• APS Processing for TAS Trades Effective October 10, 2016

      • To
      • Clearing Member Firms
      • From
      • CME Clearing
      • #
      • 16-396
      • Notice Date
      • 03 October 2016
      • Effective Date
      • 10 October 2016
    • We are pleased to announce that Trade-at-Settlement “TAS” trades will be eligible for CME’s Average Price System (APS) beginning for trade date October 10, 2016.
      APS processing for TAS trades follows the same current functionality provided for other trades. The only exception with TAS is that the final trade price is not known at the time of execution. While firms will have the ability to mark the trades for APS post execution, the APS group that contains TAS trades cannot be completed until after the settlement price for TAS is determined. Therefore, APS groups cannot be completed or allocated until the final trade price is determined.
      Similar to TAM trade APS functionality, TAS APS groups may be comprised either entirely of TAS trades or consist of a mixed set of regular trades and TAS trades. In both cases the rounded price will be reported using the trade price tick of the cleared product code.
      Crude Oil TAS (CLT), Natural Gas TAS (NGT), and RBOB TAS (RBT) will be available for average pricing initially with additional TAS products being added in the coming weeks.
      Testing of APS on TAS in New Release environment is currently available.