Clearing House Advisory Notice
To | Chief Financial Officers Back Office Managers
From | Clearing House Department
Subject | Clearing House Holiday Schedule - Thanksgiving Day
Effective Date | 11/17/00
Notice Number | 00-82
Wednesday, November 22, 2000 Currency and interest rate futures and options, and agricultural futures close at 12:00 noon. Agricultural options close at 12:02 p.m. The GSCI contract will close at 1:15 p.m. Equity index products will close at their regular time. Wednesday will be a normal processing day. Thursday, November 23, 2000 The CME will be closed on Thursday, November 23, 2000. U.S. banks will also be closed. Friday, November 24, 2000 Currency and interest rate futures and options, agricultural futures, and the GSCI contract will close at 12:00 noon. Agricultural options close at 12:02 p.m. Equity index products will close at 12:15 p.m. A. BANKING, SPAN, AND OUT-TRADE PROCESSING CYCLES The intra-day and end-of-day banking and settlement cycles will occur at their normal times on Wednesday, November 22, and Friday, November 24. There will be no banking and settlement cycle processing on Thursday, November 23. SPAN file processing schedules will remain unchanged except on Friday, November 24, when we will only produce a final SPAN file at approximately 2:30 p.m. On Friday, November 24 only, the out-trade reconciliation print times will occur at:
10:00 a.m. | 1st reconciliation
12:00 p.m. | 2nd reconciliation
2:00 p.m. | 3rd reconciliation
4:00 p.m. | Final reconciliation
Each reconciliation will print out-trades for all products. All other processing schedules will remain the same. B. MONEY CHANGER DEADLINES /RATES The CME MoneyChanger Service will be available until 11:54:59 a.m. on Wednesday, November 22, and Friday, November 24. Orders to buy or sell foreign currency entered after 12:00 noon on Wednesday, November 22, and before 11:54:59 p.m. on Friday, November 24, will be executed on Friday, November 24, at prevailing rates as of 12:00 noon. C. MONEYCHANGER VALUE DATES Due to the U.S. bank holiday effects on transaction processing, please note the following adjustments to the value dates for MoneyChanger transaction:
Trade Date | Value Date
Wednesday, November 22, 2000 | Friday, November 24, 2000
On Thursday, November 23, MoneyChanger is closed. |
D. DEPOSITS OF PERFORMANCE BOND COLLATERAL The U.S. banking holiday will prevent the posting of transactions dated November 23, 2000. Consequently, clearing firms will be unable to deposit or withdraw collateral on Thursday, November 23. E. A.M. FINANCIAL SUBMISSION DEADLINES FOR FRIDAY NOVEMBER 24
9:00 a.m. | Treasury deposit notification to banks
10:00 a.m. | Treasury and foreign currency withdrawal authorization forms to the Clearing House. Deposits or withdrawals of stock.
10:00 a.m. | Letter of credit amendments
10:30 a.m | Bank confirmation to Clearing House
P.M. FINANCIAL SUBMISSION DEADLINES FOR FRIDAY NOVEMBER 24
1:00 p.m | Treasury deposit notification to banks
1:00 p.m | Treasury and foreign currency withdrawal authorization forms to the Clearing House. Deposits or withdrawals of stock.
1:00 p.m | Letter of credit amendments
1:30 p.m. | Bank confirmation to Clearing House
F. FOREIGN CURRENCY PERFORMANCE BOND CASH WITHDRAWALS Due to the U.S. bank holiday�s effect on transaction processing, please note the following adjustments to value dates on foreign currency performance bond cash withdrawals:
Request Date | Value Date
Wednesday, November 22, 2000 | Friday, November 24, 2000
G. FOREIGN CURRENCY SETTLEMENT VARIATION Due to the U.S. bank holiday�s effect on transaction processing, please note the following adjustments to the value dates for foreign currency settlement variation.
Trade Date | Value Date
Wednesday, November 22, 2000 | Friday, November 24, 2000
Wednesday, November 22, 2000 | Monday, November 27, 2000
H. A.M. SETTLEMENT CONFIRMATIONS Due to the CME and U.S. banks being closed on Thursday, November 23, your settlement bank will provide an a.m. settlement confirmation for both U.S. dollars and foreign currency transactions on Friday, November 24, by 6:40 a.m. Payment for U.S. dollar settlement transactions from business as of Wednesday, November 22, will occur on Friday, November 24. Payment for foreign currency settlement transactions from business as of Wednesday, November 22, will occur on Monday, November 27, 2000. I. INTEREST EARNING FACILITY (IEF) Due to the U.S. bank holiday�s effect on transaction processing, please note the following adjustments to IEF processing schedules. IEF settlement elections for Wednesday, November 22, and Friday, November 24, intra-day cycles will be set to �zero� for all firms. On Wednesday, November 22, and Friday, November 24, firms must call the Clearing House by 10:00 a.m. for any deposits or redemptions of IEF. No IEF purchases or redemptions will be allowed on Thursday, November 23, 2000. J. INTER-EXCHANGE PROCESSING As the Singapore Exchange is open, the A.M. Inter-Exchange cycle only will be run on Thursday, November 23. Trades for this cycle are due by 9:00 a.m. The normal Inter-Exchange processing schedule will resume on Friday, November 24. If you have questions regarding Inter-Exchange Processing, please call Mark Cox, Operations Analyst, at (312) 648-8699. If you have questions on any of the above, please call Tim Golomb, Director Financial Management, at (312) 930-3194, or Marcos Garcia, Financial Supervisor, at (312) 930-2327.