Overview
Wash Trades
- Wash Trades - Definition of a Wash Trade
- Wash Trades – Responsibility and Implications
- Wash Trades – Automated Trading Systems
- Wash Trades - Freshening
EFRP
- EFRP - What is an EFRP?
- EFRP - Parties to an EFRP
- EFRP - Pricing and the Related Position for EFRPs
- EFRP - Reporting and Recordkeeping
- EFRP - Prohibited Transitory EFRPs
Block Trades
- Block Trades - What is a Block Trade?
- Block Trades – Participant Eligibility
- Block Trades – Eligible Products, Times and Prices
- Block Trades – Reporting and Recordkeeping
- Block Trades – Pre-Hedging
- Block Trades – TAS, TAM and BTIC
Disruptive Practices Prohibited
- Disruptive Practices Prohibited - General Information
- Disruptive Practices Prohibited - Factors Market Regulation Considers
- Disruptive Practices Prohibited - Spoofing
- Disruptive Practices Prohibited - Flipping
- Disruptive Practices Prohibited - Additional Examples
- Disruptive Practices Prohibited - Frequently Asked Questions
CME Globex Operator ID Requirements
- CME Globex Operator ID Requirements – General Rule
- CME Globex Operator ID Requirements - Registration and Requirements
- CME Globex Operator ID Requirements - Individual and Team Operators
Pre-Execution Communications
Rule 524 - TAS, TAM, BTIC and TACO
Enforcement Process
This module will focus on three different kinds of block trades: Basis Trade at Index Close (BTIC), Trade at Settlement (TAS) and Trade at Marker (TAM) trades.
BTIC
A BTIC block trade is a futures transaction that is priced with the applicable cash index close price. For a BTIC block trade executed on a given Trading day on or before the scheduled close of the underlying primary securities market, the corresponding futures price shall be made by reference to the Index closing value for the current trading day, plus or minus the agreed upon basis.
BTIC block trades are not permitted on the last day of trading in an expiring contract month. A list of BTIC block-eligible products and block minimum thresholds is available on the CME Group website.
TAS
Certain block-eligible futures contract months may be executed as block trades and assigned the current day’s settlement price or any valid price increment ten ticks higher or lower than the settlement price, this is a TAS block trade.
TAM
Other block-eligible futures contract months may be executed as block trades and assigned the current day’s marker price or any valid price increment ten ticks higher or lower than the marker price, this is a TAM block trade.
The products and contract months in which TAS and TAM block trades are permitted are set forth in the list of block trade eligible products available on the CME Group website. This is part of a course on block trades. For official regulatory guidance on block trades, reference the applicable Market Regulation Advisory Notice.
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