VOLUME 25 – BULLETIN 047

TO:	ALL CLEARING PARTICIPANTS
FROM:	CLIENT SERVICES AND SUPPORT
DATE:	September 19,2005
SUBJECT:	Eurex US FX EFPs

Eurex US announced that it will trade Foreign Exchange (FX) Futures, scheduled to launch September 23, 2005. All Eurex US FX EFP transactions will be entered exclusively through the Clearing Corporations Allocation and Claim transaction (ACT) system. Treasury and Russell ESPs at Eurex US will continue to be entered through the Eurex US trading system

Clearing Participants will have the option to use the ACT EFP GUI screens, or the EFP API to initiate and claim EFP transactions. Either the buying or the selling Clearing Participant may enter the transaction in the system and the other side (selling or buying) must then claim it for the transactions to be processed and guaranteed by CCorp. Eurex US recommends the following methodology to assure the timely completion of EFP’s. If a Clearing Participant was a party to the transaction, that Clearing Participant should enter the details into ACT first. This is likely to occur where a Clearing Participant is acting as a market maker or is serving its clients as a prime broker. The Clearing Participant for the other side of the trade should claim the transaction in ACT. If both parties to the transaction are Clearing Participants the Participant which is selling futures should enter the trade. The buying Clearing Participant should claim the trade. Alerts and confirmation API messages will be sent via MQM in accordance to the standard API processing at the Clearing Corporation. EFP API messages will contain an X1 block populated with the security id number (product symbol) and the currency type code. Clearing Participants can also give-up FX EFP’s using the ACT system.

Eurex US indicates that if the original party to the EFP was a non-Clearing Eurex US Member or its customer, the Clearing Participant should enter the first 3 digits of the Member’s Eurex US ID in the broker field.  A blank in the broker field will default to the first 3 digits of the Clearing Participant’s Eurex US Member ID.  An error will result and the EFP will not be accepted if the broker field does not match the first 3 digits of a Eurex US Member ID.  EFPs must have a CTI code that contains a valid value (1, 2, 3, or 4). If the CTI code is 4, the customer account must be entered; if the account field is blank the EFP will be rejected.  Clearing Participants should enter a valid position account (A1, M1, M2, P1, or P2).  A blank position account field will default to P1 if the CTI is 1, 2, or 3, and A1 if the CTI is 4. Clearing Participants are reminded that ACT system profiles can also be used to automate the claiming process.

Misclears on EFP transactions will also be processed through The Clearing Corporation misclear system in ACT.

Should you have any questions, please call or e-mail one of the following Client Services and Support Representatives: