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 Tag 50 ID Requirements
- CME Globex Tag 50 ID Requirements – General Rule
- CME Globex Tag 50 ID Requirements - Registration and Requirements
- CME Globex Tag 50 ID Requirements - Individual and Team Tag 50s
Pre-Execution Communications
Rule 524 - TAS, TAM, BTIC and TACO
Enforcement Process
Block trades are privately negotiated futures, options or combination transactions that meet certain quantity thresholds and are permitted to be executed apart from the public auction market. Block trades are governed by Rule 526.
In the context for block trades, private negotiation includes trades consummated directly between the counterparties or via a broker. However, a block trade would not be considered to be privately negotiated if it was transacted on a system or facility that functioned like a trading venue or central limit order book.
Parties may use communication technologies to bilaterally request block quotes from one or more participants and to conduct subsequent privately negotiated block trades. Parties may also utilize technologies supported by third parties which allow for the electronic posting of indicative block markets displayed to multiple market participants. However, block trades executed between parties based on such electronically displayed indicative markets must be transacted only through direct bilateral communications involving the broker, where applicable, or the parties to the trade.
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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