Chicago Mercantile Exchange

 

                         Clearing House Advisory Notice                     

 

99-111

December 22, 1999 

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TO:                  Clearing Member Firms

Attention:          Chief Financial Officers

                                    Back Office Managers

 

            FROM:             Clearing House Department

 

SUBJECT:            CLEARING HOUSE HOLIDAY SCHEDULE – NEW EVE DAY

 

Thursday, November 25, 1999, U.S. Banks will be closed in observance of Thanksgiving Day. The CME will be close on Thursday, November 25, 1999.

SIMEX will be open.

 

A.                                        INTRA-DAY VARIATION AND PERFORMANCE BOND SCHEDULE                  

The Clearing House will not process Intra-Day Variation and End of Day cycle performance bond calls and releases on Thursday, November 25, 1999.

 

ITD variation and performance bond call will be available on Friday, November, 26,1999 noon.

 

B.                                        MONEY CHANGER DEADLINES /RATES

 

The CME MoneyChanger Service will be available until 11:54:59 a.m. on Wednesday, November 24, 1999 and Friday, November 26, 1999.  Any orders to buy or sell foreign currency entered after 12:00 p.m.  Wednesday, November 24, 1999, and before 11:54:59 p.m. on Friday, November 26, 1999, will be executed on Friday, November 26, 1999, at rates of  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 24, 1999                                        Friday, November 26, 1999

 

Thursday, November 25, 1999, MoneyChanger is closed.

(OVER)

 

D.                                        DEPOSITS OF PERFORMANCE BOND COLLATERAL

 

The U.S.                bank holiday will prevent the posting of transactions dated November 25, 1999. Due to the U.S. bank holiday clearing firms will be unable to deposit or withdraw collateral.

 

 

E.                                         A.M.  SUBMISSION DEADLINES FOR FRIDAY NOVEMBER 26, 1999

 

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. SUBMISSION DEADLINES FOR FRIDAY NOVEMBER 26, 1999

 

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 effects on transaction processing, please note the following adjustments to value dates on foreign currency performance bond cash withdrawals:

 

            Request Date                                                                        Value Date

                        Wednesday, November 24, 1999                                  Friday, November 26, 1999

               

G.                                        FOREIGN CURRENCY SETTLEMENT VARIATION

 

Due to the U.S. bank holiday’s effects on transaction processing, please note the following adjustments to the value dates for foreign currency settlement variation.

 

                                Trade Date                                                                        Value Date

                                Tuesday, November 23, 1999                                        Friday, November 26, 1999

                                Wednesday, November 24, 1999                                  Monday, November 29, 1999

 

H.                                        A.M. SETTLEMENT CONFIRMATIONS

 

Although the U.S. banks are closed on Thursday, November 25, 1999, your settlement bank will provide an a.m. settlement confirmation for both U.S. dollar and foreign currency transactions by 6:40 a.m. on Friday, November 26, 1999. Payment for U.S. dollar settlement transactions from business as of Wednesday, November 24,1999, will occur on Friday, November 26, 1999.  Payment for foreign currency settlement transactions from business as of Wednesday, November 24, 1999 will occur on Monday, November 29, 1999.

 

 

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 24, 1999 and Friday, November 26, 1999, ITD cycles will be set to “zero” for all firms.

 

On Wednesday, November 24, 1999 and Friday, November 26, 1999, firms must call the Clearing House by 10:00a.m. for any deposits or redemptions of IEF  

 

No IEF purchases / redemptions will be allowed on Thursday, November 25, 1999.

 

 

If you have questions on any of the above, please call Tim Golomb, Financial Manager, at (312) 930-3194, or Charlene Benodin, Financial Supervisor, at (312) 930-3165.