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q1 What does side-by-side trading mean?
q2 When will currency futures side-by-side trading begin?
a3 GLOBEX Currency futures and futures spreads will trade on GLOBEX Monday through Thursday from 4:30 p.m. to 4:00 p.m. (next day), Sundays and Holidays from 5:30 p.m. to 4:00 p.m. (next day)*. Trading on Fridays ends at 4:00 p.m. Currency options will trade on GLOBEX Monday through Thursday from 2:30 p.m. to 7:05 a.m. (next day); Sundays and Holidays from 5:30 p.m. to 7:05 a.m. next day. Trading Floor Currency futures, options and spreads will continue to trade on the Trading Floor via open outcry Monday through Friday from 7:20 a.m. to 2:00 p.m * Early GLOBEX closings are associated with some holidays. Please refer to CME's Holiday Trading Calendar for details. q4 Which currency futures products will be traded side-by-side?
* Euro FX/Swiss Franc, Euro FX/British Pound, Euro FX/Japanese Yen are traded on GLOBEX during RTH and may be traded via the handhelds, but are not side-by-side traded in the pits. Deutsche mark futures, E-mini Euro FX futures, and E-mini Japanese yen futures already trade exclusively on GLOBEX, thus will not be available for side-by-side trading. Currency options and additional intra- and inter-currency spreads may be available at a later date. Market participants may request additional intra- and inter- currency spreads by contacting Scott Brusso, Director, Currency Products, at (312) 930-3133. q5 Will there be new ticker symbols for currency futures traded side-by-side on GLOBEX?a5 Yes, there will be new ticker symbols for currency futures traded on GLOBEX during Electronic Trading Hours (ETH) under side by side. * Old ticker symbols are retained for pit-traded futures during Regular Trading Hours (RTH).
a6 Currency futures orders will continue to be routed into the pit via a number of methods. They may be flashed or physically delivered into the pit, routed electronically via TOPS/CUBS2 or routed over a firm's proprietary order routing system. Orders may also be routed to GLOBEX via TOPS or a firm's proprietary order routing system, or entered directly into a GLOBEX workstation or a local hand-held device, using the new GLOBEX ticker symbols. Note: If a customer does not specify where a currency future or future spread is to be executed (GLOBEX or the currency pits) during RTH, that order must be routed to the currency pits. q7 How do I begin trading on the CME GLOBEX electronic trading system? a7 CME has improved direct electronic access for Members and customers to products traded on the GLOBEX electronic system. Access is available via either dedicated CME workstations (see www.cme.com/electronic/index.html for more information) or our growing list of Independent Software Vendors . Access to the GLOBEX electronic trading system by Members and customers is authorized by CME Clearing Member firms. q8 How do I obtain a GLOBEX workstation or hand-held unit for currency futures side-by-side trading? a8 All members interested in obtaining a workstation in the Currency, Eurodollar, E-mini Nasdaq-100 or E-mini S&P 500 areas or a hand-held in the Eurodollar or currency area, are asked to complete the appropriate application for that product and submit the completed paperwork to the reception desk on 3S, 7S, or 9N. All applicants for a particular product will become part of the pool for that product. As additional workstations or hand-helds are added to an area, CME will continue to use the modified version of the Pit Space Dispute Guidelines as approved by the Board of Directors for the allocation process. Normal eligibility rules and application procedures apply to obtaining GLOBEX workstations in firm booths and locations off the trading floors. If you have any questions regarding allocation of these technologies, please contact Felix Carabello, Associate Director, Technology Marketing at (312) 634-1585 (terminals) or Laura Giacomino (hand-held trading units) at (312) 930-8259. Please direct questions regarding the Pit Space Dispute Guidelines to Stephen Szarmack, Associate General Counsel at (312) 648-5422. Also, you may visit the GLOBEX section of the CME Web site for more information. q9 Will I be able to enter a position on GLOBEX and liquidate that position in open outcry? a9 Yes. Currency futures orders entered on GLOBEX are completely fungible with those entered via open outcry on the trading floor. The separate ticker symbols exist for price reporting purposes and as a means to identify where the order originated and/or was filled. q10 How does the 15% limit work? a10 For GLOBEX currency futures trading, CME is instituting "price banding." Price banding prevents the entry of limit orders more than a pre-determined amount above the last price in the case of bids and more than the same pre-determined amount below the last price in the case of offers. The band "shadows" the CME last currency futures price as it reacts to new transaction prices, higher bids, and lower offers. CME has selected bands of "two-big-figures" for each currency futures contract's pricing mechanism. See the table below for specific bands.
a11 No. Performance bond requirements will be determined based on overall currency futures positions and will not differentiate between trades originating from GLOBEX versus trades originating from open outcry. q12 Where will I be able to find GLOBEX currency futures price quotes? a12 A listing of quote vendors supplied with GLOBEX currency futures price quotes is available in the CME Quote Vendor Guide. q13 How will GLOBEX currency futures price quotes be supplied to third party quote vendors? a13 GLOBEX currency futures price quotes will be supplied to quote vendors via the same quote data stream currently used to supply GLOBEX quotes, using the new GLOBEX ticker symbols.. q14 Will GLOBEX currency futures price quotes be displayed on the wallboards? a14 Yes, GLOBEX currency futures quotes will be displayed on the Currency quadrant wall boards, CCTV Channel 15, and MerQuote pages “CUR” and “GLX.” q15 How will daily settlement prices be generated? a15 Daily settlement prices will be determined at the end of the open outcry session at 2:00 p.m. CST. q16 How will my currency trades be marked-to-market? a16 Currency futures or futures spreads executed in the pit or on GLOBEX from 4:30 p.m. (prior day) to 4:00 p.m. will be part of the same trading day and will therefore be marked-to-market to the 2:00 p.m. settlement prices. This timetable does not apply to currency options, since they are not currently eligible for side-by-side trading. Currency options are also marked-to-market to the 2:00 p.m. settlement prices. Example: A currency option order placed at 2:30 p.m. April 5 will have a trade date of April 6, since trading in currency options for April 6 began with the GLOBEX opening at 2:30 p.m. A currency future order placed at 2:30 p.m. on April 5 will still count toward the April 5 trade date, since trading in currency futures for April 5 on GLOBEX does not finish until 4:00 p.m. CST. q17 Will currency futures orders placed on GLOBEX be matched via the "first-in first-out (FIFO)" method?a17 Yes, all currency futures orders placed on GLOBEX will be matched according to the normal GLOBEX allocation algorithm of "first-in first-out (FIFO)". q18 If I am assigned a workstation in the Currency quadrant, will I be able to trade the E-mini S&P 500® or the E-mini Nasdaq-100® from that workstation? a18 Traders assigned to workstations in the Currency quadrant will be able to trade all GLOBEX products allowed by their membership division status, including the E-mini S&P 500 and E-mini Nasdaq-100 during RTH hours. The RTH hours for CME equity products are Monday through Friday from 8:30 a.m. until 3:15 p.m. q19 If I am assigned a hand-held unit in the Currency quadrant, will I be able to trade the E-mini S&P 500® or the E-mini Nasdaq-100® with that hand-held unit? a19 Yes. The hand-held units in the Currency quadrant will offer access not only to currency futures, but also to all of the other CME GLOBEX products traded during RTH, provided access to such products is allowed by the divisional status of your membership. Please see the CME Approved Handheld Usage Guidelines for details of membership access. q20 Can a member who has been assigned a hand-held unit enter orders for customers or other members through that hand-held unit? a20 No. All orders entered through the hand-held will be for the member's personal account. Members may not accept orders from others for entry into the hand-held. q21 Can members located in clearing firm booths in the Currency quadrant enter currency futures orders into GLOBEX? a21 Yes, provided that the member is an employee of the booth owning clearing firm or its affiliate. q22 Can a non-member GLOBEX workstation operator (clerk) enter currency futures orders into GLOBEX from the trading floor during side-by-side trading? a22 A member firm's employees who are registered as GLOBEX operators and are located in clearing firm booths will be able to enter currency futures proprietary and customer orders into GLOBEX. Employees of independent GLOBEX brokers who are registered as GLOBEX operators and located at the independent broker floor booths will be able to enter member orders, proprietary orders, and customer orders for any firm or individual member. They may enter these customer orders for any firm or individual member so long as the firm or individual member has established an arrangement with the GLOBEX broker to have him/her fill their customer orders. In any of these cases, non-member operators (clerks) will not be able to exercise discretion in entering orders into GLOBEX. Clerks of local traders will not be allowed to use GLOBEX workstations on the trading floor. q23 Will the floor dual trading restrictions specified in Rule 552 apply to GLOBEX trading? a23 The dual trading restrictions of Rule 552 (and the exceptions to such restrictions) will apply equally to both pit brokers and on-floor GLOBEX brokers with respect to dual trading restricted contract months. Please refer to the Interpretation of Rule 552 for further details. Currently, please note that there are no currency futures or options contracts restricted for dual trading under CME Rule 552. - DUAL TRADING RESTRICTIONS. However, if any currency futures contract month is "deemed mature and liquid" by the Board of Directors and therefore, is restricted for dual trading, then the dual trading restrictions would apply to GLOBEX trading of this currency contract month during RTH. q24 How do I sign up for training on GLOBEX? a24 Workstations: GLOBEX classes are offered daily. These classes range from introductory to refresher courses. Please call (312) 930-3416 to register for a class. The basic GLOBEX training is required for all GLOBEX workstation users. Hand-helds: Hand-held classes are offered upon request. Please stop by the Upper Trading Floor Information Desk or call Brian Linker at (312) 930-1406 to arrange for hand-held training. GLOBEX hand-held training is required for all GLOBEX hand-held users. q25 If a workstation has been allocated to me in the Currency, Eurodollar, E-mini Nasdaq-100® or E-mini S&P 500® areas, can I use this terminal in a partnership arrangement? a25 All GLOBEX terminals will be assigned to individuals. The assigned individuals may allow a partner to utilize the workstation if the partnership meets the following stringent criteria. The partners must (1) be trading simultaneously (e.g., one in the pit, one on GLOBEX) and (2) share a trading account. q26 Will the floor dual trading restrictions specified in Rule 552 apply to GLOBEX trading? a26 No. Clerks may not enter orders for local traders on GLOBEX workstations located on the trading floor. q27 Are procedures in place in the case of a GLOBEX system failure during RTH? a27 Yes. Procedures for trading halts on GLOBEX when there is a system failure during RTH in connection with currency futures side-by-side trading are attached. Please refer to Procedures for Trading Halts on GLOBEX®. It is also recommended that firms develop their own internal procedures for determining how they will handle customer orders in the event of a system failure during RTH. |
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