Dairy Futures Pre-Execution Contact Directory

What are Pre-Execution Communications?

Pre-execution communications are communications between market participants for the purpose of discerning interest in the execution of a transaction prior to the exposure of the order to the market.

Any communication that involves discussion of the size, side of market or price of an order, or a potentially forthcoming order constitutes a pre-execution communication.

Transactions that result from pre-execution communications must be entered into the competitive venue CME Globex following specific steps based on the product that they are executed in. For a list of the required steps:

View the Market Regulation Advisory Notice.

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Key Points

Allows market participants to execute trades when market liquidity is not evident
Find a counter-party to take the opposite side of a large trade
Pre-ex discussions can be used for executing both individual months as well as strips.
Interested parties are contacted to determine interest in taking the opposite side of a trade and given information on the price, volume, or direction.
If a counter-party is identified for a futures trade, the party that initiated the communication enters the futures trade into Globex. After 5 seconds, the counter-party can enter their side of the trade.
Pre-execution rules for options are different. Please reference the Market Regulation Advisory Notice for more details.

Pre-Execution Contacts

Firms that have agreed to accept calls or emails related to pre-execution futures communications in the markets indicated:

Firm Name	Firm Type	Contact	Class III Milk	Cheese	Dry Whey	Class IV Milk	Butter	Nonfat Dry Milk
Atten Babler Commodities LLC	Broker	Will Babler +1 815 777 1129	x	x	x	x	x	x
Blimling	Broker	Theresa Rutz +1 608 249 5030	x	x	x	x	x	x
Commodity Risk Management Group	Broker	Mike North +1 608 960 4771	x	x	x	x	x	x
DairyVisor Inc.	Broker	Joe Spader +320 634 3771	x	x	x	x	x	x
Fonterra Co-operative Group Limited	Commercial	Conor Steffey +64 21 024 67417	x	x	x	x	x	x
HighGround Trading LLC	Broker	Eric Meyer +1 312 604 3080	x	x	x	x	x	x
INTL FCStone	Broker	Rob Chesler +1 312 456 3637	x	x	x	x	x	x
Rice Dairy	Broker	Brian Rice +1 312 492 4200	x	x	x	x	x	x
Allston Trading	Liquidity Provider	Jake Rassner +1 312 663 8850	x	x
CSC Arbitrage Group	Liquidity Provider	Sam Johnson +1 612 330 9113	x	x	x	x	x	x
Gressel Produce	Liquidity Provider	Art Gressel +1 512 358 6224	x	x	x	x	x	x
Maize Capital Group LLC	Liquidity Provider	Michael Sklut +1 248 756 3150	x	x	x	x	x	x
Wolverine Trading	Liquidity Provider	Jeff Feldman +1 312 884 3777	x	x
Agri-Dairy Products, Inc	Commercial	Frank Reeves Jr. +1 914 697 9580	x	x	x	x	x	x
Dairy Products Inc.	Commercial	Dan Trewin +1 877 464 6455	x	x	x	x	x	x
Darigold, Inc.	Commercial	David Dines +1 206 286 6713	x	x	x	x	x	x
Gavilon	Commercial	Mike Reynolds +1 402 889 4457	x	x	x	x	x	x
Hoogwegt US	Commercial	Josh White +1 847 573 4912	x	x	x	x	x	x
Louis Dreyfus Commodities	Commercial	Marcus Angwin +1 901 383 5151	x	x	x	x	x	x
Olam Americas Inc.	Commercial	Karteek S.Tirumalasetti +312 493 9959	x	x	x	x	x	x
TC Jacoby	Commercial	Dennis Downing +1 314 822 5961	x	x	x	x	x	x
Wells Fargo	Bank	Ryan Moffett +1 832 941 4271	x	x	x	x	x	x

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