Transaction Timelines

CME Clearing uses multiple daily timelines for our different processes and products. On this page we have compiled those timelines for your benefit. For a broader view of our hours of operation:

View trading hours.

Banking Timeline
OTC Clearing Timeline
Futures and Options Clearing Timeline

Banking Timeline

CME Clearing adheres to a designated timeline for daily performance bond collateral transaction and settlement cycle processing. The time frames apply to all specialized programs supported by CME Group, unless noted otherwise.

Time	Event
8:30 a.m. CT	Clearing firm deadline to enter withdrawal request to C21 Banking and Asset Management to release foreign currency performance bond cash (MXN, CAD, EUR, & GBP) for same day value. Foreign debt deposit or withdrawal requests to C21 Banking and Asset Management for same day settlement.
9:30 a.m. CT	Clearing firm deadline to input security deposit transactions to C21 Banking and Asset Management for CME & CME/OCC cross margining program for settlement anticipated before ITD cycle.
10:30 a.m. CT	Clearing firm deadline to input withdrawal request to C21 Banking and Asset Management to withdraw excess securities for CME & CME/OCC cross-margining program for settlement before ITD cycle. Clearing firm deadline to enter withdrawal request to C21 Banking and Asset Management to release foreign currency performance bond cash for next day value. Clearing firm deadline to enter requests for deposit and withdrawal of stocks, ETFs and Corporate Bonds through DTC for settlement anticipated before ITD cycle. Deadline for CME to access DTC system for pledges and withdrawals of stocks, ETFs and Corporate Bonds for PB credit for ITD cycle.
11:00 a.m. CT	Clearing firm deadline to input IEF2 purchase/withdrawal instructions to C21 Banking and Asset Management. Clearing firm deadline for phone notification to the Clearing House of intention to either invest dollars in or liquidate IEF2. Original letters of credit or amendments to previously issued letters of credit to CME for ITD cycle performance bond credit must be received by 11:00 AM.
1:30 p.m. CT	Clearing firm deadline for deposits of stocks, ETFs and Corporate Bonds into DTC system to receive performance bond credit.
2:00 p.m. CT	Clearing firm deadline to enter USD security withdrawal and deposit transactions to C21 Banking and Asset Management for CME & CME/OCC cross-margining program. P.M. IEF2 deposit and withdrawal deadlines vary by fund, but are not later than 2:00 p.m. Please call the Clearing House Financial Unit at 312 207 2594 for specific deadlines.
2:30 p.m. CT	Clearing firm deadline to enter excess USD Cash withdrawal transactions into C21 Banking and Asset Management.

OTC Clearing Timeline

New York	Local	Event
6:00 p.m.		Sunday evening market open
	4:00 p.m. Tokyo	Capture quotes for JPY (LIBOR & OIS)
	4:30 p.m. Sydney	Capture quotes for AUD (BBR-BBSW & OIS)
	4:30 p.m. Wellington	Capture quotes for the NZD (BBR)
8:30 a.m.		Settlement banks confirm USD VM and Initial Margin call (portfolio) from previous day’s clearing cycle – USD, EUR, GBP and CAD cash moves at the settlement bank shortly thereafter (JPY, CHF and AUD are confirmed at this time, but cash moves on T+2).
3:00 p.m.		Capture quotes for USD (LIBOR & OIS) and CAD (CDOR & OIS).
	4:30 p.m. Hong Kong & Singapore	Capture quotes for the following currencies: HKD (HIBOR) SGD (SOR)
	4:00 p.m. SAST	Capture quotes for the following currencies: ZAR (JIBAR)
	4:00 p.m. CET	Capture quotes for the following currencies: SEK (STIBOR), DKK (CIBOR/CIBOR2), NOK (NIBOR) CZK (PRIBOR), PLN (WIBOR), HUF (BUBOR)
	4:00p.m. London	Capture quotes for the following currencies: EUR (EURIBOR & OIS) GBP (LIBOR & OIS) CHF (LIBOR)
7:00 p.m.		Same day trade submission/acceptance deadline for all currencies. Generate combined end-of-day Clearing reports for all currencies including Trade Register.
8:00 p.m.		Calculate Initial Margin for entire portfolio.
10:00 p.m.		Settlement instructions for all currencies are sent to settlement banks.
7:00 p.m.		Friday night Clearing closed until the following Sunday

Futures and Options Clearing Timeline

Event	Eastern Time	Central Time
NYMEX Coal (API 2 and API 4) contracts	1.00 p.m.	12.00 p.m.
NYMEX Brent Crude Oil Futures-Style Margin Option (BZO) contracts	3.30 p.m.	2.30 p.m.
NYMEX/COMEX Cut off Exercise/Abandon Entry	4:30 p.m.	3:30 p.m.
Announce NYMEX/COMEX Contrary Instructions	~4:30 p.m.	~3:30 p.m.
CBT FLEX Cut off Exercise/Abandon Entry	6:00 p.m.	5:00 p.m.
Announce CBT FLEX Contrary Instructions	~6:00 p.m.	~5:00 p.m.
Run CBT FLEX E/A Process (Produce reports)	~6:00 p.m.	~5:00 p.m.
NYMEX/COMEX Metal Delivery Intentions	6:00 p.m.	5:00 p.m.
NYMEX/COMEX/DME FEC cutoff (ALL)	6:45 p.m.	5:45 p.m.
NYMEX/COMEX/DME PCS Deadline	7:00 p.m.	6:00 p.m.
CME/CBT FEC cutoff (Electronic)	7:00 p.m.	6:00 p.m.
CBT Cut off Exercise/Abandon Entry	7:00 p.m.	6:00 p.m.
Announce CBT Contrary Instructions	~7:00 p.m.	~6:00 p.m.
Run NYMEX/COMEX E/A Process (Produce reports)	~8:30 p.m.	~7:30 p.m.
CME Cut off Exercise/Abandon Entry	8:00 p.m.	7:00 p.m.
Announce CME Contrary Instructions	~8:00 p.m.	~7:00 p.m.
CME/CBT FEC cutoff (Non-Electronic and Give-ups)	8:00 p.m.	7:00 p.m.
CME/CBT PCS Deadline	8:30 p.m.	7:30 p.m.
Run CME, CBT E/A Process (Produce reports)	9:30 p.m.	8:30 p.m.

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CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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Phone: +1 312 930 1000

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