• Reduction of Block Trade Minimum Quantity Threshold Level for the Active Months Excluding the non-Spot Nearby Active Month and Second Active Month for the Copper Futures Contract

      • To
      • Members, Member Firms and Market Users
      • From
      • Research and Product Development
      • #
      • SER-7431
      • Notice Date
      • 30 July 2015
      • Effective Date
      • 30 August 2015
    • Effective Sunday, August 30, 2015 for trade date Monday, August 31, 2015, and pending all relevant CFTC regulatory review periods, Commodity Exchange, Inc. (“COMEX” or “Exchange”) will reduce the block trade minimum threshold level in Copper futures for active months excluding the non-spot nearby active month and second active month from 25 to 5 contracts as set forth below. Copper futures are listed for trading on CME Globex and for submission for clearing through CME ClearPort.

       

      Product Name

      Copper Futures

      Product Symbol

      HG

      Rulebook

      Chapter 111

      Contract Unit

      25,000 lbs.

      Current block trade minimum threshold level in all active months excluding the  nearby active spot month

      25

      Amended block trade minimum threshold for all active contract months excluding the nearby non-spot active month and the second active month

      5

      The active months for Copper Futures are March, May, July, September, and December. Currently, the block trade minimum threshold level for all active months of the Copper futures contract is 25 contracts, except for the nearby active month when it is the spot month. This amendment will change the block trade minimum threshold level for active months excluding the non-spot nearby active month and second active month to 5 contracts. The block trade minimum threshold level for the non-spot nearby active month and second active contract month will remain at 25 contracts.

       All block trades are subject to the conditions set for in Rule 526 (“Block Trades”) located in Chapter 5 (“Trading Qualifications and Practices”).

       

       

      Please refer questions on this subject to:

       

      Joann Arena                              joann.arena@cmegroup.com                             (212) 299-2356

      Fred Penha                               frederick.penha@cmegroup.com                       (212) 299-2353