Clearing House Advisory Notice
To | Chief Financial Officers, Back Office Managers
From | Clearing House Department
Subject | Clearing House Holiday Schedule - Good Friday (4/13/01)
Effective Date | 04/06/01
Notice Number | 01-28
On Thursday, April 12, 2001, all agricultural and currency products will close at 12:00 noon. Interest rate products will close at 12:10 p.m., GSCI contracts will close at 1:15 p.m., and equity products will close at their regular times. All processing schedules for the Clearing House remain unchanged for Thursday, April 12, 2001. The CME will be closed for trading on Friday, April 13, 2001. Therefore, the option expiration process will occur on Thursday April 12, 2001, for expiring weekly currency options and Interest Rate Options. U.S. banks are open on Friday, April 13, 2001. The Clearing House will be staffed on the morning of Friday, April 13, 2001, to facilitate banking and asset management processing. Please refer to the schedule below. A. INTRA-DAY VARIATION AND PERFORMANCE BOND SCHEDULE The Clearing House will not conduct Intra-Day ("ITD") or End of Day ("RTH") settlement cycles on Friday, April 13, 2001. All processing schedules for the Clearing House remain unchanged for Thursday, April 12, 2001. Settlement variation and performance bond cash call/release amounts resulting from the Thursday, April 12, 2001, RTH settlement cycle will be confirmed by settlement banks by 6:40 a.m. on Friday, April 13, 2001. Settlement banks will process cash flows resulting from Thursday's RTH settlement cycle on Friday, April 13, 2001. B. CME-OCC CROSS MARGIN PROGRAM PROCESSING Special procedures will apply for cross-margin firm pay/collect processing Friday morning April 13, 2001, for business transacted as of Thursday, April 12, 2001. Questions should be addressed to Tim Golomb at 312 930-3194 at the CME or to Andy Naughton at 312 322-2007 at the OCC. C. COMMON BANKING Consistent with the deadlines in section G, firms participating in the CME/BOTCC common banking program will be able to process collateral deposit transactions on Friday, April 13, 2001. Firms participating in the CME/BOTCC common banking program will also be able to process collateral release transactions per section G, but only for collateral previously allocated to the CME. Collateral reallocation transactions between the CME and BOTCC will not be processed on Friday, April 13, 2001. D. MONEYCHANGER VALUE DATES Please note the following value dates for MoneyChanger transactions:
Trade Date | Value Date
Wednesday, April 11, 2001 (MXN) | Monday, April 16, 2001
Thursday, April 12, 2001 (JPY) | Friday, April 13, 2001
Thursday, April 12, 2001 (MXN) | Monday, April 16, 2001
Thursday, April 12, 2001 (CHF, GBP, EUR & FRF) | Tuesday, April 17, 2001
Friday, April 13, 2001 MoneyChanger is closed. |
E. MONEYCHANGER DEADLINES/RATES The CME MoneyChanger service will not be available on Friday, April 13, 2001. Any orders to buy or sell foreign currency entered after 12:00 noon Thursday, April 12, 2001, and before 1:54:59 p.m. on Monday, April 16, 2001, will be executed on Monday, April 16, 2001, at rates of 2:00 p.m. on Monday, April 16, 2001. F. DEPOSITS OF PERFORMANCE BOND COLLATERAL U.S. banks are open on Friday, April 13, 2001. The bank confirmation deadline for clearing firms to receive same day performance bond credit for Treasury security deposits on Friday, April 13, 2001, is 9:30 a.m. CST. The deadline for clearing firms to submit Treasury security withdrawal instructions to the Clearing House for same day processing will be 9:00 a.m. CST. G. A.M. SUBMISSION DEADLINES FOR FRIDAY APRIL 13, 2001 9:00a.m. Clearing firm notification to banks of pending Treasury deposits 9:00a.m. Treasury, Foreign Currency, Stock or Letters of Credit deposit or withdrawal transactions must be submitted to the Clearing House via C21 or through submission of the appropriate form 9:30a.m. Bank confirmation to Clearing House H. FOREIGN CURRENCY PERFORMANCE BOND CASH WITHDRAWALS Please note the following value dates on foreign currency performance bond cash withdrawals:
JPY - Request Date | Value Date
Thursday, April 12, 2001 | Friday, April 13, 2001
Friday, April 13, 2001 | Monday, April 16, 2001
Additionally please note the following value date adjustment for Mexican Peso withdrawals due to a Mexican banking holiday on Thursday April 12, 2001, and Friday April 13, 2001:
MXN - Request Date | Value Date
Wednesday, April 11, 2001 | Monday, April 16, 2001
Thursday, April 12, 2001 | Monday, April 16, 2001
Friday, April 13, 2001 | Monday, April 16, 2001
Additionally please note the following value date adjustment for Swiss Franc and British Pounds withdrawals due to a banking holiday on Friday April 13, 2001:
GBP, CHF, FRF, & EUR Request Date | Value Date
Thursday, April 12, 2001 | Tuesday, April 17, 2001
Friday, April 13, 2001 | Tuesday, April 17, 2001
I. FOREIGN CURRENCY SETTLEMENT VARIATION Please note the following value dates for foreign currency settlement variation.
Trade Date | Value Date
Wednesday, April 11, 2001 (JPY) | Friday, April 13, 2001
Wednesday, April 11, 2001 (FRF, GBP, CHF, EUR) | Tuesday, April 17, 2001
Thursday, April 12, 2001 (JPY) | Monday, April 16, 2001
Thursday, April 12, 2001 (FRF, GBP, CHF, EUR) | Tuesday, April 17, 2001
J. INTEREST EARNING FACILITY (IEF) Please note the following adjustments to IEF processing. IEF settlement elections for the ITD & RTH cycle on Thursday, April 12, 2001, will be set to �zero� for all firms. Clearing Firm IEF settlement elections will be automatically reset by the Clearing House for the ITD settlement cycle on Monday, April 16, 2001. Clearing firms must submit IEF purchase or redemption transactions to the Clearing House by 10:00 a.m. on Thursday, April 12, 2001. No IEF purchases / redemptions will be allowed on Friday, April 13, 2001. K. GLOBEX� GLOBEX� will close on Thursday, April 12, 2001, at 3:15 p.m. Trades executed on GLOBEX� by 3:15 p.m. on Thursday, April 12, 2001, will follow normal settlement conventions, and be confirmed by settlement banks by 6:40a.m. Friday, April 13, 2001. M. MOS PROCESSING There will be an AM and PM Inter-Exchange processing cycle on Thursday, April 12, 2001. On Friday, April 13, 2001, there will be an AM Inter-Exchange cycle only. There will be no PM cycle. The deadline to submit trades to the AM Inter-Exchange processing cycle on April 13, 2001, is 7:00 a.m. Normal Inter-Exchange processing will resume on Monday, April 16, 2001. N. SPAN� FILES CME SPAN files will be produced on Thursday, April 12, 2001, as per normal. CME SPAN files will not be produced on Friday, April 13, 2001. If you have questions on any of the above, please call Tim Golomb, Associate Director, Financial Management at (312) 930-3194. Any questions regarding MOS processing schedules may be directed to Mark Cox, Clearing Operations Analyst, and (312) 648-8699. If you have any question regarding SPAN, contact Dale Michaels, Director, Risk Management at (312) 930-3090.