Market Regulation Advisory Notices View All MRANs. News View All News. Jobs View All Jobs. Open Markets Visit Open Markets. CME Group transformed global finance when it introduced the world's first financial futures — FX futures — in Today, CME Group is the largest market options FX futures in the world. The FX contracts listed at CME Group go through a imm delivery process four times a year on the third Wednesday of March, June, September imm December, with the exception of the Mexican peso and the South African rand, which are traded on all twelve calendar months. The Brazilian real also is traded on all twelve calendar months but is not physically delivered — it is cash-settled. The Russian ruble is also cash-settled, but currently is traded on only four calendar months March, June, September and December. While only a small portion of all CME Group FX futures contracts actually result in physical delivery, an efficient and reliable imm system is essential to the contracts' fair pricing. The last day of trading for all FX futures — with three exceptions — is the second business day immediately preceding the third Wednesday of the contract month. For Canadian dollars, futures trading shall terminate on the business day immediately preceding the third Wednesday of the contract month. Brazilian real futures terminate trading at 2: Chicago time on the last business day of the month for the Central Bank of Brazil immediately preceding the contract month. Close of trading for contracts on the Russian ruble is Moscow time on the 15th day of the month, or if not a business day, on the next business day for the Moscow interbank foreign exchange market. The value date for all FX futures shall be on the third Wednesday of the contract month. If that day is not a business day in imm country of delivery or is a bank holiday in either Chicago or New York City, then delivery shall be made on the next day which is a business day in the country of delivery and is not a bank holiday in Chicago or New York. Following is a brief description of the CME Group FX futures delivery process that explains the roles of CME Clearing and market participants, the duties and obligations of CME Group FX futures buyers options sellers, and the process of delivery. CME Clearing recognizes its clearing members as the parties to a trade, whether those clearing members are acting options themselves, the accounts of other members, or their customers. When a trade takes place between two clearing members, it is executed through the Exchange's facilities. The Clearing House becomes the buyer to every seller and the seller to every buyer, with a clearing member assuming the opposite side of the transaction. In this way, CME Clearing drastically reduces counterparty risk. In FX futures trading, the completion of the currency delivery process depends upon the establishment by CME Clearing of banking facilities in both the United States and the indigenous country for each traded currency. The Exchange contracts an Agent Bank to act on its behalf and establishes two accounts with the Agent Bank, a U. For most currencies, CME Clearing requires that the long position holder i. This is the same account from which the short i. Likewise, the transfer of the foreign currency occurs in the indigenous country. The short's delivering bank transfers the currency to the IMM imm account in that country and the currency is then options from that account into the long's account at its bank of choice. The buyer must arrange with a bank to deliver U. The exact dollar amount is determined by the contracts' final settlement price. The buyer must arrange with a bank in the currency's country of origin to receive the currency on the contract value date. The long position holder must inform his Clearing Firm of the bank and the account details necessary to send the currency to the account. Chicago time, clearing firms submit to the Clearing House an inventory of deliverable positions. They must include their potential Order-to-Pay bank if necessary. Chicago time, clearing firms acting on behalf of their customers submit a Buyer's Delivery Commitment form for each customer. This form details the number of contracts that the clearing firm will accept delivery of the Payment bank from which U. Chicago time, the buyer must either transfer dollars to the Agent Bank associated with that currency or have his bank issue an "Order-to-Pay" to the Agent Bank. The Order-to-Pay must take the form of a promise to pay in "same day" funds by The Clearing House submits information to the agent banks via the Society for Worldwide Interbank Financial Telecom-munications S. CME Clearing then transmits options information to their subsidiary or their agent bank in the currency's country of origin to arrange the transfer to the buyer's account on the options date. Chicago time, all Orders-to-Pay must be fulfilled by the transfer of "same day" funds into the IMM delivery account at the appropriate Agent Bank, if necessary. The IMM delivery bank in the country of issue transfers the contracted currency to all options. This occurs whether or not all shorts have delivered the contracted currency to the IMM account. The options must arrange with a delivery bank to deliver the contracted currency in its country of issue at the appropriate Agent Bank. The seller also must arrange with a bank to receive dollars in the U. The position holder must inform his or her clearing member of the bank and account number details necessary to send dollars to his options her account. Chicago time, clearing firms acting on behalf of their customers imm a Seller's Delivery Commitment form for each customer. This form may be submitted or entered imm CLEARING This form details the number of contracts to be delivered, the bank imm which foreign imm will be arriving foreign remittance bankand the account names, account numbers and banks to which to send the U. Seller notifies his or her delivery bank of the amount of currency to be delivered on the value date to the Options delivery account in the country of issue or have his bank issue an Order-to-Pay to the Agent Bank if required by The Clearing House. The Order-to-Pay, if necessary, must take imm form of a promise to pay in "same day" funds by The Clearing House submits information to the Agent Banks via S. CME Clearing then transmits this information to their subsidiary or their agent in the indigenous country of origin, notifying it of the amount and source of deposit to be expected on the value date. CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets DCMs. Toll Free US Only: Trading All Products Home. Agricultural Energy Equity Index FX Interest Rates Metals Options OTC Weather Real Estate. CME Globex CME Direct CME ClearPort Straight Through Processing STP Global Repository Services Co-Location Services CME Pivot. Investigations Data Investigations Market Surveillance Enforcement Regulatory Outreach Advisory Notices Subscription Center. Rulebooks Rule Filings Disciplinary Notices Arbitration Position Limits Registrar's Advisories. Delayed Quotes Block Trades. MDP Streaming Access our market data directly via our Market Data Platform E-Quotes Offering charting, analytics, real-time quotes and news on our products Options Historical Comprehensive historical price information available on select CME Group contracts. All Education Materials Alternative Investment Resources. Corporate Overview Global Contacts Partner Exchanges Center for Innovation Corporate Citizenship Careers Investor Relations Media Room. Login CME Customer Center CME Direct Subscription Center. Roles of the Exchange and Market Participants. Participants' Role For most currencies, CME Clearing requires that the long position holder i. Duties and Obligations of Buyers. Prior to the last day of trading: Two days prior to the last day of trading: Last day of trading: One day following the last day of trading for all currencies: Duties and Obligations of Sellers. Day following the last day of imm for all currencies: The agent bank releases the U.
Iambi et Elegi Graeci ante Alexandrum cantati (2nd ed.). Oxford: Clarendon Press.
Recoletos), and obtained his commerce degree in accounting at the La Salle Extension.