CME Group » Interest Rates » Wholesale Transactions
Wholesale Transactions

A Wholesale Transaction is a transaction executed outside of the Exchange's central markets.

The only contract markets eligible for Wholesale Transactions are Interest Rate Swap futures, Dow Jones-UBS Commodity Indexsm Excess Return Futures, CDR Liquid 50TM  NAIG Index Futures, and Ethanol futures. Minimum order size requirements for Wholesale Transactions vary according to contract market and order type.   See the table below.

Wholesale Transactions can be executed only for futures and for calendar spreads within futures contract markets. For a Wholesale Transaction in a calendar spread, each leg must be eligible, and the sum of the legs must equal or exceed the minimum order size thresholds shown in the table below.

Wholesale Transactions cannot be executed for cash-futures basis transactions or for intermarket contract spread transactions (e.g., Treasury-Swap futures spreads, 5-year Swap/10-year Swap spreads, Dow Jones-UBS Commodity Indexsm Excess Return Futures).Wholesale Transactions are not the same as All-or-None (AON), Exchange for Physical (EFP), or Exchange for Swap (EFS) transactions.

For any Wholesale Transaction, the following information must be reported within 5 minutes of execution to the Floor Technology Support Department of the Chicago Board of Trade:

  • seller's clearing firm, including clearing number, contact person, and contract person’s telephone number
  • buyer's clearing firm, including clearing number, contact person, and contract person's telephone number
  • date and time of execution (to the nearest minute)
  • contract market
  • contract expiration month and year
  • number of contracts traded
  • price of execution

Specifically, within 5 minutes of the Wholesale Transaction's execution time, the seller's clearing firm (i.e., the clearing firm of the party selling CBOT contracts through the Wholesale Transaction) must fax a Notification of Wholesale Transaction with the above information to the Exchange's Floor Technology Support Department (312.341.3408) and must confirm by telephone (312.347.5611) that the Exchange's Floor Technology Support Department has received the fax.

 

Eligible Contracts and Minimum Transactions Sizes


Eligible Contracts


Minimum Wholesale Transaction Thresholds


10-Year Interest Rate Swap futures (NI)

5-Year Interest Rate Swap futures (NG)

Dow Jones-UBS Commodity Indexsm Excess Return Futures

CDR Liquid 50TM NAIG Index Futures

Ethanol Futures (ZE)


2,000 contracts

2,000 contracts

300 contracts


100 contracts

10 contracts

Market Hours

Wholesale Transactions for Interest Rate Swap Futures and CDR Liquid 50TM  NAIG Index Futures and Ethanol futures are permitted only between 7:00 am and 4:00 pm Chicago time.  Wholesale Transactions for Dow Jones-UBS Commodity Indexsm Excess Return Futures are permitted only between 8:15 am and 3:30 pm Chicago time.  They are not permitted on the last day of trading in an eligible contract.

Benefits

  • Ease of executing large transactions at single prices
  • Security of a trade cleared by the Clearing Services Provider
  • Exchange rules and regulations insure trade transparency
  • Provides alternative means of entry/exit for participation in interest rate swap futures

To Execute A Wholesale Transaction

 
If you are an eligible market participant and wish to enter a wholesale trade in Dow Jones-UBS Commodity Indexsm Excess Return futures, you may contact the following designated Market Makers:

Jeff Engelman
Susquehanna International Group, LLP
(610)747-2436
Jeff.Engelman@sig.com

AIG Financial Products Corp.
(203) 563-1960 – trading desk