Request For Cross (RFC) CME Group Agricultural Options. January 2014
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1 Request For Cross (RFC) CME Group Agricultural Options January 2014 January 2014
2 2 Agenda Explanation of Pre-Execution Communications and Request for Cross(RFC) RFC Requirements CME EOS Trader Smart Ticket RFC Matching Relevant Links and Contact Information
3 3 Pre-Execution Communication Pre-execution communications are discussions 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. CME Group allows pre-execution communications for all options traded on CME Globex. Pre-execution communications in CBOT Agricultural options may only take place from 7:00 p.m. to 7:45 a.m. Central Time on each business day. Pre-execution communications are not permitted in CBOT Agricultural futures at any time. Pre-execution communications allow for size, price and direction to be discussed for purposes of executing a Request for Cross (RFC) on CME Globex. Those engaging in pre-execution communications must have permission to do so from their customers. Pre-execution communications are not permitted in any CME or CBOT futures or options executed via open outcry on the trading floor.
4 4 Request for Cross (RFC) The RFC functionality allows a sales desk to enter an options buy order and sell order on one ticket. The RFC process allows pre-execution communications, but requires notification to all market participants prior to submission of the RFC. All market participants are notified of interest in a particular option through a Request for Quote (RFQ). Liquidity providers are able to respond with their best prices.
5 5 RFC Requirements A Request for Quote (RFQ) must be entered before the RFC can be submitted. Subsequent to the RFQ, the trader must wait 15 seconds before submitting the RFC order, which includes both the buy and the sell orders. If an RFC order is not entered within 30 seconds after the RFQ, the RFQ must be resubmitted in other words, the RFC must be submitted between 15 and 30 seconds after the RFQ.
6 6 Accessing RFC Functionality A number of Independent Software Vendors (ISVs), including CME EOS Trader, support RFC functionality. CME EOS Trader provides you with a cost-effective, exchange-supported, user-friendly system for entering all option orders. In addition to RFC functionality, CME EOS Trader allows you to trade outright options and options strategies, including User Defined Spreads (UDS). CME EOS Trader offers a Smart RFC ticket.
7 7 EOS Trader Smart Cross Ticket Ensures observance of the second time window after entry of the required RFQ. Requires an RFQ from the ticket before you can submit the RFC. Submit button is only enabled within the second time period. If more than 30 seconds elapses, the RFQ must be resubmitted.
8 8 Ag RFC Example Using EOS Trader Smart Cross Ticket 1) Cross ticket is opened trader is prompted to send RFQ
9 9 Ag RFC Example Using EOS Trader Smart Cross Ticket 2) After RFQ is sent, Smart Cross Ticket begins count down to the second window
10 10 Ag RFC Example Using EOS Trader Smart Cross Ticket 3) After the mandatory 15-second wait time has been reached, the Execute cross button is enabled and trader is able to submit the RFC If more than 30 seconds elapses, the RFQ must be resubmitted.
11 11 RFC Matching for Agricultural Options If the RFC price improves both the best bid and best offer in the order book or if there is no bid/offer in the order book, 100 percent of the RFC quantity will match at the RFC price immediately upon submission. If the RFC price matches or is outside the best bid or offer in the market: 1. The applicable side of the RFC order will immediately match against the orders in the market at a price better than, or equal to, the RFC price. 2. The remainder of the smaller quantity will then immediately match against the order on the opposite side of the RFC at the RFC price. Any remaining balance will remain working unless cancelled by the RFC initiator.
12 12 RFC for Agricultural Options: Review RFC is currently allowed for all options listed at the CME Group exchanges. An RFQ must be submitted prior to entering the RFC. The RFC can only be submitted between 15 and 30 seconds after the RFQ. CME EOS Trader has built-in logic to ensure that this time window is followed. If the RFC price betters the market, then 100 percent of both orders will be matched. If the RFC price matches or is outside of the best bid or offer, the RFC will first match against orders at that price or better. The remainder will then immediately match in its entirety.
13 13 Resources Visit Request For Cross at which provides additional details on the RFC process, including access to the relevant Market Regulatory Advisory notices. For a list of ISVs that support RFC functionality: For more information on CME EOS Trader: Contacts Products and Services Europe: Jeffry Kuijpers jeffry.kuijpers@cmegroup.com Peter Blogg peter.blogg@cmegroup.com Eric Hasham eric.hasham@cmegroup.com Asia: Nelson Low nelson.low@cmegroup.com Market Regulation Robert Sniegowski robert.sniegowski@cmegroup.com
14 14 Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles. And only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. The Globe Logo, CME, Chicago Mercantile Exchange, and Globex are trademarks of Chicago Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. NYMEX, New York Mercantile Exchange, and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. CME Group is a trademark of CME Group Inc. All other trademarks are the property of their respective owners. The information within this presentation has been compiled by CME Group for general purposes only. CME Group assumes no responsibility for any errors or omissions. Although every attempt has been made to ensure the accuracy of the information within this presentation, CME Group assumes no responsibility for any errors or omissions. Additionally, all examples in this presentation are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT, NYMEX and CME Group rules. Current rules should be consulted in all cases concerning contract specifications.
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