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CME Clearing Notice: Week of Monday, April 20, 2015
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- To
- Clearing Member Firms
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- From
- CME Clearing
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- #
- 15-113
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- Notice Date
- 24 April 2015
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- Effective Date
- 24 April 2015
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Topics in this issue include:
· Update II: CME SFTP Enhancements Effective May 9, 2015
· SMART Click Migration: Deal Management System (DMS)
· New June 26 Date for Submission of Additional Client Master Data
· NEW: CME Group Delivery Dates for May 2015
· CME Group Delivery Dates for April 2015
· April 2015 Eligible ETFs and Stocks
· NEW: CDS Product Advisory- iTraxx Holiday Calendar Change
· Monthly-to-Daily Conversion for Power Contracts begins on May 29, 2015
System Updates
Update II: CME SFTP Enhancements Effective May 9, 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.
To help SFTP customers with this enhancement, CME will conduct a final testing in production on Saturday, May 9. Please note: all firms that utilize public key to access CME SFTP are required to participate in Production testing on May 9th. If you do not participate in this testing, you will risk your firms’ ability to access CME SFTP following the upgrade.
This change will impact connectivity to the following CME SFTP sites:
- Internet 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 production keys to RFC4716 format. CME is directly reaching out to those 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:
- Internet based site address: sftpcert.cmegroup.com;
- Web based site IP address: 164.74.123.120.
- Public keys are copied from Production to the testing site expect the special public keys which require firms to convert them.
- Firms can connect using their public keys and using the same credentials currently used for Production SFTP site.
- Firms can send test date files 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 May 9, 2015:
- We encourage all firms to participate in this final testing their connectivity in production on May 9.
- 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 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.
- If you are interested in testing in Production on May 9, 2015, please let us know by sending an email to ccs@cmegroup.com.
For more information please contact CME Clearing at (312) 207-2525.
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
2. Activate your SMART Click ID
3. Beginning on March 7, 2015, Claim & Link your Legacy ID to your SMART Click ID.
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)
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.
Deliveries
NEW: CME Group Delivery Dates for May 2015
Listed in the linked advisory are the relevant delivery dates for May 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.
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.
Events & Announcements
April 2015 Eligible ETFs and Stocks
CME Clearing accepts a select number of shares of ETFs and stocks for customer and house segregated performance bond collateral for Base Guaranty Fund products. Both ETFs and stocks are category 4 assets and are capped in total at $1 billion per clearing member firm. Please refer to the Standard Acceptable Collateral and Resources website for further details regarding acceptable collateral, haircuts, and limits.
For ETF and stock acceptance criteria and a list of eligible ETFs and stocks, please see Standard Acceptable Collateral and Resources website. CME Clearing utilizes a tiering methodology based on average daily volume to determine the number of eligible shares per clearing member firm.
Tiering
Average Daily Volume Over Last 30 Days
Eligible Shares Per CMF
Tier 1
Greater than 10,000,000
1,000,000
Tier 2
5,000,001 - 10,000,000
500,000
Tier 3
2,500,001 - 5,000,000
250,000
Tier 4
1,000,001 - 2,500,000
100,000
Tier 5
500,000 - 1,000,000
50,000
Not eligible
Less than 500,000
None
CME Clearing utilizes the Depository Trust & Clearing Corporation (DTCC) as the custodian for the ETF and Stock Programs. In order to participate in the programs, clearing members must have an account at DTCC. For those firms familiar with the DTCC system, the CME’s account has “Repo” status.
Clearing members with an account at DTCC can originate free pledges of securities to the CME account or request the release of pledged securities from the account at the CME. CME staff has direct access to DTCC’s system to view clearing member pledges and approve release requests. Release transactions are not finalized until CME has approved the transactions. Clearing members have the opportunity to pledge securities in the morning to facilitate the release of a.m. cash calls at the intra-day performance bond cycle, or to request the release of pledged securities. The deadline for morning transactions is 10:30 a.m. CST. Clearing members have an additional opportunity to pledge securities in anticipation of increases in their overnight performance bond requirements until approximately 1:30 p.m. CST.
If you need further information about the ETF and Stock Programs, please contact the Financial Unit at (312) 207-2594 or the Risk Management Group at (312) 648-3888.
NEW: CDS Product Advisory- iTraxx Holiday Calendar Change
Please be advised CME Clearing will change three iTraxx holiday calendars for New Release and Production on the below Effective dates:
Clearing Attribute
Current
New
Effective*
Clearing New Trades
Target
UK Bank
May 1
Price Submission
SIFMA UK
UK Bank
July 3
Variation Margin Calculation
Target
Clearing
May 1
*Effective date is the first day a difference will be observed from the current iTraxx holiday calendar
For any iTraxx trades submitted on a UK bank holiday, the trades will have a cleared date of the following UK bank business day. Price submissions will not be required on UK Bank holidays. Price submissions will be required on UK Bank business days for clearing firms that hold open interest in iTraxx.
Variation Margin Calculation will follow the Clearing calendar. The Clearing calendar is defined as all weekdays except Good Friday, Easter, Christmas and New Year’s.
If you have any questions about the above changes, please contact the CME Client Services Team at Onboarding@cmegroup.com or by telephone at 312-338-7112.
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.
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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