Clearing House Advisory Notice
To | Back Office Managers, Delivery Personnel
From | Clearing House Department
Subject | Important Currency Delivery Reminders
Effective Date | 06/12/02
Notice Number | 02-40
The June 2002 currency delivery will occur the week of June 17, 2002. Following are several reminders regarding the currency deliveries. NEW CURRENCY CONTRACTS To service the physical delivery of the 13 new currency contracts that were launched on May 16, 2002 CME has opened new accounts across the existing four agent banks to service them. A complete list of the new delivery instructions is attached and is also available on www.cme.com Currency Delivery Instructions (PDF) JAPANESE YEN SWIFT CODE Due to the merger of Aubrey Langston & Co., Fuji Inc. and DKB Corp. to form Mizuho Corporate Bank the SWIFT code and the correspondent bank name have changed. DKB is now Mizuho Corporate Bank and the SWIFT code is now MHCBJPJT. The account number remains the same. The change is noted on the attached agent bank list. # NEW CROSS RATE CURRENCY CONTRACT SET UP The cross rate currency contracts have been revised to reside under one agent bank. For example, the Euro Currency/Japanese Yen Cross Rate which was previously delivered using separate agent banks for the Euro Currency and the Japanese Yen will now be completely handled by one agent bank. All Orders-to-pay would go to one agent bank as well. # # SOUTH AFRICAN RAND There is a dual order-to-pay requirement for the South African Rand. Clearing firms who will be delivering the South African Rand must submit an order-to-pay for the value of the Rand delivery by 1:00 PM (Central Time) on the day preceding the delivery day. The appropriate agent bank must receive the payment for the order-to-pay no later than 10:00 AM local time on the delivery day. NEW ZEALAND DOLLAR New Zealand dollar payments must be made via the New Zealand Real Time Gross Settlement System (RTGS). Citibank cannot confirm receipt of payment sent via any other payment system until the next business day after settlement date. All clearing firms need to understand any special account or funding requirements that approved New Zealand delivery banks may have. It is also important that each firm determines which specific individuals at the New Zealand delivery bank will be aware of the New Zealand dollar payments. # CURRENCY TIMELINE Following is the timeline for the June 2002 currency delivery: Monday, June 17, 2002 � Commitments are due for all contracts except Canadian Dollar by 11:00 AM Chicago Time. Tuesday, June 18, 2002 � Commitments are due for the Canadian Dollar by 11:00 AM Chicago time. All Orders-to-pay are due to the agent banks by 1:00 PM. For questions regarding Orders-to-pay please contact the Financial Unit at 207-2594. Wednesday, June 19, 2002 � Payments of U.S. Dollar and the foreign currencies are due to the corresponding agent banks by 10:00 AM local time. The following table converts Chicago time to the applicable foreign country. Deliveries Staff will be in contact with the agent banks during the delivery process throughout Tuesday night and Wednesday. It is important to have an individual aware of and in a position to answer any questions at any time during delivery.
Agent Bank Location | Agent Bank Time | Chicago Time
Wellington, New Zealand | 10:00 AM | 5:00 PM *
Sydney, Australia | 10:00 AM | 7:00 PM *
Melbourne, Australia | 10:00 AM | 7:00 PM *
Tokyo, Japan | 10:00 AM | 8:00 PM *
Johannesburg, South Africa | 10:00 AM | 3:00 AM
Oslo, Norway | 10:00 AM | 3:00 AM
Stockholm, Sweden | 10:00 AM | 3:00 AM
Geneva, Switzerland | 10:00 AM | 3:00 AM
Zurich, Switzerland | 10:00 AM | 3:00 AM
Frankfurt, Germany | 10:00 AM | 3:00 AM
London, England | 10:00 AM | 4:00 AM
Toronto, Ontario, Canada | 10:00 AM | 9:00 AM
Buffalo, New York, US | 10:00 AM | 9:00 AM
New York, New York, US | 10:00 AM | 9:00 AM
Mexico City, Mexico | 10:00 AM | 10:00 AM
Concord, California, US | 10:00 AM | 12:00 PM
* - Denotes Chicago date of Tuesday, June 18, 2002 If there are any questions, please contact the Clearing House Operations Unit at (312) 930-3172.