Cme Group Inc. · NASDAQ:CME
Cme — CME Repository Service Cleared Trades Webinar (December 2012)
28 slides from Cme's conference presentation, Dec 13, 2012
Slide 1: CME Repository Service: Cleared Trades Session
CME Repository Service Cleared Trades Session December 13, 2012 © 2012 CME Group. All rights reserved 0
Slide 2: Presenters
Presenters Mitch Rose Jonathan Thursby Suneel Iyer SDR Lead SDR Business SDR Platform Business Manager Manager Analyst © 2012 CME Group. All rights reserved 1
Slide 3: Agenda: CME Cleared Trades Webinar
AGENDA: CME Cleared Trades Webinar Introduction to CME Repository Service Key Rules Implementation Data Submission & Workflows Closing Topics Q&A © 2012 CME Group. All rights reserved 2
Slide 4: CME Repository: Introductory View
CME Repository: Introductory View CME Inc. CME Repository Service © 2012 CME Group. All rights reserved 3
Slide 5: CME Repository Service
CME Repository Service CFTC provisionally approved SDR for the credit, rates, foreign exchange and other commodity asset classes. Built on proven systems and processes Lowest (planned) fees Seamless integration with CME Clearing Strengths Maximizes efficiencies of existing infrastructure, in
Slide 6: CME Repository: On-Boarding Steps
CME Repository: On-Boarding Steps 1 Register to receive a CFTC Interim Compliant Identifier (CICI) User must register with www.ciciutility.org to receive a CICI. The CICI will be industry standard until a Legal Entity Identifier (LEI) system is approved and implemented. Assisted registration can be
Slide 7: CME Repository: Fees
CME Repository: Fees Across the board fees holiday through September 30, 2013 • Includes back-loading Repository fees structure and rates to be announced soon Will be a fully compliant fee structure • Equal rates to all user types • Independent from any other CME business services Intention
Slide 8: Key Rules Implementation
KEY RULES IMPLEMENTATION © 2012 CME Group. All rights reserved 7
Slide 9: Public Real-time Reporting
Public Real-time Reporting Starting on first swap dealer compliance date; Dec 31 for Credit and Rates asset classes Available from www.cmegroup.com/repository No registration or agreement required for access Public may access via webpage display, CSV download or RSS feed History available
Slide 10: Unique Product Identifier (UPI)
Unique Product Identifier (UPI) Rule Requirement • That each swap be identified in all recordkeeping and swap data reporting by means of a unique product identifier or product classification system which describes the: – Asset Class – Asset Class Sub-type – Underlying Product CFTC has yet to est
Slide 11: Unique Swap Identifiers (USI) in a Cleared Context
Unique Swap Identifiers (USI) in a Cleared Context Rule Requirement • Each swap shall have a fully unique identifier in recordkeeping and data reporting Alpha USI • USI created and assigned to the original swap transaction – Off SEF/DCM: Created upon original swap reporting counterparty – On SEF
Slide 12: Termination Messaging
Termination Messaging CME will send real-time termination message on alpha trade to original swap SDR Message will note original swap alpha USI Termination messaging to begin Dec 31 © 2012 CME Group. All rights reserved 11
Slide 13: Daily Valuation Reporting on Cleared Swaps
Daily Valuation Reporting on Cleared Swaps Accepting valuations by swap dealers starting Dec 31 Support direct submission via CSVs • Future support via API • Please contact CME for discussion of alternative methods Support your election to have a service provider submit on your behalf • No add
Slide 14: Historical Swap Transactions Back-loading (Part 46)
Historical Swap Transactions Back-loading (Part 46) Obligation for Reporting • With market participants for original swap Continuation Reporting • None required Contingent EFRP’s • CME is working with the industry to address this regulatory burden on behalf of market participants © 2012 CME Gr
Slide 15: Submission & Workflows
SUBMISSION & WORKFLOWS © 2012 CME Group. All rights reserved 14
Slide 16: Reporting Party Compliance Dates
43/45 Reporting Party - Compliance Dates DCO SD* MSP* Non Credit Oct-12 Dec-31 Feb-28 Apr-10 Rates Oct-12 Dec-31 Feb-28 Apr-10 FX Jan-10 Feb-28 Feb-28 Apr-10 Commodities Jan-10 Feb-28 Feb-28 Apr-10 46 Reporting Party – Compliance Dates (pre-enactment & transition swaps) DCO SD MSP Non Credit n/a Jan
Slide 17: New Release Testing – 43/45 Reports
New Release Testing – 43/45 Reports API – API - CSV - Participant UI Cleared Noncleared NonCleared Credit Live Jan-5 Live Live Rates Live Jan-5 Live Live FX Jan* Jan* TBD Jan* Commodities Jan* Jan* TBD Jan* © 2012 CME Group. All rights reserved 16
Slide 18: CME Repository Submission Formats – Part 43/45/46
CME Repository Submission Formats – Part 43/45/46 API File Credit FIXML CSV Rates FIXML with embedded FpML CSV FX FIXML CSV Commodities FIXML CSV Technical Documentation API Msg API Spec CSV Spec & Samples Sample Credit Available Jan-5 Available Rates Available Jan-5 Available FX Dec-19 Jan-31 TBD C
Slide 19: Participant User Interface (UI)
Participant User Interface (UI) User interface to CME Repository activity and history Facilitates upload of CSV files to CME Repository to comply with all reporting obligations Simple and complex ad hoc reporting capabilities Available to all registered users
Slide 20: Participant UI: View Trades
Participant UI: View Trades © 2012 CME Group. All rights reserved 19
Slide 21: Participant UI: Valuation Reports
Participant UI: Valuation Reports © 2012 CME Group. All rights reserved 20
Slide 22: Participant UI: Customize Reports
Participant UI: Customize Reports © 2012 CME Group. All rights reserved 21
Slide 23: Scenario: CME Cleared; CME SDR for original swap report
Scenario: CME Cleared; CME SDR for original swap report 1. Bilateral trade between CP1 and CP2 1 2. CP2 enters trade economics CP1 CP2 3. CP1 affirms trade 4. Platform (or CP1 or CP2) may assign USI “α” to 3 2 bilateral trade, and sends the trade to CME Platform (SEF/Affirm) ClearPort along with PET
Slide 24: Closing Topics
CLOSING TOPICS © 2012 CME Group. All rights reserved 23
Slide 25: Related CME Services
Related CME Services CME ClearPort • Set of flexible clearing services for the global OTC market • Initially launched in 2002 to centralize clearing and mitigate risk in energy marketplace CME ClearPort API • Multi-asset class gateway access to CME post-trade services; including CME Repository S
Slide 26: Partners
Partners 15+ platforms connected to submit 25+ firms engaged with CME to transactions for clearing extend support for SDR reporting Email for a comprehensive list OTCConnectivity@cmegroup.com © 2012 CME Group. All rights reserved 25
Slide 27: Final Thoughts
Final Thoughts Strong Domain Expertise In a Position to be a Low Cost Provider Workflow Simplicity Proven Architecture Leverage Existing Connectivity Developing a Wide Network of Connected Service Providers Integration with Platforms and SEFs User Working Group starting in January ©
Slide 28: Business Contact
Business Contact Email at Repository@cmegroup.com On-boarding, Integration Email at RepositorySupport@cmegroup.com & Production Support Available during US business hours Online Resources www.cmegroup.com/repository © 2012 CME Group. All rights reserved 27
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