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CME Clearing Notice: Week of Monday, March 30, 2015
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- Clearing Member Firms
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- From
- CME Clearing
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- #
- 15-099
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- Notice Date
- 02 April 2015
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- Effective Date
- 02 April 2015
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Topics in this issue include:
· NEW: Update: CME SFTP Enhancements Effective May 9th
· NEW: SMART Click Migration: Asset Management and Settlement - April 13, 2015
· UPDATED SMART Click Migration: Deal Management System (DMS)
· Monthly-to-Daily Power Conversion Testing Scheduled for March 31 – April 1, 2015
· New June 26 Date for Submission of Additional Client Master Data
· CME Group Delivery Dates for April 2015
· USD and EUR Interest Rate Swap Futures - Delivery Process, March 2015
· HOLIDAY SCHEDULE – Good Friday, April 3, 2015
· OTC Holiday Advisory – Good Friday and Easter
· NEW: USD IRS Curves and NA CDX Settlement on Good Friday - April 3, 2015
· NEW: Review of Collateral Haircuts Advisory
· Monthly-to-Daily Conversion for Power Contracts begins on May 29, 2015
System Updates
NEW: Update: CME SFTP Enhancements Effective May 9th
Please note that the CME SFTP enhancement has been postponed until Saturday, May 9, 2015. We are still on target to conduct mock testing in production on Saturday, April 11, 2015.
Additionally, all firms that utilize public key to access CME SFTP are required to participate in Production testing on April 11, 2015.
CME plans to install a software update to CME Secure SFTP on Saturday, May 9, 2015. With this enhancement, CME will no longer support “Open SSH public key format” that is currently used by some of clearing firms to connect to CME SFTP. Instead CME will now support “SSH Public Key File Format (RFC4716)” effective May 9, 2015.
This change will impact connectivity to the following CME SFTP sites:
- Web based “sftpng.cmegroup.com” IP: 164.74.122.33.
- WAN connection to IP: 167.204.41.33.
To help with this enhancement, CME will convert the majority of the Open SSH Public Keys to SSH Public Key File Format RFC4716. Some customers with special public keys will need to convert their current keys to RFC4716 format. CME is directly reaching out to these customers and providing them with key conversion instructions.
Firms can test this enhancement now by connecting to the CME Test SFTP site. Below please find the site information and testing procedure:
- Web based site address: sftpcert.cmegroup.com;
- Web based site IP address: 164.74.123.120.
- All public keys are copied from Production to the testing site.
- Firms can connect using their public keys and using the same credentials currently used for Production SFTP site.
- Firms can send a test file into the Incoming folder.
- Or Download test file “CME.Cipher.Test.xml” from the Outgoing folder.
- When the user is able to access their SFTP account, upload or download the test file, then testing is successful.
Please note the following regarding the Test SFTP site.
- Some firms who access the site for the first time might be required to add the site DNS and IP address into their firewall.
- Other firms who rely on the DNS name only for the SFTP site, may access the site without the need to add the site IP address to their firewall.
- CME doesn’t require adding the firms’ source address information for this site.
Mock Testing in Production on April 11, 2015:
- We encourage all firms to participate in testing their connectivity in production on April 11, 2015.
- Customers utilize Public Key are required to participate in the testing since they are impacted the most by this enhancement.
- To test this enhancement, firms are encouraged to execute some of their production upload or download jobs as they do in production.
- Any data files submitted to CME SFTP will be deleted. Similarly, firms are expected to delete any data files downloaded as part of this testing.
- Testing window is between 8:00 AM to 12:00 Noon CST.
- After testing is concluded, CME will roll back the changes and allow firms to test their connectivity following the roll back.
- If you are interested in testing in Production on April 11, 2015, please let us know by sending an email to ccs@cmegroup.com.
For more information please contact CME Clearing at (312) 207-2525.
NEW: SMART Click Migration: Asset Management and Settlement - April 13, 2015
Over the past few months, CME has begun rolling out SMART Click – our new and simpler method to access all CME Group online applications.
Beginning on Monday, April 13, you can begin using SMART Click for Asset Management and Settlement.
The new single login address to remember is https://login.cmegroup.com. Below is the simple process to maintain your access to Asset Management and Settlement:
1. Register for a SMART Click ID at https://login.cmegroup.com
2. Activate your SMART Click
3. Beginning on April 13, 2015, Claim & Link your Legacy ID to your SMART Click ID: Log in at https://login.cmegroup.com and clicking on the Asset Management and Settlement applications under the Post Trade tab.
Here is the link to the SMART Click FAQ document for a more detailed overview of the process: http://www.cmegroup.com/clearing/files/cme-smartclick-claim-faq.pdf
Please be aware that after June 12 SMART Click ID use for Asset Management & Settlement will be mandatory and legacy IDs will no longer be valid.
SMART Click Migration Coming Soon for these applications (tentative dates):
- 5/29 – EREP
- 6/5 – Deliveries Plus & Positions
- 6/26 – FEC & FEC+
For SMART Click support, troubleshooting or if you miss the claim deadline, contact Enterprise Application & System Entitlements (EASE) using one of the following:
• Phone: 312.456.1560 (United States)
• Phone: +44 203.379.3802 (Europe)
• Phone: +65 6593.5536 (Asia)
UPDATED SMART Click Migration: Deal Management System (DMS)
Attention Deal Management System (DMS) Users:
Effective the evening of March 7, 2015, the Deal Management System (DMS) will transition to SMART Click. SMART Click is a secure web-based interface that can be used by customers to manage profile and user ID information.
Here are the steps required to maintain access:
1. Register for a SMART Click ID at www.cmegroup.com/smartclick
2. Activate your SMART Click ID
3. Beginning on March 7, 2015, Claim & Link your Legacy ID to your SMART Click ID: https://dms.cmegroup.com/
Please be aware, after April 30, 2015 you must use your SMART Click ID.
Additionally, DMS-New Release is now Smart Click ready.
For SMART Click support, troubleshooting or if you miss the claim deadline, contact Enterprise Application & System Entitlements (EASE) using one of the following:
· Phone: 312.456.1560 (United States)
· Phone: +44 203.379.3802 (Europe)
· Phone: +65 6593.5536 (Asia)
Monthly-to-Daily Power Conversion Testing Scheduled for March 31 – April 1, 2015
CME is planning to execute monthly-to-daily power conversion testing at the end of March as initially referenced in Advisory 15-042 entitled “Monthly-to-Daily Conversion for Power Contracts begins on May 29, 2015” found at the link http://www.cmegroup.com/tools-information/lookups/advisories/clearing/Chadv15-042.html.
Testing of the Monthly-to-Daily conversion for power contracts in CME’s New Release environment is scheduled for consecutive days on March 31 and April 1 in the April contract. The product set to be tested is listed in the table below. The day-ahead power products will convert to positions in the corresponding strip of daily contracts on the morning of Tuesday, March 31, 2015. Similarly the real-time power products will convert to the corresponding strips of daily contracts on the morning of Wednesday, April 1, 2015. For additional details, please click here.
New June 26 Date for Submission of Additional Client Master Data
In March of 2014, CME Clearing published Clearing Advisory 14-127, which required that firms begin submitting certain additional client master data for risk management purposes in the normal course of business and to assist with default management. For futures accounts, firms may submit this data either by including it in the Customer Gross Margining (CGM) position file or by submitting a separate Margin Accounts Master file. For swaps accounts, firms may submit this data either by including it in the LSOC Collateral Value Report (CVR) files or by submitting the separate Margin Accounts Master file.
CME Clearing is now establishing a final date by which firms must begin submitting the additional client master data: Friday, June 26, 2015. The final date should give firms plenty of time to install updated code, etc. Firms that are not yet submitting the additional data may begin doing so at any time.
For further details, please click here.
New Web Browser Standards
CME Group is committed to our customers’ information security. To deliver the best security and customer experience, we are implementing the following changes to all CME Group web-based applications and services:
· Sunday, February 1, 2015 – Internet Explorer version 6 will no longer be supported
· Starting Sunday, April 5, 2015 – Only versions of Chrome and Internet Explorer released in the most recent 12-month period will be certified and supported
If you have any questions, please contact CME Clearing Services at (312) 207-2525 or ccs@cmegroup.com.
For additional details, please click here.
Deliveries
CME Group Delivery Dates for April 2015
Listed in the linked advisory are the relevant delivery dates for April 2015 Chicago Mercantile Exchange Inc., Chicago Board of Trade, NYMEX, COMEX, and DME contracts.
If you have any questions, please contact CME Clearing Deliveries at (312) 930-3172 or clearinghousedelivteam@cmegroup.com.
USD and EUR Interest Rate Swap Futures - Delivery Process, March 2015
Please be advised that the linked delivery process and schedule will be in effect for the March 2015 delivery cycle. All times are Central Standard Time unless otherwise noted.
Last Delivery Date change for March 2015 2-Yr (TUH5), 3-Yr (3YRH5) and 5-Yr (FVH5) Treasury Note Futures Contracts
Previously, the product calendar on the CME Group website ( http://www.cmegroup.com/trading/calendar/ ) erroneously showed Monday, April 6, 2015 to be the last delivery day for 2-Year Treasury Note futures for March 2015 delivery (TUH5), 3-Year Treasury Note futures for March 2015 (3YRH5), and 5-Year Treasury Note futures for March 2015 delivery (FVH5).
Upon review, the Exchange has revised the product calendar, in accordance with Exchange rules, to show correctly that Friday, 3 April, is the last delivery day for such futures contracts.
The following excerpts from CBOT Rulebook Chapter 22 for 2-Year Treasury Note futures define the schedule of contract critical dates for delivery:
21103. DATE OF DELIVERY
Delivery of contract grade U.S. Treasury notes may be made by a short Clearing Member upon any business day of the contract delivery month that the short Clearing Member may select. The contract delivery month shall be defined so as to commence on, and to include, the first business day of the contract’s named month of expiration, and to extend to, and to include, the third business day following the last business day of the contract’s named month of expiration.
21104. DELIVERIES ON EXPIRING FUTURES CONTRACTS
Deliveries against expiring contracts shall be by book-entry transfer between accounts of Clearing Members at qualified banks (Rule 21109.) in accordance with 31 CFR Part 306--General Regulations Governing U.S. Securities, Subpart O--Book-Entry Procedure, and 31 CFR Part 357--Regulations Governing Book-Entry of U.S. Treasury Bonds, Notes and Bills Held in Legacy Treasury Direct®. Deliveries against an expiring contract can be made no earlier than the first business day of the contract’s named month of expiration, and no later than the third business day following the last business day of the contract’s named month of expiration (Rule 21103.). All deliveries must be assigned by the Clearing House."
The corresponding contract terms and conditions for 3-Year and 5-Year Treasury Note futures (CBOT Rulebook Chapters 39 and 20) are closely similar.
For this purpose, Good Friday is a business day:
· Most important, it will is a scheduled trading day in CBOT Treasury futures and option contracts, on which daily settlement prices will be made for all such contracts, subject to a scheduled early close at 11:15 am ET (10:15 am CT). See http://www.cmegroup.com/tools-information/holiday-calendar/ )
· It is a regular day of business for the nation’s banking system. See http://www.newyorkfed.org/aboutthefed/holiday_schedule.html
· SIFMA have recommended that it should be a regular business day for US fixed income securities markets, subject to a scheduled early close at noon ET. See http://www.sifma.org/services/holiday-schedule/#us2015
Because it is the 3rd business day of April, Friday, April 3, 2015 is the contractual last delivery day for TUH5, 3YRH5 and FVH5.
Events & Announcements
HOLIDAY SCHEDULE – Good Friday, April 3, 2015
Please note the holiday processing schedule at this link in observance of Good Friday on April 3, 2015.
OTC Holiday Advisory – Good Friday and Easter
Please be advised that on Friday, April 3, 2015 (Good Friday) CME Clearing will be open to clear trades. Due to the holiday, however, there will be several impacts to CME Clearing’s processing and trade submission timelines for OTC products. For details on these impacts, please see the full text of this advisory at this link.
If you have questions, please contact the CME Client Services Team at onboarding_clearing@cmegroup.com.
NEW: USD IRS Curves and NA CDX Settlement on Good Friday - April 3, 2015
Please note CME Clearing will settle USD Interest Rate Swaps (IRS) curves and NA CDX in its Production environment on Good Friday (April 3) for VM and IM settlement.
Business Date
Product
Snap Time
Friday, April 3
USD IRS Curves
Early Close – 11:00 am ET
Business Date
Product
Price Submission
Friday, April 3
NA.CDX
iTraxx.EUR
Early Close – 11:35 am ET
No
Monday, April 6
NA.CDX
iTraxx.EUR
Normal Close
No
CME Clearing will be following the schedule outlined below for NA.CDX settlements –
· Publication for price requirement file: 9:45 am ET
· Publication of early CDS settlement price file: 10:30 am ET
· Publication of Preliminary Dealer Feedback Files: 11:05 am ET
· Dealer Price Submission Deadline: 11:35 am ET
· Publication of Final CDX PQA Dealer Feedback Files: 11:45 am ET
If you have questions, please contact the OTC valuations team at OTCValuations@cmegroup.com.
NEW: Review of Collateral Haircuts Advisory
In conjunction with the regular review of market volatility to ensure adequate collateral coverage, please find at this link the current acceptable collateral and haircuts for CME Clearing. Please note that the changes column identified below indicates any near term changes to collateral and haircuts. All assets that are utilized to meet PB requirements in different currencies will be subject to an additional cross-currency haircut. For applicable haircuts and more details, please see the CME cross-currency haircut file and the CME Financial and Collateral Management page. Should you have any questions, please contact the Risk Management department at 312-648-3888 or the Financial Management group at 312-207-2594.
NEW: Product Listing Schedule Expansion: Singapore Mogas 92 Unleaded (Platts) and Brent Crack Spread Futures
Effective Sunday, April 12, 2015 for trade date Monday, April 13, 2015, and pending all relevant CFTC regulatory review periods, please be advised that NYMEX will expand the listing of contract months for the product listed below on CME Globex, Open Outcry and available for submission for clearing on CME ClearPort.
Code Clearing/Globex
Title
Current Listing Schedule
New Listing Schedule (as of April 12)
CME ClearPort: 1NB
Singapore Mogas 92 Unleaded (Platts)
12 consecutive months
Monthly contracts listed for the current year plus the next calendar
CME Globex: D1N
Brent Crack Spread Futures
Monthly-to-Daily Conversion for Power Contracts begins on May 29, 2015
Beginning with the June 2015 contract month and pending regulatory approvals, we are introducing an important enhancement in the way that the majority of monthly NYMEX power contracts are processed at maturity. Please see Special Executive Report 7253RR at: http://www.cmegroup.com/tools-information/lookups/advisories/ser/files/SER-7253RR.pdf
Currently, the last day of trading for these monthly cash-settled contracts is the last business day of the contract month. With this change, the monthly contracts will terminate trading prior to the start of the contract month and positions in the monthly contracts will be transformed automatically into strips of positions in the corresponding daily contracts, thereby allowing individual daily positions to be managed separately.
For questions or further information, please contact CME Clearing Services (CCS) at 312-207-2525 or ccs@cmegroup.com.
For the full details of this advisory, please click here.
Contact Information
CME Group Contacts
General Information
Products & Services
(312) 930-8213
Clearing House
(312) 207-2525
Global Command Center
U.S.
(800) 438-8616
Europe
+0800 898 013
Asia
+65 6532 5010
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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