• NYMEX/COMEX FEC Migration - Give-Up Surcharge

      • To
      • All Exchange Fee System Administrators/Back-Office Managers
      • From
      • CME Clearing
      • #
      • 09-416
      • Notice Date
      • 24 September 2009
      • Effective Date
      • 24 September 2009
    • As part the CME Clearing Platform Migration: 
      ·         COMEX products à Monday, September 14, 2009
      ·         NYMEX products à Monday, October 5, 2009
      Clearing surcharges currently assessed to CME and CBOT products will become applicable to NYMEX and COMEX activity. This includes the $0.05 per contract fee charged to the Executing firm for all firm-to-firm give-up transactions. This surcharge does not apply if the executing firm and the claiming firm are the same and will not be assessed to the initial allocation executed by a NYMEX and COMEX floor broker to a clearing firm entered through the new FEC Broker UI.
      However, in light of the transition efforts from New York to Chicago, the firm-to-firm give-up surcharge will be waived on NYMEX and COMEX activity through December 31, 2009. At that time, CME Group will determine if the waiver will be extended and will also evaluate whether other applicable Clearing fees (e.g., Position Adjustments and Position Transfer) will be applied.  
      For explicit detail on the new FEC Broker UI trade flow processes for NYMEX and COMEX; refer to Clearing House Advisory: #09-271, released on June 24, 2009.
      For any additional questions related to NYMEX and COMEX product and fee information, please contact Nicholas Mehnert at (212) 299-2154 or James Sullivan at (212) 299-2151.
      For all other questions or concerns, please contact CME Clearing at (312) 207-2525 or ccs@cmegroup.com