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Electronic Trading Access
The CME Board voted to allow unlimited, direct access to its
GLOBEX2 electronic trading system for all market
participants. Previously, only members, clearing members or
those with the exchange’s Electronic Trading Hours (ETH)
Permit could have direct access to the system.
As a result of the Board’s actions, the ETH Permit Program
will be phased out, obviating the need for non-members to
meet the exchange’s qualification requirements and pay ETH
application fees. Generally, institutional customers were
not permitted to participate in the permit program. Going
forward, any individual or institutional customer guaranteed
by a clearing member of the exchange will be able to obtain
direct access to GLOBEX2.
As part of these changes, all market participants will have
access to “the book, i.e., the ability to view bids and
offers in the market.
The exchange also eliminated restrictions on the number of
GLOBEX2 workstations individuals or firms can have. The
Board’s actions are expected to facilitate the development
and growth of trading rooms and arcades by enhancing the
ability of introducing brokers and non-clearing futures
commission merchants (FCMs) to offer their customers direct
access to GLOBEX2, McNulty said.
The GLOBEX2 access changes will become effective immediately
upon receipt of regulatory approval by the Commodity Futures
Trading Commission (CFTC).
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