Chicago Mercantile Exchange

Clearing House Advisory Notice

                                                                                                                                                                                                                                                                                                                                                 

99-80 

September  13,1999                                                                                                                

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TO:                         All Currency Traders and Brokers

                                Back Office Managers/Firm Out-Trade Representatives

                                               

FROM:                   Clearing House Department

 

SUBJECT:              Mandatory Out-Trade Session for Expiring Currency Futures Contracts

 

The September 1999 currency futures contracts expire Monday, September 13, 1999 at 9:16 a.m. There will be a mandatory out-trade session for the expiring contracts on Monday, September 13, 1999 at 2:00 p.m., in the currency out-trade area on the Upper Trading Floor.

 

SPECIAL OUT-TRADE REPORT PRINT TIMES : 1:15 P.M. RECONCILIATION

The Exchange will produce a special set of unmatched trade notices following the 1:15 p.m. reconciliation.  These unmatched trade notices will only include September 1999 Currency futures and will be available at the start of the out-trade session on the Upper Trading Floor at 2:00 p.m.  Broker out-trade and cleared trade reports will be available at the Reception Desk at approximately 1:45 p.m. 

 

All firms with out-trades in expiring currency futures contracts will be required to attend this out-trade session. Failure to attend the session may result in a $1,000.00 fine.

 

For the out-trade session to be productive, it is essential that firms submit all September 1999 currency trade data as early as possible, but no later than the 1:15 p.m. special Reconciliation.  Clearing members and member firms should utilize the special set of out-trade reports produced following the 1:15 p.m. special reconciliation. It is important that all traders who execute trades in expiring contracts submit their trade data to their firm immediately after the close of trading for the September 1999 currency contracts.

 

Clearing firms that execute give-up trades on the last day of trading for currencies must allocate them on the Give-Up System (GUS) no later than 10:00 a.m.  Carrying firms must accept or reject such give-up trades within 30 minutes of the allocation.     

 

If you have any questions, please contact Gary George, Supervisor, Trade Management Systems, at 648-3774, or John Verde, Deliveries Manager, at 930-3185.