• CME Clearing Notice: October 28, 2013

      • To
      • Clearing Member Firms
      • From
      • CME Clearing
      • #
      • 13-509
      • Notice Date
      • 01 November 2013
      • Effective Date
      • 01 November 2013

    • Topics in this issue include:
      *      Deliveries
      ·         Contact Information
       
       
       
       
      Beginning trade date November 11, 2013, CME Clearing will begin providing the attribute RiskChkStat on all “alleged” (RptTyp=”1”) “add” (TransTyp=”0”) FIXML trade capture report messages for trades processed via ClearPort. The attribute will be located on the side level of the message with a value indicating whether: 
      1.     The trade was not credit checked and must be explicitly claimed by the clearing firm, or
      2.     The trade has already passed a credit check in either ClearPort or on another execution venue such as a SEF and does not need to be explicitly claimed.
      RiskChkStat Enumeration
      Description
      2
      The trade has not been credit checked and requires explicit claim by the clearing member.
      3
      The trade has passed the ClearPort RAV credit check and will be auto-accepted in clearing.
      13
      The trade has passed a credit check on another execution venue before submission to ClearPort and will be auto-accepted in clearing.
       
      Currently only CDS and FX Forward products are eligible for explicit claim. Any SEF executed trade has to be pre-approved, pre-trade, before it is executed by the clearing member and will have the value of “13”.  All other transactions via ClearPort are credit checked by RAV and will have a value of “2” if a claim is required or “3” if the pre-defined ClearPort RAV credit limit was applied.  
      The change will be available in the New Release environment on November 7, 2013. 
      The full text of this advisory contains a sample of the RptSide element to which the RiskChkStat attribute will be added. 
      For questions or further information, please contact CME Clearing Services (CCS) at 312-207-2525 or ccs@cmegroup.com.
      Deliveries
       
      The listed Stockyards and Slaughter Plantsat this linkhave 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.
       
      Effective Sunday, November 10, 2013 for trade date Monday, November 11, 2013, and pending all relevant CFTC regulatory review periods, please be advised that the New York Mercantile Exchange, Inc. (NYMEX or EXCHANGE) will amend the minimum price increment for the CAISO Power products listed below. The minimum Tick (Trading Tick) is changing from 0.05 to 0.01. For the full text of this advisory, please click here.
      Subject to regulatory review and approval and with consideration to any governmental shutdown, effective for start of business Monday, December 9, 2013, the Kansas City Hard Red Winter Wheat contract will have their DCM (Designated Contract Market) converted from Kansas City Board of Trade (KCB) to Chicago Board of Trade (CBT). Therefore, they will cease being products of the Kansas City Board of Trade, and begin being products of the Chicago Board of Trade. The affected products are:
       
      ·         KW – KC Hard Red Winter Wheat Futures
      ·         KW – KC Hard Red Winter Wheat Options on Futures
      ·         KWO – KC Hard Red Winter Wheat Short-Dated New Crop Options
      ·         OK1 through OK5 – KC Hard Red Winter Wheat Weekly Options
      ·         KWS – KC Hard Red Winter Wheat Swaps
      ·         MKW – MGEX-KC Wheat Inter-market spread Options
      ·         KAW – AUD Hard Red Winter Wheat Swaps

      For further details please click here.
      In accordance with the CFTC Guidance regarding "Swaps Straight Through Processing," issued on September 26, 2013, and the subsequent no action relief letters issued on the evening of September 30, 2013 regarding Regulation §1.73, CME Clearing is notifying all market participants of the workflows that will be employed for trades submitted by all temporarily registered swap execution facilities (“SEFs”) until the no action relief terminates on November 1, 2013.
      CME Clearing: OTC Swaps STP Update
       
      All existing workflows for trade submission to CME Clearing by SEFs and affirmation platforms whether directly connected or through middleware will continue to be supported until November 1, 2013 when the no action relief issued September 30, 2013 respecting futures commission merchants (“FCMs”) requirement to comply with Commission Regulation 1.73(a)(2)(i) and (a)(2)(ii), and temporarily registered swap execution facilities (“SEFs”) requirement to comply with Commission Regulation 37.702(b), expires. 
      Until November 1, 2013, a swap will be deemed submitted to clearing at such time as both the trade information from the SEF and the affirmation from the clearing members has been received. CME will notify the SEF and clearing member[s] of acceptance or rejection of the swap within 10 seconds. 
      All off-facility trades (trades not submitted from SEFs) will continue to be supported using the existing workflows.
      Guidance on workflows post November 1st will be provided in a subsequent notice.
       
      Effective Sunday, November 10th for trade date Monday, November 11th, and pending all relevant CFTC regulatory review periods, please be advised that CME Group, Inc. (CBOT) will expand the listing of contract months for the products listed below on CME Globex and Open Outcry.
      Code
      Clearing / Globex
      Title
      Current Listing Schedule
      New Listing Schedule (as of Monday, October 21st)
      PYC / CZC
      Corn Calendar Spread Options: Consecutive Months
      The nearby three successive futures calendar spreads.
      The nearby five successive futures calendar spreads.
      ZSC / CZS
      Soybean Calendar Spread Options: Consecutive Months
      The nearby three successive futures calendar spreads.
      The nearby seven successive future calendar spreads
      MYC / CZM
      Soybean Meal Calendar Spread Options: Consecutive Months
      The nearby three successive futures calendar spreads.
      The nearby eight successive future calendar spreads
      COY / CZL
      Soybean Oil Calendar Spread Options: Consecutive Months
      The nearby three successive futures calendar spreads.
      The nearby eight successive future calendar spreads
      WZC / CZW
      Wheat Spread Options: Consecutive Months
      The nearby three successive futures calendar spreads.
      The nearby five successive futures calendar spreads
       
      CME Group Contacts
      cmegroup.com Inquiries
      Customer Service
      (800) 331-3332
      General Information
      Products & Services
      (312) 930-8213
      Clearing House
      (312) 207-2525
      CME Globex Information
      CME Global Command Center
      (312) 456-2391
      Global Account Management
      U.S.
      (312) 634-8700
      Europe
      44 203 379 3754
      Asia
      65 6593 5574
      Performance Bond Information
      Risk Management Dept.
      (312) 648-3888
      Position Limits
      Market Regulation
      (312) 341-7970
      Clearing Fees
      Clearing Fee Hotline
      (312) 648-5470
      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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