System Updates

UPDATE: CME Group Deliveries Plus - SMART Click Migration

The Deliveries Plus application has migrated to SMART Click, as of June 5, 2015.  SMART Click is a secure web-based interface that can be used by customers to manage profile and user ID information.

As a reminder, here are the steps required to maintain access:

1.     If you have not already done so, register for a SMART Click ID at www.cmegroup.com/smartclick

2.     Activate your SMART Click ID

3.     Claim & Link your Legacy ID to your SMART Click ID: Login at https://deliveriesplus.cmegroup.com and click on the Deliveries Plus application under the Post Trade tab.

4.     Users have until July 8, 2015 to migrate their legacy IDs to SMART Click.

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)

• Email: EASE_Clearing_Application_Request@cmegroup.com

Using FIA Tech OCR System for Submitting Additional Client Data, and Final September 30 Compliance Date

We are pleased to announce that clearing firms using the FIA Tech system to meet the CFTC’s mandate for automated Ownership & Control Reporting (OCR) may also use this system to satisfy CME Clearing’s requirement for additional client data for risk and default management.

FIA Tech has enhanced their OCR system to allow firms to specify the CGM account for each trading account.  For futures accounts, this is the account ID that the firm uses when submitting Customer Gross Margining (CGM) position files to CME Clearing, and for swaps accounts, it is the analogous value used for rolling up trading accounts to the beneficial owner level for margining.

In addition to specifying the CGM account for each trading account, firms will create a Margin Accounts Master (MAM) file from their bookkeeping system, in the standard FIXML format, and transmit this file to FIA Tech.  This file need not have any of the additional client data, but it will provide an automated means to identify client accounts with positions cleared at CME Clearing.  FIA Tech will then use the data from the MAM file to generate the full set of additional client data and transmit this to CME.

Sungard also has enhanced its GMI bookkeeping system to generate the MAM file, so for firms using both GMI and FIA Tech, the only work required should be to provide the CGM account for each trading account, and to generate and transmit the MAM file to FIA Tech each day.

Note that the use of the FIA Tech system is optional. As previously announced, firms may directly submit the required additional client data for risk and default management to CME Clearing. For futures accounts, data may be submitted using either the Margin Accounts Master file or by adding it to the Customer Gross Margining position file.  For swaps accounts, data may be submitted using either the Margin Accounts Master file or by adding it to LSOC Collateral Value Report datafiles.  Firms planning to directly submit this data to CME Clearing, but not yet doing so, may begin at any time.

Because many firms have requested the ability to leverage the FIA Tech system for providing the additional client data, the final data for compliance with this reporting requirement is being reset to match the OCR deadline of Wednesday, September 30, 2015.

For more information please see Clearing Advisory 15-049 and Clearing Advisory 14-127.

CME Clearing may be reached at 312-207-2525.  FIA Tech may be reached at ocr.support@fia-tech.com.

Leap Second Event

This advisory describes CME Clearing’s procedures for handling the “Leap Second Event” scheduled to take place at 18:59:59 CDT (19:59:59 EDT), Tuesday, June 30, 2015 (trade date Wednesday, July 1, 2015). The Leap Second Event is a one-second clock adjustment that is periodically applied to Coordinated Universal Time (UTC) by the International Earth Rotation Service to keep in synch with mean solar time. See additional information at http://tycho.usno.navy.mil/leapsec.html.

CME Clearing’s system clock(s) will be synchronized with UTC during the Leap Second Event timeframe. CME Clearing applications are largely unaffected and will be available during the leap second timeframe. Firms are encouraged, however, to complete their end of day processing before 18:55:00 Central time. And there will be minor changes to the end of day timings:

·         Any PCS or CGM datafiles submitted between 18:55:00 and 19:05:00 Central time will be held and will be processed at 19:05:00.

·         The normal end of day 19:00:00 Central time deadline for completion of trade processing will be extended to 19:20:00. This includes the deadline for completion of futures transfers for portfolio margining between interest-rate futures and interest-rate swaps.

·         The deadline for submitting PCS files for CME and CBOT products will be extended from 19:30:00 to 19:45:00 Central time. The deadline for submitting PCS files for NYMEX and COMEX is unaffected and remains at 18:00:00 Central time.

·         The deadline for submitting CGM files is unaffected and remains at 20:00:00.

For information and about CME Globex impacts, see the Frequently Asked Questions (FAQ).

Additionally, the FIA Market Technology Division is working closely with exchanges, vendors, and front end trading system providers worldwide to ensure the Leap Second Event occurs and passes in a seamless manner. See additional information from the FIA.

Please expect to see periodic reminders and/or updates regarding this event. If you have any questions, please contact CME Clearing at (312) 207-2525, or ccs@cmegroup.com.

Deliveries

NEW: USD and EUR Interest Rate Swap Futures - Delivery Process, June 2015

See this delivery process and schedule, which will be in effect for the June 2015 delivery cycle. All times are Central Standard Time unless otherwise noted.

CME Group Delivery Dates for June 2015

See the delivery dates for June 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

NEW: June 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 the 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.

Full details are available at this link.

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: Product Modification Summary: Delisting U.S. and European Weather Products - June 8, 2015

Effective June 8, 2015, the Chicago Mercantile Exchange, Inc. (CME or Exchange) delisted the attached weather products from CME Globex, CME ClearPort and the CME trading floor.

NEW: Product Modification Summary: Delist Barclays U.S. Aggregate Bond Index Contracts - June 8, 2015

Effective June 8, 2015, the Chicago Mercantile Exchange, Inc. (CME or Exchange) delisted the Barclays U.S. Aggregate Bond Index Futures (Clearing Code LBA/Globex Code LBA) from CME Globex, CME ClearPort and the CME trading floor.

There is currently no open interest in this product.

NEW: Interest Charge for Euro (EUR) Deposits- June 12, 2015

Effective June 12, 2015, CME Clearing (CME) will be changing the rate that clearing member firms are charged for Euro (EUR) deposits held at CME.

The new charge will be 35 bps per annum and may be subject to change in future months, depending on market conditions.  This charge will occur during the first week of the following month.

For more information please contact CME Clearing at 312-207-2594.

NEW: Credit Event Advisory - CME Clearing Credit Event Processing for Sabine Oil & Gas Corporation (formerly known as Forest Oil Corporation)

The ISDA Determinations Committee has announced that an auction will be held in respect of Sabine Oil & Gas Corporation on Tuesday, June 23rd, 2015.

The Credit Event Final Processing Date for this credit event will be held on the next valid business day following the Auction Final Price Determination Date (“Auction Date”). This means, if the auction is successful on Tuesday, June 23rd, 2015, the Credit Event Final Processing Day will be held on Wednesday, June 24th, 2015. For additional details, please click here.

CME OTC IRS USD Valuation Curves - June 8, 2015

As part of our continuing efforts to ensure a prudent risk management process for all products, CME Clearing will be incorporating CME-specific swap observations in the end of day USD valuation curves in our Production environment on Monday, June 8, 2015. This change was originally announced on May 13, 2015 and has been available in our testing environment since June 1, 2015. 

Please direct any inquires to OTCValuations@cmegroup.com.

Canadian Provincial Debt, Australian Sovereign Debt, and Singapore Sovereign Debt

CME Clearing (CME) announces the addition of Australia and Singapore to our list of acceptable foreign sovereign debt. CME also announces the addition of Canadian provincial debt from Ontario and Quebec. Australian and Singapore sovereign debt, and Canadian provincial debt are acceptable for Base, CDS, and IRS performance bond requirements and are part of Category 4 assets for Base and IRS and Category 3 assets for CDS.  These additions to our acceptable collateral list will be effective July 20, 2015, pending regulatory approval.  

Please see the applicable haircuts and limits.

Product Modification Summary: JPYUSD Futures Tick Reduction

Effective Sunday, June 21, 2015 for trade date Monday, June 22, 2015, and pending all relevant CFTC regulatory review periods, please be advised that the Chicago Mercantile Exchange, Inc. (CME or Exchange) will amend the minimum price increment for Japanese Yen/US Dollar Futures. The minimum tick is changing from 0.000001 to 0.0000005.

DPLs for outright Futures and the Spreads will not change and will remain at a current precision of 7.

Contact Information