Entering a Deal

Using the Deal Entry function on the ClearPort Deal Entry & Blotter screen, authorized users can enter details of single or dual-side deal and submit to the counterparty.

To access ClearPort Deal Entry & Blotter, see Adding market components.

For single-side deal submission:

• The submitter enters one side of the pre-negotiated deal / trade and all required product and participant identifiers to a counterparty.
• The opposite side trading participant (counterparty) submits the corresponding single-sided deal including unique identifiers.

For dual-side deal submission:

• The submitter enters both sides of the pre-negotiated deal (Buyer/Seller) and all required identifiers.
• The opposite side trading participant accesses CME ClearPort - Trade Blotter to review and accept the submitted deal.

Submitted deals are validated for type, account, participant, product, and credit limits. After validation is successfully completed, the deal is matched and sent to CME Group for clearing, after which acknowledgments are sent to participants. If applicable, rejected trade acknowledgments are also included.

Information is also available from the Trade Blotter.

Deal Entry Process

The following diagram and instructions illustrate the process to access the ClearPort Deal Entry component to enter a single or dual side deal and submit for matching and to CME Group for clearing. To view detailed instructions, refer to the below sections.

• To enter a trade (Deal Entry):

A. Select Deal Entry & Blotter

Prior to entering a deal, ensure the ClearPort Deal Entry and Blotter market component is selected.

1. On the ClearPort Deal Entry & Blotter screen, select the Enter Trade ( deal) icon.

B. Submitter / Trade Type / Strategy

2. (optional) If logged in user has access to multiple trading participants, select the Submitting participant.

3. Select the Trade Type to submit.

• Block: Privately negotiated futures, options or combination transactions that meet certain quantity thresholds executed apart from the public market. Minimum order size requirements vary according to product and order type. Only negotiated with futures, options on futures, and CBOT swap deals (excludes all other basis trades).
• EFP: Exchange for Physical Trade. Privately negotiated and simultaneous exchange of a futures position for a cash position.
• EFR/EOO:
• EFR: Privately negotiated simultaneous exchange of a futures position for a corresponding OTC swap or other OTC instrument.
• EOO: Privately negotiated exchange of an option position for a corresponding OTC instrument or instrument with similar characteristics.
• OPNT: Over the Counter Privately Negotiated Trades.

Reporting options include:

• Previously Reported to Other SDR (if Primary Economic Terms only is selected for Report to CME Group SDR).
• Swap Data Repository is set to Off Facility.
• Primary Economic Terms only.
• Primary Economic Terms / Real-Time Reporting

Report to CME Group SDR (Swap Data Repository).

• SWBLK: Swap Block - A cleared swap trade above the CFTC prescribed Block limits of the Swap Execution Facility (SEF) / Designated Contract Market (DCM).

See also: Trading Services > Trade Types on the CME Group Client Systems wiki

4. Select the Trade Side to submit.

See also:
- Single-Side Trade Submission and Matching Single-Sided Trades on the CME Group Client Systems Wiki.
- Dual-Side Trade Submission on the CME Group Client Systems Wiki.

• Dual-Side: Participant details include Buyer Information (left panel) and Seller Information (right panel).

• Single-Side Buy: Participant details include Account Information Buyer (left panel) and Opposite Information - Single Side (right panel).

• Single-Side Sell:  Participant details include Account Information Seller (right-panel) and Opposite Information - Single Side (left panel).

To enter participant information, see D: Participants.

5. Select a Strategy.

• The default selection is Outright.

• To select another strategy, clear the field (), then select a strategy. The selected strategy will populate the Product panel with product leg(s) including buy/sell side.

Example: A straddle with two buy legs.

See also: For additional information on strategies (e.g. simultaneous buy/sell of related instrument legs), see Spreads and Combinations Available on CME Globex.

6. (if additional legs are added) Enter a strategy price, then select Price Legs.

C: Product Information

Specify the side and search / select a product(s).

7. Select the Buy/Sell side for each product leg,

8. Select a product search by instrument code/name , then enter product details for the outright/strategy leg(s).

Note: An alternate method to add a product to the deal entry field is to search the Product Finder, then drag the selected instrument to the Product Field.
For instructions, see Searching for Products.

Additional information available from the Product Finder include: Contract specs, related options instruments, volume / open-interest, key dates (expiration) in a calendar view, link to market information on cmegroup.com.

Product Details

To view additional product details, select the Product Information tab () Product Code, Long Name, Minimum Quantity Increment, Outright Minimum Price Increment, Outright Minimum Block Threshold, Settlement Price (Date) / Currency, Low Price, and High Price
.

• Pricing Marker:  A selection menu may appear based on the selected product.To ensure market integrity, product prices are subject to price banding, orders outside of a given band are restricted.

• Term - Automatically entered (day, month, year) based on selected instrument / contract specifications; optionally select a different month / year.

Note: For OTC FX Forwards, Term is replaced with a text entry field that requires entry of the contract's Fixing Date.

• Strike: Choose a strike price from the drop-down menu or manually enter a price.

This field is enabled for Options only and shows the strike price for the underlying instrument. Default values (Term and Strike) for Options Spreads vary depending on the product groups involved in the deal. The Term field drop-down is populated with the term of the underlying instrument. The Strike field is blank and the drop-down is populated with currently available or previously listed strike prices.

Before submitting for clearing, review the term, default price, and ensure entered prices are valid.

• Type: Options type: Call or Put.
• Quantity (Units) (required) - Total quantity of units (e.g., contracts/month). Based on contract specifications of the selected product.
• Price: (required)  The price of the outright instrument. Entered for each leg of the strategy.
• Settlement: The date and settlement price is automatically entered after the matched-trade is cleared. If unavailable, the previous day’s settlement price and date will appear.
• UTI: Universal Transaction Identifier - Up to 52 characters.

Note: Multiple entries (separated with a comma) are permitted for side-level allocations; separated with a comma. The number of UTIs must match the number of allocations.
See also - Universal Transaction Identifiers and CME ClearPort Trade Identifiers

Deal Entry Menu:

• To select additional legs, select Add Leg().
  
• Clear all (): Clear all information to enter a new deal.
• Save draft (): Saves entered information to complete later or repeat frequently entered deals.
• Show Trade Drafts (): Select to enter saved information on the deal entry screen.

D: Participants

For the select deal entry mode, specify: Single(see step 9) or Dual (see step 10).

Note: The submitter remains as the principal of the deal (left participant panel). Buyer/Seller updates based on the outright product or first leg of multi-leg deals.

9. Specify Single-Side participant details: Account and Opposite Information to allege the deal to.

a. Account Information:

• Single-Side Buy: Participant details include Account Information Buyer (left-panel) and Opposite Information - Single Side (right panel).

• Single-Side Sell:  Participant details include Account Information Seller (right-panel) and Opposite Information - Single Side (left panel).

• Company: Upon selection a list of frequently used firms appears. Select from the list or enter a portion of the name to view a list of matching firms.
• Account: Trading Account Number. Accounts authorized for the selected Company Name are displayed. Upon selection a list of frequently used accounts appears. Select from the list or enter a portion of the name to view a list of matching accounts.
• Trader: Participant submitting the deal.
• Designated: User submitting the deal on behalf of the principle.
• Order #: Identifies the transaction. Numbers are provided by the Buyer.
• Give-Up:  Indicates if the deal will be given up to a different firm for clearing and processing.
• Aggressor: Indicates if the Buyer is the aggressor in the transaction.

b. Opposite Information: (Right-Side) - Choose Allege To (select one):

Upon selection, additional fields appear.

• i. Opposite Broker Firm or Asset Managerii. Opposite Trading Firm (Counterparty) or ii. Opposite Trading Firm (Counterparty)
• (i.) Broker/Asset Manager or (ii.) TradingCompany: Select from the list or enter a portion of the name to view a list of matching firms.
• (i.) Suggested Counterparty: Optional or (ii.) ClearingCompany: Select from the list of clearing firms associated with the selected firm.
• (i.) Broker/Asset Manager: Optional or (ii.) TraderIndividual: optional identifier for the individual trader to allege to.

• (optional) Notes for Counterparty: Order instructions or other details related to the alleged deal.

10. Specify Dual-Side participant details, Buyer and Seller Information.

Buyer/Seller Information

• Company: Upon selection a list of frequently used firms appears. Select from the list or enter a portion of the name to view a list of matching firms.
• Account: Trading Account Number. Accounts authorized for the selected Company Name are displayed. Upon selection a list of frequently used accounts appears. Select from the list or enter a portion of the name to view a list of matching accounts.
• Trader: Participant submitting the deal.
• Order #: Identifies the transaction. Numbers are provided by the Buyer.
• Give-Up:  Indicates if the deal will be given up to a different firm for clearing and processing.
• Aggressor: Indicates if Buyer is the aggressor in the transaction.

Note: To update available accounts, trader, broker, clearing firm selections, see the Account Management Service account setup instructions.

E: Date &Time > Submit

11. (optional) If this is a Cross Exchange deal, select the checkbox.

(For Block / EFP / EFR-EOO / SWBLK): Marks the deal as a cross exchange give-up/allocation to a firm that trades in non-CME Group exchange product and intends to claim the deal after submission.

12. Confirm the Date / Time; the date and time the deal occurred in 24 hour format.

Defaults to the local system time that this Deal Entry window appeared.

To enter the current time, click Current.

13. After complete deal entry, select Submit.

The Deal Validation screen displays a summary of entered details, status and errors (if applicable) to resolve.

Following submission, details are available in the Trade Blotter.