• CME Clearing Notice: August 26, 2013

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      • Clearing Member Firms
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      • CME Clearing
      • #
      • 13-396
      • Notice Date
      • 29 August 2013
      • Effective Date
      • 29 August 2013

    • NOTICE #: 13-396
      SUBJECT: CME Clearing Notice: August 26, 2013
      Topics in this issue include:
      *      Deliveries
      ·         Contact Information
       
       
      CME Clearing has made three updates to the Account Reconciliation Reports effective immediately –
      Addition of Initial Margin Account – this new column will indicate the initial margin account for each customer account. Clearing Member Firms will find this particularly useful for setups involving multiple customer accounts rolling into one initial margin account.
      Produce reports in New Release (UAT) environment – Effective Monday, August 27th, CME Clearing began producing the Account Reconciliation Reports in the New Release (UAT) environment.  
      File naming convention is – AccountRecon_###_YYYYMMDD_NR.csv
      Run Reports More Frequently – to provide Clearing Member Firms with the ability to check on the status of their accounts throughout the day, CME Clearing will post the reports multiple times to the FTP servers. CME Clearing will run the reports at the following times (all times quoted in Central Time) – 2:00 a.m., noon and 5 p.m. Please note that the files will post with the same file name noted in the advisory below.  
      Please see the original advisory notice on this topic, 13-371, at this link and an updated file specification on page 3 of the document at this link.
      Effective September 23rd, 2013, CME Clearing will be decommissioning the CME Trade Migration Utility for credit default swaps in both the New Release and Production environments.
      In the near future, CME Clearing plans to replace the utility’s functionality with a new, streamlined process. CME Clearing will distribute further information about this process later this year.
       
      If you have any questions regarding this notice, please contact the CME Client Services Team via email at onboarding@cmegroup.com or via telephone at (312) 338-7112.
      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/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.
       
      For any questions or concerns, please contact CME Clearing at 312.648.3888.
      Deliveries
       
      Listed in the linked advisory notice are the relevant delivery dates for September 2013 Chicago Mercantile Exchange Inc., Chicago Board of Trade, NYMEX/COMEX and DME contracts.
      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.
      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 .
      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.
      The Union Registry will be closed August 27th – August 29th, 2013 (please see the following link for details: http://ec.europa.eu/clima/news/articles/news_2013080501_en.htm). In addition, there is a London banking holiday, on Monday August 26, 2013. Due to the banking holiday, any deliveries resulting from trading on August 22, 2013 would have a delivery date of Tuesday, August 27, 2013. As a result, the Daily European Union Allowance (EUA) futures for contract days Thursday, August 22, 2013 through Wednesday, August 28, 2013 will be delisted.
      There is no impact to the August 2013 In Delivery Month European Union Allowance (EUA) (commodity code 6T), Emission Reduction Unit ERU (commodity code REU), and Certified Emission Reduction Plus (commodity code CPL) contracts, the regular delivery timeline will apply (please see the following advisory for the monthly contract timelines: http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv13-334.html).
      As a reminder, any firm going through delivery on European Union Emission contracts needs to have a trading account at the Union Registry and have the account trusted with CME Group’s account. Please alert Clearing House Deliveries at least 10 business days prior to delivery after setting up a new trading account as the Union Registry requires a holding period of 7 business days before accounts become trusted. Please contact Clearing House Deliveries if you plan to go through delivery on these contracts and do not meet the above criteria.
      For questions on the above please contact the Clearing House Deliveries at 312.930.3172 or clearinghousedelivteam@cmegroup.com
       
      At this link is the holiday clearing schedule for the Labor Day holiday.
      Effective Sunday, September 1st for trade date Tuesday, September 3rd, and pending all relevant CFTC regulatory review periods, please be advised that the CME Group, Inc. (CME) will resume the listing of contract months for the product listed at this link on CME Globex, Open Outcry and available for submission for clearing on CME ClearPort.
       
      Listing of the October and December 2014 contract months had been temporarily suspended pending consideration of changes in contract specifications. These contract months will now be listed under current contract terms, which include the same changes in maximum weight, scheduling and premiums/discounts that became effective with the August 2014 contract listed on July 1. The February 2015 contract will also be listed per the normal contract listing cycle.
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