Clearing House Advisory Notice
To | Chief Financial Officers Back Office Managers
Subject | Clearing House Holiday Schedule - Good Friday
Effective Date | 04/14/00
Notice Number | 00-35
On Thursday, April 20, 2000 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 20, 2000. The CME will be closed for trading on Friday, April 21, 2000. Therefore, the option expiration process will occur on Thursday April, 20, 2000 for expiring weekly currency options and equity options. U.S. banks are open on Friday, April 21, 2000. The Clearing House will be staffed on the morning of Friday, April 21, 2000 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 21, 2000. All processing schedules for the Clearing House remain unchanged for Thursday, April 20, 2000. Settlement variation and performance bond cash call/release amounts resulting from the Thursday, April 20, 2000 RTH settlement cycle will be confirmed by settlement banks by 6:40 a.m. on Friday, April 21, 2000. Settlement banks will process cash flows resulting from Thursday's RTH settlement cycle on Friday, April 21, 2000. B. CME-OCC CROSS MARGIN PROGRAM PROCESSING Special procedures will apply for cross-margin firm pay/collect processing Friday morning April 21, 2000, for business transacted as of Thursday, April 20, 2000. 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 21, 2000. 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 21, 2000. D. MONEYCHANGER VALUE DATES Please note the following value dates for MoneyChanger transactions:
Trade Date | Value Date
Wednesday, April 19, 2000 (MXN) | Monday, April 24, 2000
Thursday, April 20, 2000 | Friday, April 21, 2000
Thursday, April 20, 2000 (CHF, GBP, & MXN) | Monday, April 24, 2000
Friday, April 21, 2000 MoneyChanger is closed. |
E. MONEYCHANGER DEADLINES/RATES The CME MoneyChanger service will not be available on Friday, April 21, 2000. Any orders to buy or sell foreign currency entered after 12:00 noon Thursday, April 20, 2000 and before 1:54:59 p.m. on Monday, April 24, 2000 will be executed on Monday, April 24, 2000, at rates of 2:00 p.m. on Monday, April 24, 2000. F. DEPOSITS OF PERFORMANCE BOND COLLATERAL U.S. banks are open on Friday, April 21, 2000. The bank confirmation deadline for clearing firms to receive same day performance bond credit for Treasury security deposits on Friday, April 21, 2000 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 21, 2000
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:
Request Date | Value Date
Thursday, April 20, 2000 | Friday, April 21, 2000
Thursday, April 20, 2000 (CHF, GBP, & MXN) | Monday, April 24, 2000
Friday, April 21, 2000 |
Additionally please note the following value date adjustment for Mexican Peso withdrawals due to a Mexican banking holiday on Thursday April 20, 2000 and Friday April 21, 2000:
Request Date | Value Date
Wednesday, April 19, 2000 | Monday, April 24, 2000
Thursday, April 20, 2000 | Monday, April 24, 2000
Friday, April 21, 2000 | Monday, April 24, 2000
Additionally please note the following value date adjustment for Swiss Franc and British Pounds withdrawals due to a Swiss and British banking holiday on Friday April 21, 2000:
Request Date | Value Date
Thursday, April 20, 2000 | Monday, April 24, 2000
Friday, April 21, 2000 | Monday, April 24, 2000
I. FOREIGN CURRENCY SETTLEMENT VARIATION Please note the following value dates for foreign currency settlement variation.
Trade Date | Value Date
Wednesday, April 19, 2000 | Friday, April 21, 2000
Thursday, April 20, 2000 | Monday, April 24, 2000
J. INTEREST EARNING FACILITY (IEF) Please note the following adjustments to IEF processing. IEF settlement elections for the ITD & RTH cycle on Thursday, April 20, 2000, 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 24, 2000. Clearing firms must submit IEF purchase or redemption transactions to the Clearing House by 10:00a.m. on Thursday, April 20, 2000 No IEF purchases / redemptions will be allowed on Friday, April 21, 2000. K. GLOBEX� GLOBEX� will close on Thursday, April 20, 2000, at 3:15 p.m. Trades executed on GLOBEX� by 3:15p.m.on Thursday, April 20, 2000 will follow normal settlement conventions, and be confirmed by settlement banks by 6:40a.m. Friday, April 21, 2000. M. SIMEX There will be an AM and PM Inter-Exchange processing cycle on Thursday, April 20, 2000. On Friday, April 21, 2000, 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 21, 2000, is 7:30 a.m. Normal Inter-Exchange processing will resume on Monday, April 24, 2000. N. SPAN FILES CME SPAN files will be produced on Thursday, April 20, 2000 as per normal. CME SPAN files will not be produced on Friday, April 21, 2000. If you have questions on any of the above, please call Tim Golomb, 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, Senior Director Risk Management, at (312) 930-3090.