Mercantile Exchange Inc. (CME or Exchange) will launch a new U.S. Dollar/Chilean Peso (USD/CLP) futures contract (Rulebook chapter: 345; Code: CHL) for trading on CME Globex and for submission for clearing through CME ClearPort starting with the January 2015 contract month.
The new USD/CLP futures contract calls for cash settlement; will be quoted using OTC pricing conventions of Chilean pesos per U.S. dollar; will feature a notional contract size of 100,000 U.S. dollars; offer monthly and quarterly contract listings out two years; and trade in a minimum tick size of 0.01 Chilean pesos per one U.S. dollar (1,000 CLP) for outright and calendar spread transactions. Since USD/CLP futures will be quoted on a flipped basis that is the inverse of the traditional CME pricing convention for foreign exchange futures, pays and collects in USD/CLP futures will be translated from Chilean pesos and banked in U.S. dollars daily.
Attachment 1 is a factsheet of the trading terms and conditions for USD/CLP futures.
Attachment 2 summarizes the initial expiry months that will be listed for trading in USD/CLP futures at contract launch.
Attachment 3 details the fee schedule for USD/CLP futures.
Please direct questions regarding this notice to:
Malcolm Baker +65 6593 5573 Malcolm.Baker@cmegroup.com
Will Patrick +44 20 3379 3721 Will.Patrick@cmegroup.com
Nigel Manthorp +44 20 3379 3863 Nigel.Manthorp@cmegroup.com
Craig LeVeille +1 312 454 5301 Craig.LeVeille@cmegroup.com
Simon Burnham +1 312 930 3426 Simon.Burnham@cmegroup.com
Sean Hayden +1 312 338 2849 Sean.Hayden@cmegroup.com
Kevin McMillin +1 312 930 8264 Kevin.McMillin@cmegroup.com
CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.