• CME Clearing Notice: August 9, 2013

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      • Clearing Member Firms
      • From
      • CME Clearing
      • #
      • 13-356
      • Notice Date
      • 09 August 2013
      • Effective Date
      • 09 August 2013

    •  
       
      Topics in this issue include:
      *      Deliveries
      ·         Contact Information
       
       
      Please be advised of the following changes regarding publishing of the CME SPAN files.
       
      For approximately one year, CME has published two versions of its daily SPAN risk parameter files. The main version supports the calculation of margin requirements for certain option products using the modified split allocation feature of SPAN. The alternate version, referred to as the “no mod” file, omits the parameters that drive the modified split allocation calculation.
       
      Effective Monday, September 23, 2013, CME Clearing will discontinue publishing the “no mod” file – the version that does not support the modified split allocation margining feature. The “no mod” files are located at:
      ftp.cmegroup.com/pub/span/data/cme/nomod
       
      Any customers that are currently utilizing the SPAN file located in the nomod directory will need to migrate to the SPAN file published in the primary directory, ftp.cmegroup.com/span/data/cme, by Monday, September 23rd. 
      For more information about the modified-split allocation feature of SPAN and the margin efficiencies it provides, please see Clearing Advisory 12-259, published June 22, 2012, at:
      http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv12-259.html
       
      For any questions or concerns, please contact CME Clearing at 312-648-3888.
      Please be advised CME will be making changes to the Price Quality Auction (PQA) in the Production Environment. These changes will take place over the weekend with an effective date of Monday, August 12, 2013. The changes are as follows:
      1.     Counterparty information will no longer appear on Matched Trade Reports - CME currently publishes a Matched Trade Report (filename: FXXX_MatchedTrades_yyyymmdd.csv) in Production that includes counterparty identification as part of the trade information. Starting August 12, the report will not include counterparty information.  
      2.     Reduction in number of preliminary runs - CME currently provides preliminary test runs at 3 PM, 3:30PM, and 4:00PM ET prior to the final PQA run at 4:35 PM ET. Starting August 12, CME will no longer hold runs at 3:00PM and 3:30 PM, and instead host a single preliminary run at 4 PM ET before the final run at 4:35 PM ET.  
       Please contact the OTC Valuations team at: OTCValuations@cmegroup.com with any questions.
      Please note that effective Saturday, August 17, 2013, CME Portal users who currently access the Portal via the website http://connect.cme.com, must switch their access to the http://connect.cmegroup.com. Currently, users are able to access the CME Portal via the legacy site: “connect.cme.com” or the new site: “connect.cmegroup.com”. When using the legacy site, users are directed to the new site, which enables access to the Portal. With this change, the legacy site “connect.cme.com” will be decommissioned and users will not be directed to CME Portal. 
      To maintain your access to the Portal, all users have to switch their access to http://connect.cmegroup.com. There are no authorization or access changes to switch access. For issues or concerns, please contact the CME Help Desk at 312-930-3444.
      On the afternoon of trade date Monday, August 12, 2013, metals forwards settlement price data for COMEX Gold and Cash-Settled Gold Forwards (GB and GBC) will be moved from the current COMEX settlement price files to their own separate forwards files. 
       
      COMEX forwards data will move:
      ·         from comex.settle.YYYYMMDD.s.txt (and .txt.zip) to comex.settle.fwd.YYYYMMDD.s.txt (and .txt.zip)
      ·         from comex.settle.YYYYMMDD.s.xml (and .xml.zip) to comex.settle.fwd.YYYYMMDD.s.xml (and .xml.zip)
       
      For questions or further information please contact CME Clearing Services (CCS) at 312-207-2525 or ccs@cmegroup.com.
       
      Deliveries
       
      Listed in the linked advisory notice are the relevant delivery dates for August 2013 Chicago Mercantile Exchange Inc., Chicago Board of Trade, NYMEX/COMEX and DME contracts.
       
      Please be advised the migration of the live cattle application to Deliveries Plus has been delayed. For the August 2013 live cattle contract, clearing firms should use the existing live cattle application.  
      Clearing firms may still test the new live cattle application in the New Release environment. The migration of Live Cattle to Deliveries Plus offers new and improved features to clearing member firms. Some of the features include: 
      ·         Ability to manage delivery scheduling through the Delivery Schedules feature in Deliveries Plus.
      ·         Email confirmations for actions completed throughout the delivery process.
      ·         Improved firm management functionality for feedlots.  
      If a firm needs to access to the New Release environment, please complete the access request form http://www.cmegroup.com/clearing/files/onlineaccess.pdf and fax to Firm Support 312.604.9450. 
      If there are any questions, please contact Deliveries at 312.930.3172 or email clearinghousedelivteam@cmegroup.com .
       
      Please be advised in coordination with the USDA and CME approved stockyards, the following live cattle grading capacity limits at stockyards are in effect beginning with the August 2013 live cattle delivery cycle. The capacity limits at the stockyards have been instituted to ensure stockyards have the wherewithal to grade cattle on eligible delivery days and a USDA grader is available for grading the cattle. The capacity limits are not static and are subject to change based on changes such as stockyard wherewithal or USDA grader availability.
      Delivery Point
      Maximum Facility Capacity
      Amarillo, TX
      40
      Clovis, NM
      15
      Columbus, NE
      15
      Dodge City, KS
      40
      Norfolk, NE
      30
      North Platte, NE
      20
      Ogallala, NE
      25
      Pratt, KS
      10
      Syracuse, KS
      25
      Texhoma, OK
      30
      Tulia, TX
      20
      Worthing, SD
      60
      Wray, CO
      10
       
      Selling clearing firms are also reminded per Rule 10104.A. when submitting an intent to deliver a seller must contact the delivery point stockyard and ensure the facility can accommodate a live-graded delivery on the sixth business day following the day of tender/intent (fourth business day following the day of tender if tender/intent is on or after the last trading day.
      Selling clearing firms must provide to the Exchange the name and number of the person authorizing delivery at the stockyard when submitting an intent to deliver.
      Please refer further questions on this subject to:
      Clearing House
      Deliveries                    clearinghousedelivteam@cmegroup.com       312.930.3172
      Research and Product Development
      Jack Cook                   jack.cook@cmegroup.com                              312.930.3295
      Market Regulation
      Bill Lange                    william.lange@cmegroup.com                        312.341.7757        
       
      The migration of the live cattle application to Deliveries Plus has been delayed. For the June 2013 live cattle contract, clearing firms should use the existing live cattle application. Beginning with the August 2013 live cattle contract month, firm may use the live cattle functionality in Deliveries Plus.
      Clearing firms may still test the new live cattle application in the New Release environment. The migration of Live Cattle to Deliveries Plus offers new and improved features to clearing member firms. Some of the features include: 
      ·         Ability to manage delivery scheduling through the Delivery Schedules feature in Deliveries Plus.
      ·         Email confirmations for actions completed throughout the delivery process.
      ·         Improved firm management functionality for feedlots.
      If a firm needs to access to the New Release environment, please complete the access request form http://www.cmegroup.com/clearing/files/onlineaccess.pdf and fax to Firm Support 312.604-9450.
      If there are any questions, please contact Deliveries at 312.930.3172 or email clearinghousedelivteam@cmegroup.com .
      The listed Stockyards and Slaughter Plants at this link have been approved for deliveries against the CME Group Live Cattle futures contract from February 1, 2013 through January 31, 2014. Delivery point information and contact numbers are listed for your reference.
      If there are any questions, please contact the Deliveries Unit at (312) 930-3172.
       
       
      Pending all relevant regulatory review periods, on Monday, August 12, 2013, CME will begin clearing wheat swap contracts denominated in Australian Dollars (AUD). There are two such contracts:
      ·         CAW – AUD Chicago Soft Red Winter Wheat Swap
      ·         KAW – AUD Kansas City Hard Red Winter Wheat Swap
      Note also that CME does not have “4d” orders from the CFTC for the new contracts which would allow customer positions in them to be held in futures segregation. Hence customer positions in these new contracts must be held in the Customer Cleared Swaps (“COTC”) origin, and are subject to LSOC. 
       
      Please contact CME Clearing at 312-207-2525 for more information.
      Effective Sunday, August 25th for trade date Monday, August 26th and pending all relevant CFTC regulatory review periods, please be advised that the CME Group, Inc. will expand the listing of contract months for the products listed at this linkon CME Globex, Open Outcry, and available for submission for clearing on CME ClearPort.
      Effective Sunday, August 11th for trade date Monday, August 12th and pending all relevant CFTC regulatory review periods, please be advised that the CME Group, Inc. will expand the listing of contract months for the products listed at this linkon CME Globex, Open Outcry, and available for submission for clearing on CME ClearPort.
      CME Clearing accepts shares of certain equity stocks for customer and house segregated performance bond collateral. CME Clearing implemented its Stock Program to enable clearing members to post shares of selected stock with the Clearing House to satisfy performance bond requirements.
      CME Clearing’s performance bond requirements consist of two amounts: core performance bond requirements and concentration performance bond requirements. Concentration performance bond requirements are set from time to time and are equal to the portion of the total performance bond requirement that may be met using concentration collateral.
      CME Group Contacts
      cmegroup.com Inquiries
      Customer Service
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      General Information
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      (312) 456-2391
      Global Account Management
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      (312) 634-8700
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      65 6593 5574
      Performance Bond Information
      Risk Management Dept.
      (312) 648-3888
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      Market Regulation
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      Clearing Fee Hotline
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      Risk Management
      Risk Management Hotline
      (312) 634-3888
      Collateral
      Financial Unit Hotline
      (312) 207-2594
      Deliveries
      Deliveries Unit
      (312) 930-3172
      Clearing Customer Service
       
      (312) 207-2525
       

       

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