This page describes any trade submission rules unique to OTC FX products:

CME ClearPort API supports submission of OTC FX trades to be cleared by CME Derivatives Clearing Organization (DCO). The Forwards trades are cleared as OTC FX Forwards (not futures) with the trades held at the original trade price. Positions are held on a gross basis with optional netting. Non Deliverable Forwards (NDFs) will settle to the EMTA recommended official Fix in each pair, while the Cash Settled Forwards (CSFs) will use the WMR 4pm London Fix.

Cleared OTC FX Product Scope

Trade Submission Models Supported

Participants can submit OTC FX trades using the either of the two models described below.

Risk Limit Check Model Supported

The Risk check model for OTC FX trades will use the "CME Hosted / Explicit Claim Model" workflow. 

Submitting Allocations

Participants can allocate trades using one of the following allocation models supported by CME ClearPort.

Conceptual Flows

Refer to the conceptual flows associated with the single side trade submission model and  the dual side trade submission model for OTC FX trades using the CME Hosted and Explicit Claim risk limit check model for more details.

FIXML Message Flows and Message Specification

For FIXML message flows associated with OTC FX Trades, refer to FIXML Message Flows. Refer to the detailed message specification and message samples for submitting OTC FX trades for Clearing using the CME ClearPort API.

OTC FX Trade Submission and Validation Rules

Submitting Contract Date for OTC FX Forwards

• For OTC FX Options, the MMY field must contain the contract’s Expiration Date.

• For OTC FX Forwards, the MMY field must contain the contract's Fixing Date.

Submitting Notional Amount in Base or Settlement Terms

CME ClearPort API allows submitters to specify the notional trade quantity for OTC FX Futures and Forwards in base currency terms or settlement currency terms. OTC FX Option notional trade quantities must be submitted in base currency terms. For all OTC FX security types (Futures, Forwards and Options) the Ccy attribute must be specified to indicate whether the notional amount is specified in base currency or settlement currency terms. The notional amount is specified in the LastQty attribute. Currently, CME ClearPort API supports submission of OTC FX Options in base currency terms only. So the base currency must always be specified in the Ccy attribute. 

Other Amounts in OTC FX Trades

The API provides additional money amounts on the trade confirms. Described below are list of attributes that are available on outbound messages