VOLUME 23 – BULLETIN #075
TO:
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ALL CLEARING MEMBERS
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FROM:
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CLIENT SERVICES AND SUPPORT
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DATE:
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April 14, 2003
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SUBJECT:
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CBOT® Performance Efficiency Standards
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The CBOT Board of Directors recently adopted new Floor Performance Standards with the objective of increasing the efficiency of open outcry operations. The initial April 15 implementation date has been postponed pending further evaluation of the requirements. Once implemented, however, firms will use the Reason Code (RC) field in OTIS to designate a trade as exempt from any potentially applicable surcharge.
Currently, the Reason Code field is used to indicate a reason for late trade submission of an order (1, 2, or 3 as indicated below). In order to accommodate the CBOT’s new performance efficiency initiative, four new values have been added to the Reason Code field.
Once the standards are effective, firms will use one of the following codes to designate trades:
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Valid entry for RC field:
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Designation:
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1
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Partially filled working orders
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2
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Legging spreads or crush orders
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3
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Adjusting trade to reflect split fill
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4
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Partially filled working orders and Order Efficiency
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5
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Legging spreads or crush orders and Order Efficiency
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6
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Adjusting trade to reflect spilt fill and Order Efficiency
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7
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Order Efficiency
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(blank)
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None of the above
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Future bulletins will provide the effective date of the new values. Additionally, the CBOT will publish details of how the program will be administered and monitored in advance of implementation. For further information on the Performance Efficiency Standards, questions should be directed to Dennis Collins (435-3736) or Tom McCabe (341-3121) at the Chicago Board of Trade.
Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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