CME Group, the world's largest and most diverse derivatives marketplace, today announced it will expand its CME ClearPort service to offer clearing for CME and CBOT ex-pit transactions.
CME ClearPort is a set of flexible clearing services open to over-the counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral valuations across asset classes.
In addition, CME Group is rolling out an updated CME ClearPort application programming interface (API) and graphical user interface (GUI) that will provide another means for OTC market participants to submit matched trades to CME Group for clearing.
Clearing of Interest Rate and FX ex-pit transactions will be available through CME ClearPort for trade date December 7, and Commodity and Equity products will be available for trade date December 21. Blocks will continue to be subject to all existing conditions and requirements, including current thresholds for timely reporting and for minimum transaction sizes.
Launched today, the enhanced API and GUI streamlines the trade capture process by allowing users to electronically submit all trade details directly from the system at the point of execution. Customers can take advantage of new CME ClearPort functionality and features through the API.
Trades submitted via the API will be subject to the same rules and restrictions that regulate the acceptance or rejection of transactions manually entered via the CME ClearPort Web-based GUI. Block reporting rules such as the minimum quantity thresholds and reporting times are also still in effect through the CME ClearPort system.
CME ClearPort clears more than 500,000 contracts daily, across multiple asset classes. The service brings together more than 10,000 global registered users and features more than 700 products, with more to come. In 2009, CME Group has listed more than 300 products available for clearing through CME ClearPort.