Block trades offer institutional traders the convenience of privately negotiating a transaction with a select eligible counterparty. Learn more about interest rate block trades, pre-execution communications and simultaneous orders.
Minimum Block Trade Requirements
|30-Day Fed Funds||ZQ||2,000||1,000||500|
|2-Year Treasury Note||ZT||5,000||2,500||1,250|
|5-Year Treasury Note||ZF||5,000||2,500||1,250|
|10-Year Treasury Note||ZN||5,000||2,500||1,250|
|Ultra-10-Year Treasury Note||TN||3,500||1,750||875|
|Ultra Treasury Bond||UB||2,000||1,500||750|
|5-Year MAC Swap||F1U||1,500||1,500||1,500|
|10-Year MAC Swap||N1U||1,000||1,000||1,000|
|Ultra Treasury Bond||800||600||300|
|Ultra 10-Year Treasury Bond||7,500||3,750||1,875|
|10-Year Treasury Note||7,500||3,750||1,875|
|5-Year Treasury Note||7,500||3,750||1,875|
|2-Year Treasury Note||2,000||1,000||500|
Note: For option strategies, each leg must meet the minimum threshold, e.g. a Eurodollar options butterfly in ETH minimum would be 5,000 x 10,000 x 5,000
Monday – Friday on regular business days and at all times on weekends
ETH or ATH: Trade must be reported within 15 minutes of the transaction
RTH: Trade must be reported within 5 minutes of the transaction
Depending on the reporting requirement for the particular product, block trades negotiated when CME
ClearPort is closed must be submitted no later than 5 or 15 minutes after the time it reopens.
When the GCC is closed, for example, during the weekend, block trades must be reported no later than 5 minutes prior to the opening of the next electronic trading session for that product.
|Eurodollar Futures Member||$0.09||$0.19||$0.29|
|Treasury Futures Member||$0.12||$0.12||$0.87|
|Eurodollar Option Member||$0.09||$0.24||$0.34|
|Treasury Option Member||$0.12||$0.12||$0.87|
CME Direct provides direct entry into Front-End Clearing (FEC). Block trades reported through CME Direct fulfill reporting requirements and obligation for entry into Front-End Clearing.
Use CME Direct to instantly process voice-negotiated blocks. Brokers using CME Direct can efficiently open a CME Direct trade ticket, populate the details of a block trade, and submit the deal directly for clearing, eliminating the need to phone in the details.
CME Direct Block Trade Features:
Contact email@example.com for access to blocks through CME Direct.
Global Command Center (“GCC”)
Block trades price reported to the GCC or Exchange staff must be submitted to CME Clearing through the FEC user interface via the portal under block entry.
Reporting the trade to GCC only fulfills the reporting requirements, so must be entered into FEC.
Report the block trade by calling the GCC at:
+44 800 898013 (Europe), +1 800 438 8616 (US), +65 6532 5010 (Asia)
Brokers engaging in pre-execution (pre-ex) communications with market makers must enter a Cross via either the Committed Cross (C-Cross) or the Globex Cross (G-Cross).
|Invoice Swap Spreads||50%||N/A|
When pre-ex communications have not taken place, a broker in possession of opposite orders for different beneficial owners for the same product and expiration month, and, for a put or call option, the same strike price, may execute such orders for and directly between such beneficial owners provided that:
Pit Trading (For Options Only):
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