Give-Ups
A "give-up" is an order that, post execution, is to be given to a clearing member other than the one responsible for executing the trade.

Give-up trades are entered by the executing firm into CME® Globex® by using a give-up ("GU") indicator on the order, specifically in the "foreign exchange" field. In addition, the "foreign firm" field of the order must be populated by the firm ID of the carrying firm, to whom the trade is being given up. Once matched, these trades are sent to CME's Allocation/Claim System (ACS), where the carrying firm can either accept or reject the trade.

If the executing firm is giving up an order to more than one carrying firm, or if the trade is for multiple valid accounts at the clearing firm, the trade must be coded with a "*" followed by an account identifier in the account number field. (This is done instead of using the give-up indicator in the foreign exchange field described above.) Once the trade has been executed, the executing firm's back-office staff would use ACS to allocate the trade to multiple firms, who could then accept or reject them.

Average Pricing
The CME Average Price System (APS) enables multiple orders to be grouped together and be assigned a single average price across the group. All orders designated for averaging in a group must be for the same contract.

There are two ways to designate CME Globex trades for the Average Price System:

The first method is used to group and average multiple orders together. It is accomplished by entering a "$" in the first position of the account number field of each order, the customer account number, followed by a space, followed by an APS Group ID selected by the user. The Group ID enables APS to identify the multiple orders which are to be grouped and averaged together.

The second method is used to assign an average price to all partial fills associated with a single order. It is accomplished by entering a "#" in the first position of the account number field, followed by any ad-hoc number selected by the user.

Fills for orders that are designated using "$" or "#" as described above are sent to APS. In order for the average price to be calculated and assigned to the fills, the clearing firm must use APS to "complete the group."

Mutual Offset System (MOS)
Currently, CME has a Mutual Offset Agreement with the Singapore Exchange (SGX), whereby trades in certain MOS-eligible contracts done at one exchange may be moved to the other exchange's clearing house. Trades in MOS-eligible contracts done on CME Globex may be designated for clearing at the SGX Clearing House by placing "SX" in the "foreign exchange" field of the order. In addition, the "foreign firm" field must be populated with the firm id of a clearing firm at SGX.

Discretionary Orders
In order for a firm executing an order to assign the associated fills to multiple accounts at one or many firms, the executing clearing member may use a pre-defined allocation scheme that specifies the firm(s), accounts and allocation formula. This series designation is uniquely identified using a Rule ID, and must already have been provided in writing to the CME clearing house before it can be used in executing a trade.

To enter discretionary orders with a series designation, the user must place an "*" in the first position of the account number field, followed by the account number series identifier, followed by a "-" and the Rule ID. This will designate the order for the Allocate/Claim System (ACS) where the executing firm can allocate the trade to a give-up firm or accept the trade into the account numbers at its own firm.

Bunched Account Orders
In order for an executing firm to defer assigning account numbers to a trade until after it has been executed, the user can place an "*" in the first position of the account number field, followed by a dummy/invalid customer account number. The fills associated with the order will automatically be routed to the Allocate/Claim System (ACS), where the executing firm's back-office staff must assign the correct firm and account numbers to the trade.

Block Trading
A block trade is a privately negotiated futures or options on futures contract transaction. The price and quantity of the trade is agreed to by the buyer and seller, apart from the public auction market.

Even though block transactions are not reported to CME through the CME Globex system at this time, all block trades must be reported to the CME Globex Control Center (GCC) via telephone or fax. For additional information about products eligible for block trading, reporting requirements and procedures  click here.