Market Data Advisory Notices
To | Market Data Distributors
From | Market Data Operations
Subject | Exchange For Risk (EFR's) Trade Type Available For Trading On Monday, April 30, 2007
Notice Date | 2007-03-12
Notice Number | Q2007-072
Effective Date | 2007-03-12
Beginning Monday, April 30, 2007, CME® will implement the Exchange for Risk (EFR) trade type in CME Agricultural contracts. EFRs consist of the exchange of an agricultural or other commodity futures position by counterparties in an OTC commodity swap. EFRs are similar to Exchange for Physicals (EFPs) in which counterparties exchange futures and physical commodity positions, or Exchange Basis Facilities (EFBs) in which counterparties exchange futures and interest rate swap positions. ITC 2.1 Impact EFRs will be disseminated with a Category Code of “E” Exception Quote with an Exceptional Indicator of “R”, Exchange for Risk message. Distributors are encouraged to display EFRs on a special EFR page, similar to the display of EFPs. Ticker Testing Ticker testing on EFRs will be conducted on Friday, April 20 and Friday, April 27, 2007 at approximately 4:45 p.m. CDT. If you have any questions during the ticker test, please direct them to CME Enterprise Operations at 312.930.8160. Thank you.