FX Futures and Options Block and Pre-Execution Communications Quick Reference Guide

For spreads it is the sum of the contracts in both legs of the transaction. The total quantity must meet the highest threshold of the contracts involved in the spread.

For intra-commodity Foreign Exchange options spreads and options combinations, the sum of the quantities of the legs of the transaction must meet the minimum block quantity threshold.

View complete block thresholds and reporting times

Find me a block market maker 

CME Direct provides direct entry into CME ClearPort. Block trades reported through CME Direct fulfill reporting requirements.

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:

• Fast booking – immediately submit block trades or EFRPs within the required reporting window
• Pre-confirmation window for trade entry – including CME ClearPort validation checks
• Real-time block ticker – view customizable block data feeds displaying all block trades in real-time

View block trades on:

• CME Direct, which offers a live block trade window
• CME Group App, available through iTunes
• cmegroup.com/blocktrading

View full fee schedule

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).

• In a C-Cross, subsequent to the pre-ex communication, an RFC is entered into CME Globex which contains both the buy and the sell orders
• Upon entry of the RFC, CME Globex will display an indication that a cross has been committed to the market and will occur in five (5) seconds. Price and size are not disclosed to the market
• If eligible, a Better Price Match (BPM) allocation may match a percentage of the cross order, provided the following price improvement conditions are met:
  • The C-Cross price betters the current market upon entry, and
  • The C-Cross price is equal to or better than the current market at end of the pre-cross period when the cross takes place

A complete list of eligible products and associated crossing protocols may be found here:
http://www.cmegroup.com/rulebook/files/rule-539-c-crossing-protocols.xlsx

• In a G-Cross, the order of the party that initiated the pre-execution must be entered into CME Globex first. The second party’s order may not be entered into CME Globex until a period of 5 seconds has elapsed from the time of entry of the first order. No Request for Quote (“RFQ”) is required in a G-Cross.

Watch a 4-minute video on the full regulatory advisory and a demonstration of the process

Learn more about block trading for FX products