VOLUME 23 – BULLETIN #135
TO:
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ALL CLEARING MEMBERS AND EXCHANGE MEMBERS
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FROM:
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CLIENT SERVICES AND SUPPORT
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DATE:
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October 6, 2003
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SUBJECT:
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ATOMŽ Transition Information for CBOT Brokers and Clearing Firms
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In connection with the transition of clearing services related to the CBOT’s contracts, all daily processing of ATOM brokerage for Agricultural, Swap, Municipal Notes, Fed Funds, and Dow Jones contracts will be processed by the Chicago Mercantile Exchange (CME) beginning on November 24, 2003. In addition, the CME will complete all daily processing of ATOM brokerage for the remaining Financial and Stock Index contracts beginning on December 1, 2003.
The Clearing Corporation (CCorp) will process the November 2003 ATOM payment cycle (excluding the last week of November for Agricultural, Swap, Municipal Notes, Fed Funds, and Dow Jones contracts) during December 2003. CCorp will also provide clearing members with 1099 tax statements for brokers they paid (i) through November 23, 2003 for the CBOT’s Agricultural, Swap, Municipal Notes, Fed Funds, and Dow Jones contracts and (ii) through November 28, 2003 for the CBOT’s other Financial and Stock Index contracts. CCorp plans to process the 2003 ATOM-related 1099 tax statements during January and February 2004. CCorp will provide firms with a detailed tax processing schedule in the near future.
CCorp will not provide the ATOM monthly broker report BFR00013 after the November 2003 payment cycle is completed in December 2003.
The following is a recap of the ATOM transition process during November and December 2003.
ATOM Brokerage for Agricultural, SWAPS, Municipal Notes, Dow Jones, and Fed Funds contracts:
• CCorp will process ATOM brokerage for the above contracts traded through November 21, 2003. ACH payments for these transactions will be completed in December 2003.
• CCorp will process and print 1099 tax statements for clearing members to deliver to brokers they paid through November 21, 2003.
• The CME will begin processing brokerage-using ATOM on November 24.
ATOM Brokerage for the CBOT’s other Financial and Stock Index contracts:
• CCorp will process ATOM brokerage for the above contracts trades through November 28, 2003. ACH payments for these transactions will be completed in December 2003.
• CCorp will process and print 1099 tax statements for clearing members to deliver to brokers they paid through November 28, 2003.
• The CME will begin processing brokerage-using ATOM on December 1, 2003.
Firms and Exchange Members are advised that Firms will need to manually input into the CME’s system any ATOM brokerage “held over” through the November 2003 payment cycle. Firms can refer to Infopac reports BFR00012 and BFR00020 to determine held over dollar amounts that will be dropped from the system. This report will be available on the 4th banking business day of December 2003.
Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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