Chicago Mercantile Exchange

 

Clearing House Advisory Notice

                                        

99-98

November 8, 1999

---

                                                                          

TO:                  Clearing Member Firms

Attention:          Chief Financial Officers

                                    Back Office Managers

 

            FROM:             Clearing House Department

 

SUBJECT:            CLEARING HOUSE HOLIDAY SCHEDULE – VETERANS DAY

 

 

Thursday, November 11, 1999, U.S. Banks will be closed in observance of Veterans Day. The CME will be open on Thursday, November 11, 1999.

 

 

A.                                        INTRA-DAY VARIATION AND PERFORMANCE BOND SCHEDULE                  

 

The Clearing House will not conduct an Intra-Day settlement cycle on Thursday, November 11, 1999.

 

B.                                        MONEY CHANGER DEADLINES /RATES

 

Any orders to buy or sell foreign currency entered after 1:54:59 p.m. on Wednesday, November 10, and before 1:54:59 p.m. on Friday, November 12, 1999, will be executed on Friday, November 12, 1999, at rates of 2:00 p.m.

 

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 10, 1999                                        Friday, November 12, 1999

 

Thursday, November 11, 1999, MoneyChanger is closed.

(OVER)

 

D.                                        DEPOSITS OF PERFORMANCE BOND COLLATERAL

 

The U.S.                bank holiday will prevent the posting of transactions dated November 11, 1999. Due to the U.S. bank holiday clearing firms will be unable to deposit additional collateral or withdraw excess collateral.

 

E.                                         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 10, 1999                                  Friday, November 12, 1999

               

F.                                         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 9, 1999                                        Friday, November 12, 1999

                                Wednesday, November 10, 1999                                  Monday, November 15, 1999

 

G.                                        A.M. SETTLEMENT CONFIRMATIONS

 

Although the U.S. banks are closed on Thursday, November 11, 1999, your settlement bank will still provide an a.m. settlement confirmation for both U.S. dollar and foreign currency transactions by 6:40 a.m. on Thursday, November 11, 1999. Payment for U.S. dollar settlement transactions from business as of Wednesday, November 10,1999, will occur on Friday, November 12, 1999.  Payment for foreign currency settlement transactions from business as of Wednesday, November 10, 1999 will occur on Monday, November 15, 1999.

 

H.                                        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 the Wednesday, November 10, 1999, RTH cycle will be set to “zero” for all firms. Clearing firms IEF settlement elections will be re-enabled by the Clearing  House, effective with the RTH cycle on Thursday, November 11, 1999.

 

No IEF purchases/redemptions at ITD on Thursday, November 11, 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.