Agency Cross on CME Direct
On June 9th the CME launched Agency Cross on CME Direct. Agency Cross, also known as non-block trading, allows brokers to trade ClearPort products directly into Globex in non-block sizes. Block trading restrictions have become a major area of contention for many IBs. Agency Cross functionality is a welcomed addition for many brokers and traders, besides being a necessary addition by the CME to keep up with ICE.
Agency Cross was rolled out to little fanfare as many firms were not even aware of it's introduction. This was more of a soft launch for the CME to test their systems and technical infrastructure. With the success of it's initial launch, the The CME is confident that additional markets will become available this October.
The standard ClearPort qualifications still need to be met by clients and the product listing is still missing many of the popular markets and most options. We are looking forward to average price options, natural gas and heating oil options, among others, later this year. The NIBA is working with the CME on prioritizing the next round of markets to be added. If you have a specific market request that you'd like to see added, email us at the NIBA and we'll be sure it gets their attention.
For a list of available markets and more information, visit http://www.cmegroup.com/trading/energy/agency-cross-eligible-products-for-energy-and-metals.html.
