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Dear CME® Globex® Customers,
Effective Sunday, April 3, 2005, CME will begin trading new CME Euro FX and CME Japanese Yen options contracts with European-style expiration. By definition,
European-style options are exercised at expiration only.
The European-style CME FX options will trade side-by-side on the trading floor and the CME Globex electronic trading platform.
The listings and the trading of American-style CME FX options are unchanged.
These new CME FX options will be available for testing in the CME certification environment beginning this Sunday evening,
March 6.
| TICKER SYMBOLS FOR EUROPEAN-STYLE CME FX OPTIONS |
| CME FX Contract |
Trading Floor |
CME Globex Side-By-Side Ticker Symbol |
CME Globex Weekly Options Commodity Codes & Ticker Symbols |
CME Currency Fixing Price Symbols |
| RTH Commodity Code |
RTH Ticker Symbol |
All-Or-None (Trading Floor Only) |
Weekly Options Commodity Codes & Ticker Symbols |
| EC |
YT |
YT |
0T |
1T – 5T |
XT |
1Q – 5Q |
YT |
| JY |
YJ |
YJ |
0J |
1Y – 5Y |
XJ |
1O – 5O |
YJ |
In preparation for the launch, CME will add the outright and spread instruments (5,050 additional MO messages) into production effective Sunday, March 6, 2005. For CME Market Data API (MD API) users that employ a timeout value as part of the MO request,
CME recommends increasing the timeout value to five minutes. Please note that Instrument Type D was formally used exclusively for futures spreads and is now also used for options spreads. The RLC
instrument type and strategy type codes for these spreads are as follows:
| Instrument Type |
Strategy Type Code |
Spread Meaning |
"XT" MO Messages |
"XJ" MO Messages |
| Outright |
n/a |
n/a |
600 |
730 |
| Weekly |
n/a |
n/a |
400 |
500 |
| D |
BO |
Butterfly option |
n/a |
n/a |
| D |
HO |
Horizontal option |
n/a |
n/a |
| D |
SG |
Strangle option |
300 |
300 |
| D |
ST |
Straddle option |
150 |
150 |
| D |
VT† |
Vertical option |
960 |
960 |
†The option vertical spread strategy code is "VT"; however, the CME Globex Symbol uses VC (Calls) and VP (Puts).
Each CME Globex listed spread has its own specific MO Message. Within each option spread MO message, each leg of the spread
will be identified, including its own specific ISIN Code. For the Vertical Call example below, the XT:VCM5C330_335 spread's
MO message also contains the legs' ISIN Codes. In this example: Leg1 = ISIN for XTM5_C1330, and Leg2 = ISIN for XTM5_C1335.
For the RLC CME Globex Symbol conventions, examples of the contract names for the option spreads follow. An underline indicates
a space:
Vertical Call Spread Example
The ticker code XT:VCM5C330_335 represents a European-style CME Euro FX Vertical Call spread; buying the June '05 1330 Call,
selling the June '05 1335 Call.
Vertical Put Spread Example
The ticker code XT:VPM5P335_330 represents a European-style CME Euro FX Vertical Put spread; buying the June '05 1335 Put
and selling the June '05 1330 Put.
Strangle Spread Example
The ticker code XT:SGM5P330_335 represents a European-style CME Euro FX Strangle spread; buying the June '05 1330 Put, buying
the June '05 1335 Call.
Straddle Spread Example
The ticker code XT:STM5P330 represents a European-style CME Euro FX Straddle spread; buying the June '05 1330 Put and buying
the June '05 1330 Call.
For more information, please visit the CME Clearing House New Contract Notice.
For questions regarding this CME Globex product launch, please contact your CME Globex Account Manager at 312.634.8700 in North America or +1.44.207.623.2550 in Europe.
Thank you,
CME Globex Account Management
312.634.8700
+1.44.207.623.2550
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