Existing clients and clearing members of NYMEX can leverage their setup and new clearing members can commence their onboarding any time.
For more information, contact FEXClearing@cmegroup.com.
Our global post-trade services team would be happy to assist you – you can contact them at FEXClearing@cmegroup.com or via telephone through our global hotline at +1 312 207 2525. Please request our onboarding checklist.
Interested clearing firms will need to be a NYMEX clearing member in good standing with CME Clearing. Clearing member firms that want to clear FEX products will be required to submit supplemental documentation specific to the FEX service. Additionally, CME Clearing’s Risk Team will assess your firm’s ability to support clearing and meet liquidity needs to support the APAC cycles.
Yes, CME Clearing recommends at least 1-2 weeks of member testing before go-live. CME fully supports all FEX products and cycles in its new release test environment.
There are separate applications that are FEX specific. CME Clearing can work with you to ensure that you have all the appropriate access before going live.
Settlement decks, SPAN and product reference files specific to FEX will be produced.
Separate clearing member reports including trade registers, margin and settlement reports are also available.
FEX clearing will be supported by NYMEX clearing members utilizing the familiar structure of position, margin and settlement accounts for offshore brokers intermediating customer business to CME Clearing. Clearing member firms may establish individual customer accounts, set to net, or customer omnibus accounts, with PCS to adjust positions and CGM for customer-level margining. At launch, FEX customer collateral at CME Clearing will be subject to secured 30.7 customer protections.
CME Clearing has created two new settlement cycles in the APAC time zone to accommodate FEX and better support market participants in the region, with Intraday at noon and end of day at 7 p.m., both in Sydney local time.
For Day 1, collateral to meet AUD-denominated requirements will be limited to AUD cash. Collateral to meet USD-denominated requirements will be limited to U.S. Treasuries, USD cash, AUD cash and AUD sovereign bonds. CME Clearing will evaluate the need to expand the list of acceptable collateral in the future based on client demand or its own assessment.