Clearing House Advisory Notices
To | Clearing Member Firms, Chief Financial Officers & Back Office Managers
From | Clearing House Department
Subject | Revised: Currency Deliveries Using CLS
Notice Date | 2005-06-07
Notice Number | 05-104
Effective Date |
Clearing firms are reminded of the option to use the CLS method for satisfying their Currency Delivery obligations. Up until the June 2005 currency deliveries, the CME CLS currency delivery procedures had remained a delivery option and were not mandatory. Under Rule 740, starting in September 2005, should firms have a currency delivery greater than $50 million per currency product and CLS is not used, the Clearing House will impose a fine of $10 per million for any currency contract exceeding the threshold. For the full text of this advisory . . .