The CME Dairy Spot Call, for daily price discovery in physical dairy markets, will begin to transition from open outcry to an electronic, transaction-based auction beginning with Non-fat Dry Milk on January 23, 2017.
CME Group facilitates daily wholesale price discovery in physical dairy markets for Cheddar Cheese in Barrels and Blocks, Butter, and Non-fat Dry Milk. The spot call functions to manage/balance participants’ current inventories provide a trusted environment to transact business, and to provide an open and transparent price discovery mechanism for our customers.
The decision to change from an open outcry market to CME Direct Auction was made in response to industry demand and will further enhance the transparency of prices and user experience, while expanding access to a broader set of commercial dairy customers, brokers, and other physical market participants.
New Auction Times As of Monday, January 23, 2017:
CME Direct Auction is an innovative and proven transaction-based auction platform for trading and price discovery in physical spot markets.
How is CME Direct Auction Platform different from CME Direct?
Futures and options products are available on CME Direct, while physically delivered spot call dairy products are available on the CME Direct Auction Platform. They are two separate platforms, requiring separate registration. A trader who is registered on CME Direct to trade futures and options will still need to complete the registration process for the CME Direct Auction Platform.
A verification officer for the firm must complete and submit the registration information to receive access to the CME Dairy Auction.
A verification officer is a primary firm contact with inherent authority to add and remove users from the CME Direct Auction platform. We strongly encourage the assignment of a back-up officer.
Registering Online for CME Dairy Auction – Dairy Spot Call is Free and Easy
For firms that are not currently registered for CME Direct Auction.
Verification officers and users of the platform must register and activate a CME Group Login ID
CME Group Login is a self-managed, centralized user profile service that authenticates access to applications and services.
Read and agree to the required CME Spot Market Trading Agreement. This step applies to Production Access only.
Complete and submit the CME Direct Auction Registration Form.
Sign up for Production Access (The production environment will not be live until November. You will be emailed production login details at that time)
Sign up for Test Access (The test environment is currently live. You will be emailed test login details shortly after completing the registration form.)
By clicking the “Submit” button at the bottom of the page, your request will be routed to our EASE team for processing. Upon receipt and validation, EASE will onboard your firm and users. You will receive notification via email upon completion.
For questions about the process or status of your registration, contact:
U.S. +1 312 456 1560
Europe +44 20 3379 3802
Asia +65 6593 5536
Registered trading firms must contact their clearing member to request that a clearing account be added to CME Account Manager. Clearing members should be provided with a list of products as well as a list of OTC brokers that can enter trades on their behalf.
The CME Direct Auction application requires Microsoft .NET Framework 3.5 Service Pack 1
This process is for firms already registered with CME Group that wish to add additional users. The process must be completed by a verification officer.
Each new user must create and activate a CME Group Login ID and provide the verification officer with their newly created CME Group Login IDs.
Verification officer must complete and submit the CME Direct Auction Additional User Form.
By clicking the “Submit” button at the bottom of the page, your request will get routed to our EASE team for processing. Upon receipt and validation, EASE will onboard new users. Users will receive notification via email upon completion.