Request For Cross (RFC) CME Group Agricultural Options. January 2014

Size: px
Start display at page:

Download "Request For Cross (RFC) CME Group Agricultural Options. January 2014"

Transcription

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.

User Manual. Enterprise Reporting Portal (EREP) User Manual. October 2010. Global Operations Education

User Manual. Enterprise Reporting Portal (EREP) User Manual. October 2010. Global Operations Education User Manual Enterprise Reporting Portal (EREP) User Manual October 2010 Global Operations Education What is Enterprise Reporting Portal (EREP)? Enterprise Reporting Portal (EREP) is browser-based tool

More information

CME Group/BM&FBOVESPA

CME Group/BM&FBOVESPA 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

More information

Introduction to Metals Futures. Presented by Pete Mulmat and Dan Gramza September 25th, 2014

Introduction to Metals Futures. Presented by Pete Mulmat and Dan Gramza September 25th, 2014 Introduction to Metals Futures Presented by Pete Mulmat and Dan Gramza September 25th, 2014 Disclaimer Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged

More information

Asset Management CUSIP Acceptability Requests CME Enhancements Guide 1/24/14

Asset Management CUSIP Acceptability Requests CME Enhancements Guide 1/24/14 Asset Management CUSIP Acceptability Requests CME Enhancements Guide 1/24/14 Disclaimer Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment,

More information

COMMODITIES. CBOT Soybeans vs. DCE Soybean Meal and Soybean Oil Crush Spread

COMMODITIES. CBOT Soybeans vs. DCE Soybean Meal and Soybean Oil Crush Spread COMMODITIES CBOT vs. DCE and Soybean Oil Spread JULY 2015 CBOT SOYBEANS VS. DCE SOYBEAN MEAL AND SOYBEAN OIL CRUSH SPREAD A key component in the soybean market is what is known as the crush spread. are

More information

Monthly Metals Review

Monthly Metals Review METALS June 214 Monthly Metals Review A Global Trading Summary of Metals Markets» Highlights» Futures» Options How the world advances Monthly Metals Review METALS TRADING HIGHLIGHTS June 214 Highlights:

More information

Swap Rate Curve Strategies with Deliverable Interest Rate Swap Futures

Swap Rate Curve Strategies with Deliverable Interest Rate Swap Futures Swap Rate Curve Strategies with Deliverable Interest Rate Swap By James Boudreault, CFA Research & Product Development Table of Contents I. Introduction II. Swap Curve: Level, Slope, and Shape III. Trading

More information

CME Clearing Firm Contact System (FCS) User Manual. March 2012 Global Operations Education

CME Clearing Firm Contact System (FCS) User Manual. March 2012 Global Operations Education CME Clearing Firm Contact System (FCS) User Manual March 2012 Global Operations Education Introduction to CME Group Firm Contact System CME Group Firm Contact System (FCS) is a contact management tool

More information

CME Margin Services. Security. Neutrality. Transparency. February, 2014

CME Margin Services. Security. Neutrality. Transparency. February, 2014 CME Margin Services Security. Neutrality. Transparency. February, 2014 CME Margin Services Overview Tools for calculating initial margin and optimizing portfolio risk across all CME Group Products Simple

More information

July 22, 2010 Page 1 of 5

July 22, 2010 Page 1 of 5 Page 1 of 5 On November 30, 2009, the Commodity Futures Trading Commission (CFTC) approved Variable Storage Rates (VSR) in CBOT Wheat futures contracts beginning with the July 2010 contract expiration.

More information

Noble DraKoln. metals products Gold Futures vs. Gold ETFs: Understanding the Differences and Opportunities.

Noble DraKoln. metals products Gold Futures vs. Gold ETFs: Understanding the Differences and Opportunities. metals products Gold Futures vs. Gold ETFs: Understanding the Differences and Opportunities. Noble DraKoln Founder of Speculator Academy and author of Winning the Trading Game and Trade Like a Pro cmegroup.com/metals

More information

Introduction to Weather Markets. Charles Piszczor

Introduction to Weather Markets. Charles Piszczor Introduction to Weather Markets Charles Piszczor March 22, 2012 Basic Overview Types of Weather Products Settlement Procedures Margining 2 CME Alternative Investments Weather Hurricane Rainfall, Snowfall

More information

Cleared OTC Credit Default Swaps

Cleared OTC Credit Default Swaps Cleared OTC Credit Default Swaps Changing the CDS Clearing Landscape Q3 2015 Contents Why CME for CDS Clearing? CDS Margin Model & Benefits Cleared OTC CDS Product Scope Client Clearing Reporting & Tools

More information

CME Datamine TM EOD FAQ 8/26/2013

CME Datamine TM EOD FAQ 8/26/2013 CME Datamine TM EOD FAQ 8/26/2013 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

More information

Settlement System User Manual

Settlement System User Manual Settlement System User Manual November 2011 Global Operations Education Overview The Settlement System allows member firms to view Settlement Information by Origin and Settlement Account. There are two

More information

CME Direct 10.3 Enhancements Guide 10/16/15

CME Direct 10.3 Enhancements Guide 10/16/15 10.3 Enhancements Guide 10/16/15 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

More information

U.S. Treasury Futures and Options

U.S. Treasury Futures and Options INTEREST RATES U.S. Treasury Futures and Options PLAY AN IMPORTANT ROLE IN THE RISK MANAGEMENT STRATEGIES OF GLOBAL MARKET PARTICIPANTS. Overview U.S. Treasury futures and options provide a wide variety

More information

FX FUTURES A Sound Alternative to Cash FX.

FX FUTURES A Sound Alternative to Cash FX. FX FUTURES A Sound Alternative to Cash FX. FX FUTURES - A SOUND ALTERNATIVE TO CASH FX With $3.2 trillion traded daily, FX markets represent the largest asset class in the world, but are largely unregulated.

More information

CME Group Equity Quarterly Roll Analyzer

CME Group Equity Quarterly Roll Analyzer CME Group Equity Quarterly Roll Analyzer Guide to getting started How the world advances Each quarter during the roll period, CME Group s Equity Quarterly Roll Analyzer is populated with the current futures

More information

Deliverable Swap Futures. Pricing & Analysis on Bloomberg

Deliverable Swap Futures. Pricing & Analysis on Bloomberg Deliverable Swap Futures Pricing & Analysis on Bloomberg Contract Description (DES) View contract descriptions including () notional coupon rates, () current contract value and () price histories via DES

More information

Creating Forward-Starting Swaps with DSFs

Creating Forward-Starting Swaps with DSFs INTEREST RATES Creating -Starting Swaps with s JULY 23, 2013 John W. Labuszewski Managing Director Research & Product Development 312-466-7469 jlab@cmegroup.com CME Group introduced its Deliverable Swap

More information

CME FX FUTURES. A Sound Alternative to Cash FX.

CME FX FUTURES. A Sound Alternative to Cash FX. CME FX FUTURES A Sound Alternative to Cash FX. CME FX FUTURES A SOUND ALTERNATIVE TO CASH FX With $4.0 trillion traded daily, FX markets represent the largest asset class in the world. CME Group offers

More information

Options on Futures: The Exercise and Assignment Process

Options on Futures: The Exercise and Assignment Process Total Firm A Firm Y Firm Z Initial Short 50,000 20,000 10,000 20,000 Options on Futures: The Exercise and Assignment Process Short Assignments to Short A 1,000 244 97 659 B 2,000 1,240 736 24 C 500 132

More information

Trade, Hedge & be ahead of the Precious Metals Markets with Gold & Silver Futures. Why it makes sense?

Trade, Hedge & be ahead of the Precious Metals Markets with Gold & Silver Futures. Why it makes sense? GOLD & PRECIOUS METALS PRICE OUTLOOK SYMPOSIUM 2015 Trade, Hedge & be ahead of the Precious Metals Markets with Gold & Silver Futures. Why it makes sense? HARRIET HUNNABLE JUNE 2015 CME Group exchanges

More information

Observing the Changing Relationship Between Natural Gas Prices and Power Prices

Observing the Changing Relationship Between Natural Gas Prices and Power Prices Observing the Changing Relationship Between Natural Gas Prices and Power Prices The research views expressed herein are those of the author and do not necessarily represent the views of the CME Group or

More information

Hedging Borrowing Costs with Eurodollar Futures

Hedging Borrowing Costs with Eurodollar Futures Hedging Borrowing Costs with Eurodollar Futures DTN/The Progressive Farmer 2010 Ag Summit December 9, 2010 James Boudreault, CFA Financial Research & Product Development CME Group Agenda 1. Introduction

More information

Introduction of CME Group and Proposed Launch of Physical North American Aluminum Contract. January 13, 2014

Introduction of CME Group and Proposed Launch of Physical North American Aluminum Contract. January 13, 2014 Introduction of CME Group and Proposed Launch of Physical North American Aluminum Contract January 13, 2014 Disclaimer Futures trading is not suitable for all investors, and involves the risk of loss.

More information

January 2015. Monthly FX Review. A Global Trading Summary of FX Futures and Options Highlights Trends Outlook. h l i g h t s F u t u r e s

January 2015. Monthly FX Review. A Global Trading Summary of FX Futures and Options Highlights Trends Outlook. h l i g h t s F u t u r e s h l i g h t s F u t u r e s January 2015 Monthly FX Review A Global Trading Summary of FX Futures and Options Highlights Trends Outlook HIGHLIGHTS & MILESTONES FX Review January 2015 CME FX Futures Volume

More information

August 2011. 1 AlphaMetrix Alternative Investment Advisors is a Chicago-based hedge fund service firm

August 2011. 1 AlphaMetrix Alternative Investment Advisors is a Chicago-based hedge fund service firm The commodities asset class has become a standard component of diversified financial portfolios. The potential benefits of commodities in a portfolio include low correlations with equities and bonds, expected

More information

Monthly Energy Review

Monthly Energy Review ENERGY March 215 Monthly Energy Review A Global Trading Summary of Energy Markets Highlights Futures Options How the world advances Monthly Energy Review ENERGY TRADING HIGHLIGHTS March 215 Average daily

More information

Monthly Energy Review

Monthly Energy Review ENERGY July 215 Monthly Energy Review A Global Trading Summary of Energy Markets Highlights Futures Options How the world advances Monthly Energy Review ENERGY TRADING HIGHLIGHTS July 215 Average daily

More information

SMART Click User Manual 9/18/2015

SMART Click User Manual 9/18/2015 User Manual 9/18/2015 Disclaimer 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

More information

CME Global Trade Repository Services. January 2016

CME Global Trade Repository Services. January 2016 CME Global Trade Repository Services January 2016 Contents CME Global Trade Repository Services Overview Page 4 Key Regulatory Differences Page 6 Connectivity Page 7 CME Translation Services Page 8 CME

More information

How To Understand The Cme Group

How To Understand The Cme Group The Evolution of the CME Group Electricity Complex Bradford G. Leach Director, Energy Research and Product Development CME Group Harvard Electricity Policy Group Sixty-Sixth Plenary Session March 9, 2012

More information

C. A LOX Order must be executed via open outcry pursuant to the requirements of this Rule.

C. A LOX Order must be executed via open outcry pursuant to the requirements of this Rule. MARKET REGULATION ADVISORY NOTICE Exchange CME Subject Large Order Execution Transactions ( LOX Orders ) Rule References Rule 549 Advisory Date Advisory Number CME RA1601-2 Effective Date February 29,

More information

Comparing E-minis and ETFs

Comparing E-minis and ETFs STOCK INDEXES Comparing E-minis and ETFs SEPTEMBER 15, 2012 John W. Labuszewski Managing Director Research & Product Development 312-466-7469 jlab@cmegroup.com CME Group E-mini stock index futures and

More information

July 2010. Chart 1: World Edible Oil Production

July 2010. Chart 1: World Edible Oil Production Agricultural Products An Overview of the Edible Oil Markets: Crude Palm Oil vs Soybean Oil July 2010 Edible vegetable oils are some of the most crucial cooking ingredients in the world. In addition, edible

More information

Carbon Market Development and Oversight. June 26, 2009 De Ana Dow, Managing Director, CME Group

Carbon Market Development and Oversight. June 26, 2009 De Ana Dow, Managing Director, CME Group Carbon Market Development and Oversight June 26, 2009 De Ana Dow, Managing Director, CME Group Contents I. CME Group and the Green Exchange Initiative II. Fundamentals of a Successful Carbon Market III.

More information

Energy Products. The energy Marketplace.

Energy Products. The energy Marketplace. Energy Products The energy Marketplace. In a world of increasing volatility, customers around the globe rely on CME Group as their premier source for managing risk across all major asset classes offering

More information

MARKET REGULATION ADVISORY NOTICE

MARKET REGULATION ADVISORY NOTICE MARKET REGULATION ADVISORY NOTICE Exchange CME, CBOT, NYMEX, COMEX & KCBT Subject Wash Trades Prohibited Rule References Rule 534 Advisory Date Advisory Number CME Group RA1308-5 This Advisory Notice regarding

More information

FIXML Settlement Price File Credit Default Swaps (CDS) Message Samples. Version: 1.2 6/14/13

FIXML Settlement Price File Credit Default Swaps (CDS) Message Samples. Version: 1.2 6/14/13 FIXML Settlement Price File Credit Default Swaps (CDS) Message Samples Version: 1.2 6/14/13 Futures trading is not suitable for all investors, and involves the risk of loss. Futures are a leveraged investment,

More information

Your Guide to Getting Started

Your Guide to Getting Started CREDIT DEFAULT SWAPS Your Guide to Getting Started Clearing OTC Credit Default Swaps Overview This easy-to-follow guide clearly outlines everything you need to start clearing OTC Credit Default Swaps (CDS)

More information

MARKET REGULATION ADVISORY NOTICE

MARKET REGULATION ADVISORY NOTICE MARKET REGULATION ADVISORY NOTICE Exchange Subject Rule References Rule 536 Advisory Date Advisory Number CME, CBOT, NYMEX & COMEX Documentation of Customer Orders and Submission of Suspense Accounts on

More information

Monthly Stock Index Review

Monthly Stock Index Review EQUITY INDEX MAY 2014 Monthly Stock Index Review A Global Trading Summary of Stock Index Futures and Options» Highlights» Stats At-a-Glance» ADVs» 20-Day Historical Volatilities» Index Sector Weightings»

More information

Hedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar

Hedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar Hedging Foreign Exchange Rate Risk with CME FX Futures Canadian Dollar vs. U.S. Dollar CME FX futures provide agricultural producers with the liquid, efficient tools to hedge against exchange rate risk

More information

CME Hurricane Index Binary Options

CME Hurricane Index Binary Options Weather Products CME Hurricane Index Binary Options Overview Binary Hurricane options are the newest additions to the family of CME Hurricane Index futures and options products. They are similar in many

More information

Sector Rotation Strategies

Sector Rotation Strategies EQUITY INDEXES Sector Rotation Strategies APRIL 16, 2014 Financial Research & Product Development CME Group E-mini S&P Select Sector Stock Index futures (Select Sector futures) provide investors with a

More information

metals products Options Strategy Guide for Metals Products

metals products Options Strategy Guide for Metals Products metals products Options Guide for Metals Products As the world s largest and most diverse derivatives marketplace, CME Group is where the world comes to manage risk. CME Group exchanges CME, CBOT, NYMEX

More information

Quarterly Interest Rate Review

Quarterly Interest Rate Review INTEREST RATES Second Quarter 2015 Quarterly Interest Rate Review A Global Trading Summary of Interest Rate Futures, Options and OTC Products»» Highlights»» Quarterly Outlook»» Product Overview How the

More information

CME Foreign Exchange Products CME FX Futures:

CME Foreign Exchange Products CME FX Futures: CME Foreign Exchange Products CME FX Futures: Maximizing the Opportunity for Individual Investors CME E-quivalents FX futures displayed in spot equivalent prices free, real-time and online Features include:»

More information

Summary of Requirements for CME, CBOT, NYMEX and COMEX Clearing Membership And OTC Derivatives Clearing Membership. January 2016

Summary of Requirements for CME, CBOT, NYMEX and COMEX Clearing Membership And OTC Derivatives Clearing Membership. January 2016 Summary of Requirements for CME, CBOT, NYMEX and COMEX Clearing Membership And OTC Derivatives Clearing Membership CME Clearing ( Clearing House ) is the clearing house division of Chicago Mercantile Exchange

More information

Illinois Basin Coal Futures

Illinois Basin Coal Futures Illinois Basin Coal Futures Trade North America s Fastest Growing Production Basin Customize Coal Deliveries with EFPs December 2, 2014 CME GROUP Disclaimer Futures trading is not suitable for all investors,

More information

Uniform Futures and Options on Futures Disclosures

Uniform Futures and Options on Futures Disclosures Uniform Futures and Options on Futures Disclosures TD Ameritrade Futures & Forex LLC 600 W. Chicago Ave. Suite 100 Chicago, IL 60654-2597 Phone: 773-435-3210 Fax: 773-435-3232 CROSS TRADE CONSENT TD Ameritrade

More information

Derivatives Market Landscape

Derivatives Market Landscape Derivatives Market Landscape Spring 2014 MAY 23, 2013 Lori Aldinger Manager Research & Product Development 312-930-2337 lori.aldinger@cmegroup.com John W. Labuszewski Managing Director Research & Product

More information

CME Globex. The world s leading electronic trading platform

CME Globex. The world s leading electronic trading platform CME Globex The world s leading electronic trading platform Global Leadership in the Financial Marketplace CME Group is an entity formed by the merger of CME and CBOT. We bring more than 250 years of expertise

More information

PFL Symposium: CME Group. Alex Siff Bryanne Matthews

PFL Symposium: CME Group. Alex Siff Bryanne Matthews PFL Symposium: CME Group Alex Siff Bryanne Matthews October 15, 2009 Three Legacies, One Future Chicago Mercantile Exchange, Inc. ( CME ) Board of Trade of the City of Chicago ( CBOT ) New York Mercantile

More information

Comparing E-minis and ETFs. John W. Labuszewski, Research and Product Development Brett Vietmeier, Equity Products April 2009

Comparing E-minis and ETFs. John W. Labuszewski, Research and Product Development Brett Vietmeier, Equity Products April 2009 RESEARCH AND product DEVELOPMENT Comparing E-minis and ETFs John W. Labuszewski, Research and Product Development Brett Vietmeier, Equity Products April 2009 13,000 cmegroup.com 12,000 10,000 9,000 8,000

More information

DEFINITIONS. ACT OR CEA The term "Act" or CEA shall mean the Commodity Exchange Act, as amended from time to time.

DEFINITIONS. ACT OR CEA The term Act or CEA shall mean the Commodity Exchange Act, as amended from time to time. DEFINITIONS ACT OR CEA The term "Act" or CEA shall mean the Commodity Exchange Act, as amended from time to time. BLOCK TRADE A privately negotiated futures, option on futures or swaps transaction that

More information

Research and product development. Duration Adjustment

Research and product development. Duration Adjustment Research and product development A Simple Treasury Duration Adjustment cmegroup.com The specter of rising interest rates can give nightmares to managers of fixed-income portfolios. The soothing balm in

More information

SAVI TRADING 2 KEY TERMS AND TYPES OF ORDERS. SaviTrading LLP 2013

SAVI TRADING 2 KEY TERMS AND TYPES OF ORDERS. SaviTrading LLP 2013 SAVI TRADING 2 KEY TERMS AND TYPES OF ORDERS 1 SaviTrading LLP 2013 2.1.1 Key terms and definitions We will now explain and define the key terms that you are likely come across during your trading careerbefore

More information

for trading options on CME Group futures

for trading options on CME Group futures 25 for trading options on CME Group futures WORLD OF OPTIONS ON SINGLE POWERFUL PLTFORM. With nearly 3 billion contracts worth approximately $1 quadrillion in notional value traded in 2012, CME Group

More information

a. CME Has Conducted an Initial Review of Detailed Trading Records

a. CME Has Conducted an Initial Review of Detailed Trading Records TESTIMONY OF TERRENCE A. DUFFY EXECUTIVE CHAIRMAN CME GROUP INC. BEFORE THE Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the HOUSE COMMITTEE ON FINANCIAL SERVICES

More information

Agricultural Commodity Metric Conversion Guide

Agricultural Commodity Metric Conversion Guide Agricultural Products Agricultural Commodity Metric Conversion Guide As the world s leading and most diverse derivatives marketplace, CME Group (cmegroup.com) is where the world comes to manage risk. CME

More information

Comparing E-minis and ETFs

Comparing E-minis and ETFs RESEARCH AND product DEVELOPMENT Comparing E-minis and ETFs John W. Labuszewski, Research and Product Development Brett Vietmeier, Equity Products April 2009 13,000 cmegroup.com 12,000 1 10,000 9,000 8,000

More information

An Introduction to. CME Foreign Exchange Products

An Introduction to. CME Foreign Exchange Products An Introduction to CME Foreign Exchange Products What Are Futures and Options? Futures contracts are standardized, legally binding agreements to buy or sell a specific product or financial instrument in

More information

Eris Interest Rate Swap Futures: Flex Contract Specifications

Eris Interest Rate Swap Futures: Flex Contract Specifications Eris Interest Rate Swap Futures: Flex Contract Specifications Trading Hours Contract Structure Contract Size Trading Conventions Swap Futures Leg Conventions Effective Date Cash Flow Alignment Date ( CFAD

More information

Chapter 261A Options on Euro/U.S. Dollar (EUR/USD) Futures

Chapter 261A Options on Euro/U.S. Dollar (EUR/USD) Futures 261A00. SCOPE OF CHAPTER Chapter 261A Options on Euro/U.S. Dollar (EUR/USD) Futures This chapter is limited in application to options on Euro/U.S. dollar futures. In addition to this chapter, options on

More information

COMEX ON CME GLOBEX GOLD SILVER COPPER ALUMINUM PLATINUM PALLADIUM ZINC

COMEX ON CME GLOBEX GOLD SILVER COPPER ALUMINUM PLATINUM PALLADIUM ZINC COMEX ON CME GLOBEX GOLD SILVER COPPER ALUMINUM PLATINUM PALLADIUM ZINC COMEX ON CME GLOBEX A major expansion of the precious and base metals futures markets on the New York Mercantile Exchange, Inc. makes

More information

CBOT Financial and Deliveries NYMEX User Manual. May 2012 Global Operations Education

CBOT Financial and Deliveries NYMEX User Manual. May 2012 Global Operations Education CBOT Financial and Deliveries NYMEX User Manual May 2012 Global Operations Education Table of Contents Introduction... 3 Navigating the Application... 5 Add/Update Bank Instruction... 5 Holding List...

More information

The New Environment and Financial Risk Management

The New Environment and Financial Risk Management Interest Rate products The New Environment and Financial Risk Management Interest Rate Futures for the Corporate Treasurer By Marcus Katz, Director, Interest Rate Products and Services cmegroup.com This

More information

DIVISION OF MARKET OVERSIGHT

DIVISION OF MARKET OVERSIGHT DIVISION OF MARKET OVERSIGHT Advisory for Futures Commission Merchants, Introducing Brokers, and Members of a Contract Market over Compliance with Recordkeeping Requirements I. Introduction and Background

More information

ERIS SWAP FUTURES TRADING EFFICIENCY CAPITAL SAVINGS REGULATORY CERTAINTY

ERIS SWAP FUTURES TRADING EFFICIENCY CAPITAL SAVINGS REGULATORY CERTAINTY ERIS SWAP FUTURES TRADING EFFICIENCY CAPITAL SAVINGS REGULATORY CERTAINTY 07272016 Global Benchmark Alternative to OTC Geographical and Asset Class Expansion Exchange and Clearing House Partners Interest

More information

Trade Energy with Confidence. Crude Oil, Natural Gas, Heating Oil and Gasoline Futures and Options

Trade Energy with Confidence. Crude Oil, Natural Gas, Heating Oil and Gasoline Futures and Options Trade Energy with Confidence Crude Oil, Natural Gas, Heating Oil and Gasoline Futures and Options Contract Specifications The World s energy Marketplace As the world s largest and most diverse derivatives

More information

ICE Futures uses the ICE trading platform which offers a variety of risk mitigation tools:

ICE Futures uses the ICE trading platform which offers a variety of risk mitigation tools: Profile of Exchange and FCM Risk Management Practices For Direct Access Customers As of December 3, 2007 Background The term direct market access is frequently used to describe a customer accessing a market

More information

Introduction to Futures Markets

Introduction to Futures Markets Agricultural Commodity Marketing: Futures, Options, Insurance Introduction to Futures Markets By: Dillon M. Feuz Utah State University Funding and Support Provided by: Fact Sheets Definition of Marketing

More information

Commodities Case Study

Commodities Case Study Commodities Case Study MANAGING AUSTRALIAN WHEAT PRICE RISK WITH KC HRW WHEAT OPTIONS MAY 27, 2014 ASIA RESEARCH TEAM CME GROUP IN COLLABORATION WITH: DR JOHN WILLIAMS, EXECUTIVE DIRECTOR AUSTRALIAN COMMODITY

More information

OPEN OUTCRY AND ELECTRONIC FINANCIAL TRADING SYSTEMS (A Comparison Study)

OPEN OUTCRY AND ELECTRONIC FINANCIAL TRADING SYSTEMS (A Comparison Study) OPEN OUTCRY AND ELECTRONIC FINANCIAL TRADING SYSTEMS (A Comparison Study) Wheny Khristianto Dosen Jurusan Administrasi Bisnis-FISIP, Universitas Lampung Abstract The impact of the Internet in the financial

More information

New Trader Incentive Program Application

New Trader Incentive Program Application A Overview In order to participate in the New Trader Incentive Program ( NTIP ), an entity and its trader must: (i) comply with the requirements of the NTIP set forth in this document and in any other

More information

FEE SCHEDULE & TIER DISCOUNTS

FEE SCHEDULE & TIER DISCOUNTS International Cross Asset Volume Incentive Program (IVIP) Questions & Answers January 2015 1. What is the International Cross Asset Volume Incentive Program (IVIP)? IVIP enables trading arcades located

More information

Introduction to Eris Exchange Interest Rate Swap Futures

Introduction to Eris Exchange Interest Rate Swap Futures Introduction to Eris Exchange Interest Rate Swap Futures Overview Eris Exchange interest rate swap futures ( Eris contracts ) have been designed to replicate the net cash flows associated with plain-vanilla,

More information

RULE ENFORCEMENT REVIEW OF THE NEW YORK MERCANTILE EXCHANGE AND THE COMMODITY EXCHANGE

RULE ENFORCEMENT REVIEW OF THE NEW YORK MERCANTILE EXCHANGE AND THE COMMODITY EXCHANGE RULE ENFORCEMENT REVIEW OF THE NEW YORK MERCANTILE EXCHANGE AND THE COMMODITY EXCHANGE Division of Market Oversight August 30, 2011 I. EXECUTIVE SUMMARY...- 1 - II. SUMMARY OF FINDINGS AND RECOMMENDATIONS...-

More information

Brokerage Payment System (BPS) User Manual

Brokerage Payment System (BPS) User Manual Brokerage Payment System (BPS) User Manual December 2011 Global Operations Education 1 Table of Contents 1.0 ACCESSING BPS...5 2.0 LOGGING INTO BPS...6 3.0 BPS HOME PAGE...7 4.0 FIRMS...8 5.0 BROKERS...10

More information

Natural Gas. Fact sheet. Introduction. Natural gas Trading

Natural Gas. Fact sheet. Introduction. Natural gas Trading Natural Gas Fact sheet Introduction Natural gas Trading Natural gas accounts for almost a quarter of United States energy consumption, and the NYMEX Division natural gas futures contract is widely used

More information

FINANCIALLY SETTLED, AGRICULTURAL INDEXES

FINANCIALLY SETTLED, AGRICULTURAL INDEXES FINANCIALLY SETTLED, AGRICULTURAL INDEXES N ow there s a new way to trade and manage price risk for MGEX agricultural index futures and options. From pricing advantages in options, to the ability to hedge

More information

Best Execution of equity securities

Best Execution of equity securities Best Execution of equity securities When you place an order to buy or sell an equity security, we seek to obtain the most favorable terms reasonably available at the time of the execution. This is known

More information

CME Group 2012 Commodities Trading Challenge. Competition Rules and Procedures

CME Group 2012 Commodities Trading Challenge. Competition Rules and Procedures Competition Rules and Procedures CME Group with assistance from CQG and the University of Houston, is sponsoring a commodities trading competition among colleges and universities. Students will compete

More information

MARKET REGULATION ADVISORY NOTICE

MARKET REGULATION ADVISORY NOTICE MARKET REGULATION ADVISORY NOTICE Exchange Subject Rule References Rule 538 Advisory Date Advisory Number CME, CBOT, NYMEX & COMEX Exchange for Related Positions CME Group RA1311-5RR Revised Effective

More information

CME COMMODITY PRODUCTS. An Overview of CME Commodity Futures for Hedgers

CME COMMODITY PRODUCTS. An Overview of CME Commodity Futures for Hedgers CME COMMODITY PRODUCTS An Overview of CME Commodity Futures for Hedgers Global Leadership in the Financial Marketplace CME is the largest and most diverse financial exchange in the world for trading futures

More information

FEE POLICY BULLETIN. TO: Chief Financial Officers #09-01 Chief Compliance Officers Corporate Members New Firm Approval Contacts Firm EFS Contacts

FEE POLICY BULLETIN. TO: Chief Financial Officers #09-01 Chief Compliance Officers Corporate Members New Firm Approval Contacts Firm EFS Contacts Memorandum FEE POLICY BULLETIN TO: Chief Financial Officers #09-01 Chief Compliance Officers Corporate Members New Firm Approval Contacts Firm EFS Contacts FROM: Audit Department, Clearing House Division

More information

ALFA FINANCIAL L.L.C. Licensed and Regulated by the Central Bank of the U.A.E.

ALFA FINANCIAL L.L.C. Licensed and Regulated by the Central Bank of the U.A.E. ALFA FINANCIAL L.L.C Licensed and Regulated by the Central Bank of the U.A.E. Making a world of trading opportunities accessible to you ALFA Financial L.L.C was set up to give portfolio, how to control

More information

CME Group Exchanges and Their Functionality

CME Group Exchanges and Their Functionality TESTIMONY OF TERRENCE A. DUFFY EXECUTIVE CHAIRMAN CME GROUP INC. BEFORE THE Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises of the HOUSE COMMITTEE ON FINANCIAL SERVICES

More information

Futures Contract Introduction

Futures Contract Introduction Futures Contract Introduction 1 The first futures exchange market was the Dojima Rice exchange in Japan in the 1730s, to meet the needs of samurai who being paid in rice and after a series of bad harvests

More information

An Introduction to trading CitiFirst Commodity MINIs OPPORTUNITY. www.citifirst.com.au/minis

An Introduction to trading CitiFirst Commodity MINIs OPPORTUNITY. www.citifirst.com.au/minis OPPORTUNITY www.citifirst.com.au/minis MINIS INSTALMENTS SELF FUNDING INSTALMENTS TURBOS TRADING WARRANTS An Introduction to trading CitiFirst Commodity MINIs For more information and to subscribe to our

More information

Grain and Oilseed Futures and Options

Grain and Oilseed Futures and Options commodity products Grain and Oilseed Futures and Options The global benchmark products you already trade. Now with the power of CME Group. Overview Grains and Oilseeds are renewable resources with continuously

More information

1. Section 747 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of

1. Section 747 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of Case: 1:15-cv-09196 Document#: 1 Filed: 10/19/15 Page 1 of 36 PageiD #:1 UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS, EASTERN DIVISION U.S. COMMODITY FUTURES TRADING COMMISSION,

More information

Note on New Products in F&O Segment. 2. Options Contracts with Longer Life/Tenure. 6. Exchange-traded Currency (Foreign Exchange) F&O Contracts

Note on New Products in F&O Segment. 2. Options Contracts with Longer Life/Tenure. 6. Exchange-traded Currency (Foreign Exchange) F&O Contracts Note on New Products in F&O Segment Contents 1. Mini Contracts in Equity Indices 2. Options Contracts with Longer Life/Tenure 3. Volatility Index and F&O Contracts 4. Options on Futures 5. Bond Index and

More information

CME Group Equity FLEX Options

CME Group Equity FLEX Options CME Group Equity FLEX Options American- and European-style flexible options enhancements are available on certain CME Group equity contracts. This document outlines contract specs, trading parameters and

More information

Master Class Session Hedging Bullion Price Exposure using Options

Master Class Session Hedging Bullion Price Exposure using Options Master Class Session Hedging Bullion Price Exposure using Options 9th India International Gold Convention Hyderabad, India August 24, 2012 Anindya A. Boral Director Metals Products About CME Group World

More information

A GUIDE TO THE STRUCTURE, MARKET TERMINOLOGY AND ORDER EXECUTION OF THE LONDON METAL EXCHANGE

A GUIDE TO THE STRUCTURE, MARKET TERMINOLOGY AND ORDER EXECUTION OF THE LONDON METAL EXCHANGE Revised 22 September 2014 A GUIDE TO THE STRUCTURE, MARKET TERMINOLOGY AND ORDER EXECUTION OF THE LONDON METAL EXCHANGE INTRODUCTION AND PURPOSE 1. This document is designed to provide customers of the

More information

The foreign exchange market is global, and it is conducted over-the-counter (OTC)

The foreign exchange market is global, and it is conducted over-the-counter (OTC) FOREIGN EXCHANGE BASICS TERMS USED IN FOREX TRADING: The foreign exchange market is global, and it is conducted over-the-counter (OTC) through the use of electronic trading platforms, or by telephone through

More information