• CME Clearing Notice: June 18, 2012

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      • Clearing Member Firms; Back Office Managers
      • From
      • CME Clearing
      • #
      • 12-255
      • Notice Date
      • 21 June 2012
      • Effective Date
      • 18 June 2012

    • Topics in this issue include:
      *      Deliveries
      ·         Contact Information
       
      As previously stated in Clearing House Advisory 12-225, dated May 29, 2012, the European Commission announced the full activation of the EU Emissions Trading Scheme single registry and the Union Registry transition period for the migration of accounts from national registries into a Union Registry. The Union Registry transition period is scheduled for the period beginning June 3, 2012 through June 20, 2012.
      Although, the single registry is scheduled to be activated on June 20, the single registry will not contain all the required functionalities at that time. Transactions through the registry will be subject to a 26-hour delay. That delay will not be applicable to new account types (Trading Accounts) if they are included in a list of “trusted accounts”. According to the Union Registry, a full timetable will be communicated by July 15 with final date of implementation of delivery procedures scheduled for mid-September 2012.
      Effective immediately, GreenX will delist the September 2012 contract month for its EUA, CER and ERU contracts. In addition, the Daily EUA contracts will remain delisted through contract day September 28, 2012. The contracts which will be delisted in accordance with the table below have no open interest.
      Contract
      CME Globex Code
      CME ClearPort Code
      Delisted Contracts
      Daily European Union Allowance (EUA) Futures
      EUL
      EUL
      Through contract day September 28, 2012
      In Delivery Month (IDM) EUA Futures
      EAF
      6T
      Contract month September 2012
      Daily European Union Allowance (EUA) Futures
      EUL
      EUL
      Through contract day September 28, 2012
      IDM EUA Options
      EAX
      6U
      Contract month September 2012
      IDM CER Options
      CRY
      6P
      Contract month September 2012
      Emission Reduction Unit (ERU) Futures
      REU
      REU
      Contract month September 2012
      ERU Options
      ERO
      ERO
      Contract month September 2012
      These actions do not affect trading in any other futures or options products listed on CME Group.
      If there are any questions, please contact:
      Managing Director, Global Product Development
      Henrik Hasselknippe                                                  
      Tel: +44 20 7464 4182
      E-mail: henrik.hasselknippe@thegreenx.com

      Compliance Officer
      Nicholas Galati
      Tel: +1 212 299 2569
      E-mail:       nicholas.galati@thegreenx.com
       
      UPDATED: FECPlus Testing and Production Deployment Schedule
      CME Clearing will postpone several FECPlus implementation dates in order to allow time for additional testing. Following is the UPDATED deployment schedule for FECPlus in chronological Order:
      ·         Testing for ALL post-trade processing, including give-ups, average-priced give-ups, and cross-exchange allocations, using the FPL-compliant FIXML 5.0 API, is currently available in New Release.
       
      ·         Testing for the migration of CME ClearPort trades to FECPlus for CME Clearing Europe (CMECE) is currently available in the CMECE Certification Test Environment (CMECE CERT). NO API messaging changes for these trades.
       
      ·         Testing for the migration of CME ClearPort and other Trading Platform trades to FECPlus for CME/CBT/NYMEX/COMEX is currently available in the Certification Test Environment (CERT). NO API messaging changes for these trades.
       
      ·         Thursday, June 28, 2012: Testing for the migration of CDS and OTCFX trades to FECPlus will begin in New Release. NO API messaging changes for these trades.
       
      ·         Monday, July 2, 2012: Production launch date for migration of CME ClearPort trades to FECPlus for CMECE. NO API messaging changes.
       
      ·         Monday, July 30, 2012: Production launch date for migration of CME ClearPort and other Trading Platform trades to FECPlus for CME/CBT/NYMEX/COMEX, including CDS and OTCFX. NO API messaging changes.
       
      ·         Tentatively scheduled for Mid-July: Testing for the migration of ALL post-trade processing to FECPlus for CMECE will begin in CMECE CERT using the FPL-compliant FIXML 5.0 API. At least one month of test time will be provided prior to launch.
       
      ·         Tentatively scheduled for Late August: Production launch date for migration of ALL post-trade processing to FECPlus for CMECE using the FPL-compliant FIXML 5.0 API.
       
      ·         Tentatively scheduled for Early October: Production launch date for migration of ALL post-trade processing, including give-ups, average-priced give-ups, and cross-exchange allocations to FECPlus for CME/CBT/NYMEX/COMEX using the FPL-compliant FIXML 5.0 API.
      If you have any questions or require further information please contact CME Clearing at 312-207-2525 or ccs@cmegroup.com.
       
      This link provides the stockyards and slaughter plants that have been approved for deliveries against the CME Group Live Cattle futures contract from February 1, 2012 through January 31, 2013. Delivery point information and contact numbers are listed for your reference.
      This link provides the relevant delivery dates for June 2012 Chicago Mercantile Exchange Inc., Chicago Board of Trade, New York Mercantile Exchange, Dubai Mercantile Exchange, COMEX and GreenX contracts.
       
      Effective Sunday, July 1, 2012, CME Clearing will remove the Exchange-For-Swap (EFS) identifier for all CBOT exchange futures executed in accordance with CME Rule 538 (“Exchange for Related Positions”). This change applies only to CBOT futures at this time. CME products were removed from EFS eligibility in October of 2010. CME Clearing will continue to support EFS transactions for NYMEX and COMEX products for the time being.
      The EFS transaction type has been harmonized into, and falls under, the Exchange for Risk (EFR) transaction referenced in Rule 538. EFR transactions are privately negotiated transactions (PNT) and include the simultaneous exchange of an Exchange futures position for a corresponding OTC swap or other OTC instrument. In addition, CBOT exchange products will continue to be eligible for Exchange for Physical (EFP) and Exchange of Options for Options (EOO) privately negotiated transactions. Please refer to Market Regulation Advisory RA1006-5 for additional information.
      In FIXML, an EFS transaction is represented as a TrdTyp=”12”. CME Clearing will reject any CBOT exchange privately negotiated futures message sent as an EFS beginning July 1, 2012. The trade will subsequently need to be resubmitted with a valid transaction type to CME Clearing.
      If you have any questions or require further information please contact CME Clearing at 312-207-2525 or ccs@cmegroup.com or CME Market Regulation at (312) 930-3333.
       
      As previously announced, CME Group anticipates in the near future migrating all GreenX products to a CME Group exchange, delisting them from the Green Exchange and listing them on the NYMEX exchange. The date of this migration is dependent upon receipt of an order from the CFTC permitting such a migration.
      The sole impact of this change to clearing and bookkeeping systems is that the exchange acronym of the various products will change from GEX to NYMEX. There are no product code changes, firm change or other impacts. There will cease to be a separate Green Exchange settlement price file, and the daily SPAN files will no longer contain data for a separate Green Exchange.
      The change will be made effective in the New Release testing environment on June 18, and firms may begin testing their systems with this change at that time. For more information please contact CME Clearing Operations at (312)-207-2525 or via email toccs@cmegroup.com.
       
      NEW - Corn, Soybean and Wheat Calendar Swap Listing Cycle
      Due to customer demand, CME plans to expand the listing cycle for CBOT Corn, Soybean, and Wheat calendar swaps. This will become effective on Sunday, June 24, 2012.
      When Corn, Soybean, and Wheat calendar swaps were listed for clearing in 2009, expirations were listed as far out as their corresponding futures contracts were consecutively listed. The futures trading market listing cycle has expanded since that time. However, since there was little demand for longer dated calendar swaps at that time, the cleared swaps listing cycle was not expanded. Recent customer inquiries for longer-dated calendar swaps suggest the time is right to expand the cleared agricultural calendar swaps’ listing cycles. CME will therefore make available CBOT agricultural calendar swap expirations for clearing as far out as the corresponding futures contracts are consecutively listed. For Corn, Soybean, and Wheat calendar swaps, this will be 34 consecutive expirations listed once per year. Below is the recommended swap listing cycles:
       
       
      The European Commission has announced the full activation of the EU Emissions Trading Scheme single registry and migration of thousands of EU ETS accounts from national registries into the new Union Registry. The Union Registry transition period is scheduled for June 3, 2012 through June 20, 2012. During this time, the operation of national registries and the Union Registry will be suspended and account holders will not be able to access registry accounts - including allowances held in these accounts; transfers will not be allowed through the registry(ies). Consequently, deliveries of certain Green Exchange LLC (GreenX) products will be affected during the Union Registry transition period. As a result, effective immediately, GreenX is delisting certain contract days and contract months in accordance with the table below.
      This advisory details new reporting requirements for FCMs stemming from certain CFTC regulations going into effect on November 8, 2012. There are two inter-related functional areas: Customer Gross Margining (CGM) and LSOC (Legally Segregated, Operationally Commingled). Customer Gross Margining will apply both to products which are under the futures regulatory regime and to products which are classified as cleared swaps for regulatory purposes. LSOC will apply only to cleared swaps customer accounts.
       
      CME Group requested and received a 90-day extension for implementing margin changes announced yesterday in order to comply with CFTC Regulation 39.13(g)(8)(ii), as it applies to customers that are exchange members (member-customers) or omnibus accounts.
      During the extension period, CME Clearing will work with the CFTC to address member-customer concerns. Additionally, CME Group will keep member-customers informed during this period and provide adequate notice of any changes to margin requirements.
      With the extension, CME Clearing now will be required to enforce this rule as it applies to member-customers and omnibus accounts on August 5, 2012.
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