Getting Started: Clearing OTC

Take advantage of streamlined onboarding and operational efficiencies of clearing OTC Interest Rate, Credit and FX swaps through CME Clearing.

Estimated Timeline to Cleared OTC Readiness

Clearing Firm and Affirmation Platform Selection

If you intend to clear OTC IRS, CDS, and/or FX products with CME Clearing, you will also need to establish the following relationships:

Clearing Firm:
Select and complete a Futures Account Agreement with a Cleared OTC Derivatives Addendum:
View a list of clearing firms.

Execution Provider:
Submit the FIA-ISDA Cleared Derivatives Execution Agreement to onboard with an execution provider.

Execution and/or affirmation platform:
Select an execution and/or affirmation platform to clear with CME Clearing.

Onboarding with CME Clearing and Active UAT Testing

Once you have completed these steps, you must register your legal entity in CME ClearPort by filling out the OTC Clearing Account Registration Form.

The form gathers necessary details about your legal entity and enables you to make elections on which fee schedule you wish to utilise, who your main contacts are and which affirmation platform you will be using.

Download the form.

Send the completed form to your account manager or directly to:

CME ClearPort Registration Team

Set up FTP folder to access reports from web portal or email: 

Contact the Onboarding team for details.

Finally, perform active UAT Testing and indicative margin analysis. This step of your transition is designed to ensure accuracy and reliability, at every stage of the clearing process.

CME CORE: Clearing Online Risk Engine

Try our interactive margin calculator and evaluate initial margin requirements for all CME Group products.

With CME CORE users can:

  • Execute “what-if” margin analysis on hypothetical portfolios
  • Margin all CME Group futures and options as well as Interest Rate and Credit Default swaps
  • Execute OTC efficiency analysis through additional analytics

CME Group Reporting

Reports Description Time (Eastern Time) Available in Testing Available in Production Asset Class
Preliminary Trade Register Includes new and open trades as well as corresponding cash flows on positions cleared prior to 4:45 p.m. EST on that day 4:45 p.m.     IRS
End-of-Day Trade Register

Includes new and open trades as well as corresponding cash flows on positions cleared on that day

8 p.m.     IRS

Curve Input Report

Contains the curve inputs of the CME Swap Curve

4:30 p.m.     IRS

Discount Factor Report

Displays the daily discount factor out of 31 years

4:30 p.m.

    IRS

CME Holiday Calendar

Shows the CME Holiday Calendar

3 p.m.

    IRS

PAI Rate File

Provides the rate used to calculate PAI

1 p.m.

    IRS

Client Margin Report

Provides an account by account breakdown of your initial margin requirements across your FCMs

10 p.m.

    IRS

Product Reference File

Product specific information for products we clear

6 p.m.

    CDS

Early Settlement Price File

Provides preliminary settlement prices

4:45 p.m.

    CDS

Final Settlement Price File

Provides final settlement prices

5 p.m.

    CDS

Client Margin Report

Provides an account by account breakdown of your initial margin requirements across your FCMs

10 p.m.

    CDS

CDS Position Report

CDS positions marked-to-market once a day

9 p.m.

    CDS

Settlement Price File

Provides end of day settlement prices

7 p.m.

    FX

Risk Parameter File

Provides the updated settlement curve for margining OTC FX

7 p.m.

    FX

Trade Register

Position report that contains all new and open trades and cash flows

9:30 p.m.

    FX

Margin Report

Provides an account by breakdown of your initial margin requirements

11 p.m.

    FX

CME Holiday Calendar

Shows the CME Holiday Calendar

3 p.m.

    FX

Product Reference

Provides the contract eligible for next day clearing

7:30 p.m.

    FX
FX
FX
FX
 

More in Cleared OTC