• Pre-Execution Communications

      • To
      • Members, Member Firms and Market Users
      • From
      • Market Regulation Department
      • #
      • CME Group RA2015-5
      • Notice Date
      • 26 October 2020
      • Effective Date
      • 09 November 2020
    • Effective on trade date November 9, 2020, and pending all relevant CFTC regulatory review periods, this Market Regulation Advisory Notice will supersede CME Group Market Regulation Advisory Notice RA2005-5 from July 13, 2020.  It is being issued based on changes to the crossing protocol applicable to all CME and CBOT agricultural futures and options with the exception of CME Dairy futures and options.  Specifically, the Committed Cross (“C-Cross”) protocol will be enabled for all agricultural futures and options except CME Dairy futures and options, and the RFQ + RFC Cross (“R-Cross”) protocol will be eliminated for those products.  The R-Cross protocol will continue to be enabled for CME Dairy futures and options.  CME and CBOT agricultural options (except Dairy options) will also adopt a 50% Better Price or Volume Match (“BPVM”) allocation.  As a result of the changes, amendments to the text of the R-Cross protocol in CME and CBOT Rule 539.C.3. (“Pre-Execution Communications Regarding Globex Trades”) and amendments to the Rule 539.C. Crossing Protocols Table in Chapter 5 are also being adopted.

      Click HERE to view the full advisory.