Block trading is a way of executing larger-sized futures and options transactions in an efficient and compliant manner.
Block trades are privately negotiated transactions executed away from the competitive venues with specific participation, pricing and reporting requirements as described in Rule 526 and the associated Market Regulation Advisory Notice on block trades. Participation in block trades is restricted to Eligible Contract Participants as defined in the Commodity Exchange Act.
Block trades are permitted in specified products and are subject to minimum transaction size requirements which vary according to the product, the type of transaction and the time of execution. Block trades may be executed at any time at a fair and reasonable price.
Price granularity for block trades in certain FX futures contracts has been reduced. The minimum price increments for FX blocks can be found here.
Block trades are subject to a minimum transaction size requirement. You can view block minimum thresholds by product here.
You can view also view block minimum thresholds by product by downloading an Excel file.
Block trades must be submitted to the exchange via CME Direct or CME ClearPort.
Block trades have specific requirements with respect to how quicky they need to be reported to the exchange following the trade being executed. The complete list of block trade reporting time requirements can be found here. For all FX products, block trades must be reported to the exchange within 15 minutes of execution.
Block reporting through CME Direct
CME Direct provides direct entry into CME ClearPort.
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. Get started here.
CME Direct block trade features:
For those who use give-ups, the surcharge for FX option blocks has been waived for 2021.
Trade FX options at CME Group with 50% fee reduction on all large trades, defined by being at the block size or above. View details.
View block trades on:
Get historical block trade data here.
Subscribe to QuikStrike Block Trade alert emails here.
For more information on FX block trades, see the overview.
Regulatory guidance on CME Group block trade rules can be found here.
An EFRP transaction is a mechanism that enables a futures or options contract to be traded in combination with a related financial instrument. An EFRP transaction involves the off-exchange execution of an Exchange futures or options on futures contract and, on the opposite side of the market, the simultaneous execution of an equivalent quantity of the cash product, by-product, related product or OTC derivative instrument corresponding to the asset underlying the Exchange contract. More details can be found in the Market Regulation Advisory Notice on EFRPs.
Price granularity for EFRP transactions in certain FX futures contracts has been reduced. The minimum price increments for FX EFRPs can be found here.
EFRP transactions must be submitted to the Exchange as soon as possible, but no later than the end of the business day on which the EFRP was executed.
EFRPs must be submitted via CME Direct or CME ClearPort. Information on the various methods of registration for access to CME Direct or CME ClearPort may be via the following links:
EFRP volumes are reported daily, by instrument, on the CME Group website.
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Made for block execution certainty and compliance, with the convenience of our highly-configurable front-end.