VOLUME 23 - BULLETIN #020
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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January 23, 2003
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SUBJECT:
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New Electronic Shipping Certificate System for Soybean Meal and Oil
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Beginning Monday, February 3rd, 2003, the Electronic Shipping Certificate System will be expanded to include the delivery of Soy Meal and Soy Oil contracts electronically. It is important for firms to note that beginning with the March delivery month, paper receipts and shipping certificates will no longer be deliverable in satisfaction of a short Meal or Oil futures contract. Current paper receipts and shipping certificates may be brought to the issuing shipper’s clearing firm agent for conversion. The agent will have to input the certificate electronically and request registration from the Chicago Board of Trade’s Registrar office. Upon approval, the certificates will become part of the clearing firm agent’s inventory, which will need to be transferred to the appropriate clearing member. Once a certificate has been registered it will reside in the clearing firm’s inventory; only the shipper’s clearing firm agent can cancel a certificate.
Delivery payment will be done electronically by the Clearing Corporation, and will take place on delivery day at 6:45 am as part of the Pay/Collect bank cycle. Banking instructions that were previously provided to the Clearing Corporation for electronic Corn and Soybean deliveries will be applied to electronically delivered Meal and Oil. Questions or changes to banking instructions on file may be directed to Client Services and Support Group.
Storage will be automatically calculated and collected and paid as part of the 6:45 a.m. banking cycle on the 18th of every month, and debited/credited against the non-segregated (house) bank account. If the 18th is a Saturday, Sunday or holiday, the debit/credit will be made on the next business day. Any clearing firm holding a certificate will be automatically debited and the shipper’s clearing firm agent will be credited. Pay/Collect details will be provided in two new reports: Delivery Pay/Collect Report (DAR00051) and Main Firm Pay and Collect Summary Report (CLR00069). Delivery pay/collect amounts will not be included in the Banking Summary Report of the Final Daily Trade and Position Register or on the Web pay collect screen.
Firms will have to use the electronic invoice created from OTISŪ for all Meal and Oil deliveries. Invoices will be automatically confirmed at 7:00 a.m. on the day prior to the delivery. Any invalid invoices will need to be corrected and confirmed by 10:00 a.m. on the day prior to the delivery. Firms will have the ability to transfer inventory to other clearing member firms. Payment for such transfers will be between the parties, outside of the electronic shipping certificate system.
All current inventory in Meal and Oil will be deleted from the OTIS system, on February 1, 2003. Entry of electronic shipping certificate data by shipper clearing agents will begin on Monday, February 3rd, 2003.
Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives:
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