• CME Clearing Notice: Monday, August 6, 2012

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      • Clearing Member Firms; Back Office Managers
      • From
      • CME Clearing
      • #
      • 12-345
      • Notice Date
      • 09 August 2012
      • Effective Date
      • 06 August 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
      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 August 2012 Chicago Mercantile Exchange Inc., Chicago Board of Trade, New York Mercantile Exchange, Dubai Mercantile Exchange, COMEX and GreenX contracts.
      Please be advised new functionality and changes have been made to Deliveries Plus and are available for testing in New Release.
      Portfolio Margining
      To support Portfolio Margining, changes were made to holding and intent screens in Deliveries Plus. The system will now allow firms to enter their portfolio margining account on the user interface for holdings and intents. The account number entered will resolve to the associated position account. If the account number does not match an existing position account, the default position account will be used.
      In addition, the long date file template has been updated to include an account number at the end of the file. This is an “optional” field. If a firm does not submit an account number, the file will still be accepted. Firms may still use the current long date template until a firm’s service provider can support the additional account number field.  To obtain a copy of the new file format, please send an email to clearinghousedelivteam@cmegroup.com.
      Delivery Schedule - ADPs
      Deliveries Plus has made a change to the way ADP’s are handled on the Delivery Schedule. A firm can only convert a delivery schedule to an ADP on the Delivery Summary tab by utilizing a new button called “ADP”. This will allow firms one place to manage ADP’s.
       
      If there are any questions, please contact Deliveries at 312.930.3172.
       
       
      As previously announced CME Group will be migrating all GreenX products to a CME Group exchange, delisting them from the Green Exchange and listing them on NYMEX. The date of this migration will occur on Saturday morning August 25th for business date Monday, August 27th.
      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 was made effective in the New Release testing environment on June 18th to enable firms to test their systems with this change. For more information please contact CME Clearing Operations at (312)-207-2525 or via email toccs@cmegroup.com.
       
      On Monday, October 15, 2012, CME will introduce an important enhancement to the clearing processing for its USDRMB futures contract – the USD Renminbi future with USD banking.
      This is the CNY contract where the contract size is 100,000 USD, the price is quoted in CNY (Chinese Renminbi Yuan) per US dollar, and the settlement variation amounts are converted from CNY back to USD by dividing by the current spot exchange rate between CNY and USD.
      Currently, the trade register report and datafile for this product provide values in CNY. With the change, the values will be provided in USD, and attributes will be provided to drive the conversion of the variation amounts from one currency to another.
      The goal is of this enhancement is to simplify bookkeeping processing and reconciliation for clearing firms. This methodology will be applied to other products in the future.
       
      As part of CME Clearing’s efforts to offer consistency across CME Clearing’s OTC offerings, CME Clearing has updated the end of day cutoff timelines as reflected in the table below in the New Release Environment. These changes are effectiveinNew Release immediately.
      CME Clearing plans to implement these changes in the Production Environment effective at end of day on August 13th, 2012.CME Clearing plans to release additional information related to this change in advance of the August 13th production date, including an updated CME Cleared OTC CDS Operational Timeline & Report List.
       
      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.
       
      Effective Sunday, August 12, 2012, for trade date Monday, August 13, 2012, please be advised that the New York Mercantile Exchange, Inc. (NYMEX or Exchange) will reduce the minimum price fluctuation for the natural gas contracts, listed in the table below, from $0.0025 per MMBtu to $0.0001 per MMBtu.
      Contract
      Code
      Columbia Gas TCO Basis Swap (Platts IFERC) Futures
      TC
      Columbia Gulf Louisiana Basis Swap (Platts IFERC) Futures
      GL
      Houston Ship Channel Basis Swap (Platts IFERC) Futures
      NH
      Texas Eastern Zone M-3 Basis Swap (Platts IFERC) Futures
      NX
      Ventura Basis Swap (Platts IFERC) Futures
      PF
      Demarc Basis Swap (Platts IFERC) Futures
      PE
      NGPL Mid-Con Basis Swap (Platts IFERC) Futures
      NL
      NGPL TexOk Basis Swap (Platts IFERC) Futures
      PD
      Panhandle Basis Swap (Platts IFERC) Futures
      PH
      Waha Basis Swap (Platts IFERC) Futures
      NW
      Rockies Basis Swap (Platts IFERC) Futures
      NR
       
      NEW Product Release- Daily Brent Crude Oil Options
      This link provides the advisory notice reflecting the contract specifications for this new contract-effective on Monday, August 13th, 2012
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