• Revision to Clearing House Manual of Operations

      • To
      • Clearing Member Firms; Back Office Managers
      • From
      • CME Clearing
      • #
      • 11-460
      • Notice Date
      • 21 December 2011
      • Effective Date
      • 21 December 2011
    • Effective today Chapter IV of the Clearing House Manual of Operations is revised as follows (Additions underscored; deletions stricken) –
       
      Allocate and Claim system (ACS)
      ACS allows executing clearing member firms to give up (allocate) trades at the execution price to the designated carrying firm(s) through FEC.
      A trade executed on behalf of a customer for give-up to a carry firm remains the responsibility of the executing firm until that trade is claimed by the carrying firm.

      Note: For NYMEX and COMEX trades, floor brokers directly allocate trades on behalf of the customers into their perspective clearing firms.


      Per Nymex Rule 984.A.1 and 2, states that a clearing firm is obligated to accept a customer order when allocated by a broker (PCM) provided that the order did not exceed pre-established limits or that the order was not erroneously executed by the broker
      NYMEX Rule 984 addresses clearing member and executing broker responsibilities and obligations with respect to customer transactions given up to a clearing member for clearing. (See also, SER-6041.)

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