FAQ: Electronic Block Submission for Brokers

General Questions

1. Why is CME Group moving to electronic block submission?

Submitting blocks electronically offers customers an efficient, lower cost and faster means of booking deals into CME Clearing. It helps reduce operational risk and increases real-time visibility to the marketplace. CME Group encourages all customers who submit blocks to transition their deal entry workflow to electronic submission.

2. How do I submit a block trade to CME Clearing electronically?

CME Direct is the front-end application to submit block trades to CME Clearing by utilizing functionality where you can report and clear in one simple step.

For trade reporting and related questions, contact:

Global Command Center

U.S. +1 800 438 8616

Europe: +44 20 7623 4747

Asia: +65 6532 5010

3. What are the benefits to entering blocks electronically through CME Direct?

There are a number of advantages to submitting blocks electronically.

  • CME Direct has easy-to-use strategy creation and deal entry forms, which reduce the number of keystrokes and ambiguity in deal entry.
  • Deals can be visually confirmed before submitting as well as rapidly canceled or amended.
  • Details can also be copied into other platforms, such as chat or email.
  • Submitting electronically facilitates compliance with CFTC Rule 1.73, which governs pre-execution credit control.

4. I only do a small number of blocks and I am used to the current workflow. When will we no longer be allowed to call in blocks?

Currently CME Group is encouraging all customers to transition their block deal submission to electronic entry. In the near future, CME Group will require all blocks be submitted electronically.

5. Can I receive trade details directly into my risk system?

Yes, once successfully cleared, trade details will be available through CME STP. If you already receive block trades this way, moving to CME Direct for submission will reduce the time waiting for this information.


Registration Questions

6. What do I need to get started submitting deals with CME Direct?

As a broker, you will need to be registered with CME Direct. Your customers may also need to be registered on CME Direct if they are not already.

View registration instructions.

7. How do I register my customers?

Customers must be registered either by self-registering with CME Group or by having their broker or clearing firm register on their behalf (third-party registration). There are also other registration choices such as Short Code or Client Risk Master Accounts, which may increase flexibility in customer registration.

View additional registration instructions.

8. How do customers give permission to brokers to submit deals on their behalf?

Once you have completed the firm registration, you will need to work with your trade support staff, firm administrator and your FCM directly to set up registered accounts within the CME Account Manager tool.

View additional registration instructions.


Additional Questions

9. What about other privately negotiated transactions?

You may fulfill reporting obligations for other allowable privately negotiated transactions, such as EFRPs, via CME Direct. If you have any questions on what products are supported, you can view them at the link below, or call the GCC.

View supported products.

10. What if I make an error entering a deal?

If necessary, block trades can be corrected (canceled or re-booked) Top Day by the submitting broker or trader leveraging features available in CME Direct. Trade corrections can be facilitated up to T+3 by the GCC. For more information, please consult Rule 808.H. and the Market Regulation Advisory Notice on block trades for the correct process to do so. The GCC is always available to help with this process.

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