• Synchronization of Daily Settlement Price Determination Times for CME Brazilian Real/U.S. Dollar Futures and Options with BM&FBOVESPA U.S. Dollar/Brazilian Real Futures and Options

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-6878
      • Notice Date
      • 17 October 2013
      • Effective Date
      • 21 October 2013
    • The Chicago Mercantile Exchange (CME) synchronizes the daily settlement determination times of its Brazilian Real/U.S. Dollar (BRL/USD) futures and options contracts to coincide with the daily settlement determination times of the BM&FBOVESPA U.S. Dollar/Brazilian Real (USD/BRL) futures and option contracts (i.e., 4:00 p.m. São Paulo time). Date changes from Daylight Saving Time (DST) to Standard Time (ST) and from ST to DST in Brazil and the United States require changes to the daily settlement determination times of CME’s BRL/USD futures and options throughout the year.
       
      ·         Therefore, on Monday, October 21, 2013, the daily settlement price determination time for CME BRL/USD futures and options will shift to 1:00 p.m. Central Time (CT) from 2:00 p.m. CT due to Brazil beginning DST observance on Sunday, October 20, 2013, while the United States remains on DST for the next two weeks.
       
      ·         Furthermore, on Monday, November 4, 2013, the daily settlement price determination time for the CME BRL/USD futures and options will shift to 12:00 p.m. CT as the United States begins ST on Sunday, November 3, 2013.
       
      Exhibit 1
      Synchronization of CME BRL/USD Daily Settlement Price Determination Times
      with BM&F USD/BRL Daily Settlement Price Determination Times
      (Coincides with 4:00 p.m. São Paulo Time)
       
      Date Intervals
      Duration
      Daylight Saving Time (DST) or Standard Time (ST)
      Number of Hours Brazil
      ahead of Chicago
      Synchronized Daily Settlement Time for CME BRL/USD Futures and Options
      Change Relative to Prior Period Settlement Time
      10/20/13 to 11/3/13
      2 weeks
      BM&F = DST
      CME = DST
      3
      1:00 p.m.
      1 Hour Earlier
      11/3/13 to 2/16/14
      15 weeks
      BM&F = DST
      CME = ST
      4
      12:00 p.m.
      1 Hour Earlier
      2/16/14 to 3/9/14
      3 weeks
      BM&F = ST
      CME = ST
      3
      1:00 p.m.
      1 Hour Later
      3/9/14 to 10/19/14
      32 weeks
      BM&F = ST
      CME = DST
      2
      2:00 p.m.
      1 Hour Later
       


      This notice also clarifies that only the daily settlement price determination times of CME’s BRL/USD futures and options are synchronized with the daily settlement price determination times of BM&FBOVESPA’s USD/BRL futures and options, not the daily closes of either CME open outcry trading or trading on the CME Globex electronic trading system.[1] Trading hours for CME BRL/USD futures and options remain as follows:
       
      ·         Open Outcry Trading: 7:20 a.m. to 2:00 p.m. CT, Monday through Friday
       
      ·         Globex Electronic Trading: 5:00 p.m. to 4:00 p.m. CT, Sunday through Friday
       
      CME BRL/USD futures & options are listed by and subject to the rules of CME.
       
      Please direct questions regarding this notice to:
       
      Europe
      Will Patrick                              +44 20 3379 3721                   Will.Patrick@cmegroup.com
      Malcolm Baker                       +44 20 3379 3863                    Malcolm.Baker@cmegroup.com
      Sandra Ro                               +44 20 3379 3789                   Sandra.Ro@cmegroup.com
                                                     
      U.S.
      Craig LeVeille                          +1 312 454 5301                     Craig.LeVeille@cmegroup.com
      Simon Burnham                      +1 312 930 3426                     Simon.Burnham@cmegroup.com
      Kevin McMillin                        +1 312 930 8264                       Kevin.McMillin@cmegroup.com
      Daniel Grombacher                +1 312 634 1583                      Daniel.Grombacher@cmegroup.com
      Lori Aldinger                            +1 312 930 2337                     Lori.Aldinger@cmegroup.com
      [1] Please note there is one exception to the daily BRL/USD products trading floor regular closing time of 2:00 PM CT and CME Globex trading closing time of 4:00 PM CT: expiring BRL/USD futures and options contract months only terminate trading at 9:15 AM CT on their last day of trading (see CME Group SER, S-5938, dated Monday, September. 19, 2011).

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