Clearing House Advisory Notice
To | Clearing Firm Delivery Personnel
From | Clearing House
Subject | CLS Settlement Method for Currency Deliveries
Effective Date | 07/03/03
Notice Number | 03-56
Beginning with the September 2003 Currency Delivery, CME will offer all firms a new foreign currency settlement option called Continuous Linked Settlement (CLS) as an alternative to the current Orders-To-Pay procedure. This will be used for the September EuroFX and E-mini EuroFX contracts only. CME will make the CLS settlement method available for other CME currency products that are CLS eligible at a later date. For the full text of the Advisory CME/Citigroup Press Release: CME and Citigroup Announce New Streamlined Currency Delivery Process for CME Futures Contracts Via Continuous Linked Settlement