VOLUME 20 - BULLETIN #329
TO:
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ALL CLEARING MEMBERS
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FROM:
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BUSINESS SYSTEMS GROUP
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DATE:
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November 21, 2000
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SUBJECT:
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Merchants Exchange of St. Louis
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The Merchants’ Exchange of St. Louis (“MESL”) has determined Friday, December 8, 2000 as its launch date for its barge freight futures contracts, Illinois Waterway and St. Louis Harbor. The Commodity Codes will be M1 and M2, respectively. Details on contract specifications can be found in Volume 20 – Bulletin #327 and Volume 20 – Bulletin #328. Only Clearing Corporation Member Firms that have executed a Supplement to their Clearing Member Agreement with the Clearing Corporation and that have made the necessary arrangements with MESL will be allowed to submit MESL futures contracts to the Clearing Corporation for clearance.
Exchange Codes
MESL trades will be processed under exchange 03 and will be combined with the CBOT for settlement and margins. Clearing will receive two settlement price files from MESL daily, one before 2:00 p.m. for midday variations and one after 3:00 p.m. after the close of trading.
Reports and files
Open Interest and Large Trader files for MESL contracts should be submitted to the Clearing Corporation in the current files. Clearing will transmit this data to the National Futures Association (NFA), which will be performing audit functions for MESL. Trade Register and Delivery assignment reports will be separated from Exchange 03 information, however, MESL transactions will be included in the register data file with Exchange 03 transactions. The settlement, open interest, large trader and margin files will also include MESL information. Preliminary OTIS on-line trade report requests for MESL trades will be included with Exchange 03 trades.
Record Ids
The Clearing Corporation assigned the MESL trades a Record ID range of 87,000 to 89,999.
Real-Time Feeds
Firms will receive pre-edited real-time feeds of MESL trades via the MQM Series in the TREX record format. Firms can identify MESL trades by the Commodity
Code of M1 or M2 in positions 53-57, or the Trade ID Sequence Number in the range 87,000 – 89,999 in positions 140-145.
Delivery Process
Deliveries will be a three-day process that mirrors the current Clearing Corporation’s delivery procedures. The first day, the seller tenders the delivery notice in OTIS, which is then assigned to the buyer with the oldest long date. The second day (notice day), the position is offset in clearing and will be reflected on the Daily Trade and Position Register. The transaction is completed between the firms on the third day (deliver day).
Should you have any questions, please call or e-mail one of the following Business Systems Analysts:
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