CME Globex ICC Policy

Authorized clearing firm administrators can use the CME Globex ICC Policy to manage policies on an Execution Firm level. Authorized execution firm account administrators can view policy settings for their firm.

Available functions:

• Unregistered Accounts: Default handling of orders from unregistered accounts.
• Unset Limits: Default handling of orders for products that do not have a specified limit.

For the specified execution firm, if limits have not been set, product limits can be set to unlimited or zero.

• Covered Strategies: Specify whether to block or ignore Covered strategies (futures) or Covereds (futures with options) strategy.

• To manage Globex ICC Policy:

1. From the Policy & Threshold menu, select CME Globex ICC Policy.

A list of all execution firms appears.

2. If you have access to more than one clearing firm, clear the current selection (), then select another firm.

From the list of execution firms, the following information is available: 

• Execution Firm: Firm ID and Name.
• Clearing Member

Policy Settings: For details, refer to policy settings (below).

• Unregistered Accounts
• Unset Limits
• Covered Strategies

** Indicates policy settings are no longer valid due to invalid firm relationship.
* Indicates policy is not yet effective (pending).

3. To manage settings, select the blue hyperlinked execution firm.
4. On the Edit Policy Settings screen, select default account order handling:

• Unregistered Account: Specify how orders from unregistered accounts are handled (Accept / Reject). Unregistered accounts are not available or active from Account Management Service.
• Unset Limits: Specify default handling of orders for products without quantity limits.
• Accept: Default setting. If limits have not been set, accounts are permitted to submit orders that are within the overall firm credit control limit.
• Reject: If ICC product limits have not been set, orders will be rejected.
• Covered Strategies: If an order is submitted for Covereds (futures with options) strategies, the enabled thresholds will be evaluated to generate threshold events which may be used to send alert emails.
• Accept: Default setting. Provide no credit controls enforcement for Covered User Defined Spreads (UDS), ICC serves as a pass through for all covered strategy orders.
• Reject: Reject all orders for covered User Defined Spreads.
• Enforce Option Leg Only: Perform position limit checks on option legs only.

5. To finalize, select Save.

Policy settings are effective immediately.