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The Clearing Corporation (BOTCC) is pleased to announce a new Electronic Shipping Certificate system to support the Chicago Board of Trade’s (CBOT) initiative to eliminate physical shipping certificates for corn and soybean futures. This new Electronic Shipping Certificate System will track the changes of ownership of certificates among clearing firms. In this new system the clearing firm agent of a regular shipper will request certificate registration by inputting details of the certificate electronically. Once completed the CBOT’s Registrar’s office will process the request electronically and if approved the ownership of certificate will become part of the clearing firm agent’s registered inventory. Once registration is completed, the system can be used to: 1. Transfer the position to another clearing firm with the receiving party having the opportunity to accept the inventory. The payment, if required, for this type of transaction will be handled by the two clearing firms outside of the Clearing Corporation system. 2. Affect a futures delivery with the payment made as part of the Clearing Corporations’s final settlement cycle. On the 18th of every month the system will automatically calculate the premium/storage fees for the inventory of certificates in the system. The clearing firm agent’s account will be credited and the clearing firm that is holding the certificate will be debited. It is anticipated that the CBOT will be able to make all of the necessary delivery rule changes in January. The target implementation date for this new system will be for the March 2001 deliveries. A beta test is scheduled to begin in January with the conversion of all outstanding certificates to take place in February. THE CLEARING CORPORATION MAKES NO WARRANTIES AS TO TITLE, INFORMATION OR LIENS, IN CONNECTION WITH THIS SYSTEM. Should you have any questions, please call or e-mail one of the following Business Systems Analysts:
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