Abbreviations Flashcards Preview

CME > Abbreviations > Flashcards

Flashcards in Abbreviations Deck (328):
1

A

Offer (Ask) - Price offering terminology when trading

2

ACC

Accepted - Term used in reference give-up transactions, accepted by the claiming firm

3

ACS

Allocation Claim System - A CME system used by firms involved in the allocation and claiming of five-up transactions. Many firms also use one of the middleware systems available to automate this process (GL Clearvision, Emos, ATEO)

4

ACSSS

American Council of State Savings Supervisors - Part of State Liaison Committee (SLC), along with CSBS and NASCUS

5

AD

Australian Dollar - FX currency

6

ADN

Alternate Delivery Notice

7

ADV

Average Daily Volume - the average amount of contracts traded in any given product

8

AEM

All employee meeting

9

AML

Anti-money Laundering - related to the 'Know Your Customer" policies

10

ANC

Adjusted Net Capital

11

AON

All or None - a style of order designed to fill the complete quantity, not partially fill it

12

APN

Accept Pending - A designation/message on a give-up transaction indicating the current status as pending. It will remain this way until the claiming firm rejects or accepts the transaction

13

APS

Average Price System - A System used by firms/traders to group a series of trades made up of the same criteria (buy or sell of the same contract) to obtain a single average price across the whole group. Frequently used by fund managers to ensure all accounts receive the same price

14

ARR

Allocation Reversal Request - A designation/message on a give-up transaction indicating the current status as reversal requested. It will remain in this status until the executing firm accepts or rejects the reversal transaction. This may occur because of bad price allocated, allocated to the wrong firm, incorrect buy/sell code, etc

15

AS A/C

Asset Account

16

ASEF

Alternate Swaps Execution Facility

17

ATIS

A Thorn in my Side - A back office proprietary bookkeeping system, orginally developed by O'Connor & Sons

18

ATM

At the Money - term used to describe a position instructions to exercise

19

ATS

Alternative strike price which is the same as the underlying settlement price. In this situation the position would not be automatically exercised, client/firm must submit specific Trading Systems

20

AUD

Australian Dollar - FX currency

21

B

Bid - price offering terminology when trading

22

BAU

Business as usual

23

BBH

Brown Brothers Harriman - A settlement bank used by CME Group clients

24

BCP

Business Continuity Planning - Group responsible for all Disastor Recovery (DR) planning within CME Group

25

BDS

Business Development services

26

BEI

Business Entity Identifiers - (SWIFT related)

27

BFCC

Business Function Combined Commodity

28

BIA

Business Impact Analysis

29

BIC

Business Instructional Code - Specific code designated to banks used in transaction messaging by various Clearing House Departments

30

BIS

Bank for International Settlements - an FX related institution

31

BK trades

Broker Reassignment - allow an IOM member, trading outside his/her division to be recorded as the filling broker on the futures leg of the options/futures combination trades

32

BKE

Bilateral Key Exchange

33

BKR

Broker - person who acts as an intermediary between a buyer and a seller, usually charging a commission

34

BOMA

Building Owners and Managers Association - Works closely with CME group to ensure that our evacuationa dn facility security plans are current and accurate

35

BONY

Bank of New York - A settlement bank used by CME group clients

36

BP

British Pound (also GBP) - an FX currency

37

BPM

Business Performance Management

38

BR

Brazilian Real - an FX currency

39

BRPA

Business Resumption Planners Association - an independant professional association of people employed in all aspects of disastor recovery, contingency, and business continuity planning

40

C21

Clearing 21 - The C21 system suppors a variety of functions that enable member firms to view settlement information by origin and settlement account. Firms can also obtain Margin call and cash release information online using the settlement system

41

CAB

Cabinet Trades - A cabinet trade is an obtion trade executed in a deep out-of-the-money obtion at a permium value less than the standard minimum tick. Each option product chapter defines the standard minimum tick increment and the allowable cabinet increments applicable to that product

42

CAD

Canadian Dollar - an FX currency (also CD)

43

CAM

CME Auction Markets - A market utilizing the Auction system through which CME AM makes Auction Instruments available to auction participants

44

CBOE

Chicago Board Options Exchange - Exchange which ises the OCC as their clearing corporation

45

CBOT

Chicago Board of Trade - Merged with CME to form CME Group in 2007

46

CCS

CME Clearing Support group - department within the Clearing House

47

CCP

Central Counterparty

48

CD

Canadian Dollars - an FX currency (also CAD)

49

CDD

Cooling Degree Day - weather contract related - an average of temperature for that particular city over the course of the month

50

CDM

Clean Development Mechanism - where CER's contracts are held in temporary accounts

51

CDS

Credit Default Swaps

52

CEA

Commodity Exchange Act

53

CER

Certified Emission Reduction - Emissions Futures Contract (Euro Denominated)

54

CEM

Current Exchange Method - Relates to the calculations in regards to the CME guarantee funds

55

CF

Clearing Fee - Fees charged to exchange members and non-members alike for various clearing transactions

56

CFI

Center for Innovation - CFI creates and sponsors thought provoking original programming that identifies, showcases, and fosters examples of significant innovation and creative thinging across multiple industries

57

CFPB

Consumer Financial Protection Bureau - Part of the FFIEC council. The council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions

58

CFTC

Commodity Futures Trading Commision - The US government agency responsible for regulating domestic futures and options exchanges and their members

59

CH

Clearing House - the administrative center of a market through which all transactions are cleared. In addition to administering trades, the clearing house guarantees the performance of contracts. It becomes the counter party to both the buyer and seller when a trade is matches, greatly reducing counterparty risk. Other functions include ensuring the underlying financial instruments or commodities are actually delivered to fulfill futures contracts, and maintaining the margin accounts

60

CHF

Swiss Franc - an FX currency

61

ChicagoFIRST

ChicagoFIRST - a non-profit dedicated to Homeland Security and Emergency Management issues affecting financial institutions requiring a coordinated response. It is a coalition of private sector financial institutions and several local, state, and federal agencies

62

CIG

Corporate Initiative Group

63

CIKR

Critical Infastructure Key Resources - Cyber securty risk management collaboration

64

CIL

Client Internet Link

65

CISCP

Cyber Information Sharing and Collaboration Program - Align and mature government and CIKR cyber security risk management colloaboration

66

CIT

Clearing Information Technology - IT support for the Clearing House

67

CITL

European Community Transaction log - a link to the ITL

68

CLAR

Customer Line Alternative Routing - Enables firms to faciliate give-up trade processing via MQM/TREX as an alternative to entering data via our on-line Give-up System, GUS

69

CLR

Normal Clearing - A day in which clearing follows it's regular schedule of trade processing, with no special considerations for holiday processing

70

CLS

Continuous Link Settlement - Banking system used to match deliveries in foreign currency futures for real-time settlement of both sides of the transaction

71

CM

Clearing Member - a member of the clearing house organization

72

CMA

Credit Market Analysis, Ltd.

73

CMB

Common message board - application used by the CH to maintain and moniter firm's queues for both incoming and out going messages

74

CMAC

Competitive Markets Advisory Council

75

CME

Chicago Mercantile Exchange

76

CME AM

CME Alternative Marketplace Inc. - a subsidiary of CME which is not regulated by the CFTC.

77

CMECE

CME Clearing Europe - represents the London CME Clearing House

78

CMF

Clearing Member Firm - member firm, or FCM of a clearing house organization

79

CMT

Crisis Management Team - related to business continuity group

80

CMU

Client Member Update - reference to approval process for new clearing firms

81

CORE

Clearing Online Risk Engine - clearing member and client risk application

82

CSBS

Conference of State Bank Supervisors - Part of the SLC, along with ACSS and NASCUS

83

Cseg/Cust

Customer Segregated - certification support for Electronic Trading Group that supports the Certification and New Release Environments

84

CST

Central Standard Time - Time zone of chicago, also known as CDT during daylight savings

85

CTI

Customer Type Indicator - Bookkeeping clearing code which indicates one of the following: CTI 1 = Broker/trader trading own account; CTI 2 = Broker/trader trading for house account; CTI 3 = Broker/trader trading for the account of another broker/trader present on the trading floor or for an account controlled by such a broker/trader; CTI 4 = Broker/trader trading for any other customer's account

86

CTM

Clearing Trade Management

87

CTR

Computerized Trade Reconstruction - The market regulation department will conduct audits of clearing members to verify that required audit trail information has been accurately recorded and submitted.

88

CUSIP

Committee on Uniform Securities Identification Procedures - a CUSIP number identifies most securities. The CUSIP system facilitates the clearing and settlement process of securities. The number consists of nine characters unique to each company or issuer

89

Cust

Customer Origin

90

DAT

Damage Assesment Team - related to Business Continuity Group

91

DCE

Data Center Engineering - Computer room security for equipment, location, and access

92

DCO

Derivatives Clearing Organization

93

DCM

Designated/Derivates Clearing Member - a CME Clearing Member approved for the purpose of entering orders to an Auction on behalf of auction participants together with the duties, rights, and privileges attendant to membership in the CH

94

DDoS

Distributed Denial of Service - Infosec related to cyber/Internet attack of customer and/or public facing url's

95

DHS

Department of Homeland Security

96

DIP

Delivery Instructions Process - the process and protocol firms follow when involved with deliveries. These protocols vary depending on the product being delivered

97

DISCR

Discretionary - Order indicator giving the executing broker a level of discretion on what price a particular order is filled

98

DMA

Direct Market Access - refers to traders with direct access to Globex

99

DMAIC

A QPE Guideline to improve processes across the CH - Define, Measure, Analyze, Improve, and Control

100

DME

Dubai Mercantile Exchange

101

DMS

Deal Management System - OTC product/deal related

102

DNS

Deliver Notice Server

103

DSRO

Designated Self Regulatory Organization - CME Group Audit department performs risk based regulatory examinations of clearing members for which is has DSRO

104

DTC

Depository Trust Company - the worlds largest central securities depository, it accepts deposits of over 2 million equity and debt securities issues from over 65 countries for custody

105

DTCC

Depository Trust Clearing Corporation - through its subsidiaries, provides post-trade clearing, settlement, custody and information services for equities, corporate and municipal debt, money market instruments, American depository receipts, ETFs, and other securities

106

DVA

Daily Value Adjustment

107

E/A

Exercise/Assignment - the process whereby the option buyer asserts his/her right and goes long the underlying futures. Assignment refers to the obligations of sellers to take the opposite futures position of the buyers

108

EBOT

Exempt Board of Trade - Clearing Members eligible to clear CME products and Special CME Clearing Members eligible to clear CBOT products may clear Eligible Products traded on CME AM, at the discretion of the CH

109

EC

Euro Currency - an FX currency

110

ECC

Emergency Change Control - a system modification in any environment that must happen outside of the normal weekend maintenance window

111

ECN

Electronic Communications Networks - electronic systems used to trade securities

112

ECP

Eligible Contract Participants - Trading on the EBOT is restricted to eligible contract participants

113

ED

Euro Dollar - the most widely traded interest rate futures product in the world. It enables traders to hedge fluctuations on Eurodollars - U.S. dollars deposited in commercial banks outside the US

114

EEP

Excess Emissions Penalty - A delivery penalty related to Emissions Futures Contract (Euro Denominated)

115

EFP

Exchange for Physical - a privately negotiated, non-competitive futures trade transacted apart from the public auction market of a futures exchange but submitted for clearing through a futures clearing house

116

EFR

Exchange for Risk - a futures market transaction that provides market participants a way to unwind existing OTC positions into new OTC positions. Similar to an EFP transaction, except that it involves an exchange of a futures position for an OTC position rather than an exchange for a physical commodity. EFR transactions facilitate an easy, efficient entry or exit from the OTC position

117

EFS

Exchange Fee System - Exchange system used by firms to manage exchange and clearing fees

118

EFS

Exchange for Swap - a practice similar to EFP, used by exchange market participants as an additional instrument to add flexibility to trading and risk management portfolios. Allows market participants to exchange a futures contract position for a cash-settled position instead of a physical commodity. Also gives market participants the ability to liquidate a swap position in a market that may have limited liquidity

119

EMA's

Federal and State Emergency Management Associations

120

EOD

End of Day - Signifies the end of the trading day and is often associated with firms' processing schedule

121

EOM

Unit of Measure

122

ePRS

Electronic Price Reporting System

123

EREP

Enterprise Reports - Client facing report repository which replaced Document Direct

124

ES

Enterprise Solutions - working group within the CME

125

ERT

Emergency Response Team - related to Business Continuity Group

126

ETF

Exchange Traded Funds

127

ETH

Electronic Trading Hours - trading hours on electronic markets opposed to open outcry markets

128

ETP

Electronic Trade Poster

129

ETPA

Electronic Trade Posting Application - Electronic Trading Production Assurance Group who supports all production components and systems

130

EUA

European Union Allowance - Emmissions Futures Contract (Euro Denominated)

131

EU ETS

European Union Emissions Trading Scheme - Emmisions Futures Contract (Euro denominated)

132

EUR

Euro

133

EY

Euro-Yen

134

FBIIC

Financial Banking and Infrastructure Information Committee - Sister council of the FSSCC, made up of public sector and regulatory organizations and chaired by the US treasury department

135

FCC

Federal Communications Commission

136

FCM

Futures Commission Merchant

137

FDIC

Federak Depository Insurance Corporation - Part of the FFIEC council, a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions

138

FEC

Front End Clearing - provides a web-interface for management of the clearing process

139

FERF

FIXML Entity Reference File

140

FEST

Fixtures for Easy Software Testing

141

FFCB

Federal Farm Credit Bank

142

FFIEC

Federal Financial Institutions Examination Council - a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the FRB, FDIC, NCUA, OCC, CFPB.

143

FHLB

Federal Home Loan Bank

144

FHLMC

Federal Home Loan Mortgage Corporation aka: Freddie Mac

145

FIA

Futures Industry Association - the CME has participated in the execution and planning of all Futures Industry Recovery exercises sponsered by the FIA

146

FICC

Fixed Income Clearing Corporation

147

FIMS

Facilities Information Management System - a tool that first responders are going to use as a reference when an event is occuring

148

FIX

Financial Information Exchange - Financial exchange protocol for transmitting order entry messages

149

FIX/FAST

Financial Exchange Protocol - Financial Exchange Protocol for transmitting market data messaging compressed using the FAST algorithm

150

FIXML

Financial Information Exchange Markup Language

151

FLEX

Flex Options Contracts

152

FNMA

Federal National Mortgage Association aka: Fannie Mae

153

FOB

An Adornment that hangs from a watch chain

154

FRB

Federal Reserve Board - FFIEC Council segment. a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions

155

FS-ISAC

Financial Services Information Sharing and Analysis Center - established in response to a mandate that the public and private sectors share information about physical and cyber security threats and vulnerabilities to help protect critical US Infrastructure

156

FSSCC

Financial Services Sector Coordinating Council - One of the DHS coordinating councils set up to provide homeland security and infrastructure protection. CME Group is a member of this financial sector council.

157

FUT

Future

158

FX

Foreign Exchange

159

FXMS

Foreign Exchange MarketSpace

160

GBP

British Pounds

161

GBX

Globex

162

GCC

Globex Control Center

163

GCF

General Collateral Finance

164

GCM

General Clearing Member - Clearing house member who is entitled to clear its own transactions, those of its customers and those of floor brokers whom it sponsers

165

GEM

Growth and Emerging Markets Division

166

GETS

Government Emergency Telecommunications Service - Part of DHS, utilized to help CME respond to NS/EP when we are unable to complete emergency calls through normal means during a DR situation or event

167

GFX

Globex Foreign Exchange

168

GIS

Global Information Security

169

GNMA

Ginnie Mae

170

GSA

Goldman Sachs of America

171

GSCI

Goldman Sachs Commodity Index

172

GSE

Government Sponsered Enterprise

173

GSEMB

Government Sponsered Enterprise Mortgage Backed

174

GSEOTH

Goverment Sponsered Enterprise Other

175

GU

Give up

176

GUI

Graphical User Interface

177

GUS

Give-up System

178

HFS

High Frequency Trading - usually associated with traders that use an algorithm for trading

179

HOUSE

House Origin - also known as NSEG or proprietary

180

HSM

High Security Manager - related to SWIFT security

181

HTB

Harris Trust Bank

182

HW

Hardware

183

IBAN

International Bank Account Number

184

ICM

Individual Clearing Member - Clearing house member who is entitled to clear its own transactions, those of its direct customers and those of the locals, but not the transactions of floor brokers

185

ICPS

iClear Position Services

186

IDB

Inter-Dealer Broker - interact with a multitude of clients, often across many asset classes. They provide important services to the OTC market, and increased regulatory and industry focus on electronic confirmation presents opportunities to work with your clients to deliver a solution for broker confirmations within minutes of execution

187

IEF

Interest Earning Facility

188

iLink

CME Group FIX front-end system for automated connectivity to the FIX Gateway. It connects over an IP address and port using TCP/IP

189

IM

Initial Margin - The amount a futures market participant must deposit at the time he places an order to buy or sell a contract

190

IMM

International Monetary Market - The Financial Futures Market that is part of the CME

191

ITL

International Transaction Log - Operated by the UN Framework Convention on Climate Change

192

IOM

Index and Options Market Division

193

IR Study

Infrared Electrical Inspection - a study of our electrical gear, done annually

194

IRS

Interest Rate Swaps

195

IRT

Incidence Response Team - relates to the team on the forefront in the event of a DR situation, comprised of various CME staff

196

ISG

Information Services Group

197

ISV

Independant Software Vendor

198

ITC

Inter-Exchange Technical Committee

199

ITD

Intra-day (settlement cycle)

200

ITM

In the money - an option that would yield a positive value is exercised now

201

ITSM

IT Service Management

202

JPY

Japanse Yen, an FX currency

203

JY

Japanese Yen, an FX currency

204

KYC

Know your customer - shorthand used in emails and other correspondence

205

LCH

London Clearing House

206

LDRPS

Living Disaster Recovery Planning System - BCP group application to maintain all DR plans per department across the CME

207

LIBOR

London Interbank Offered Rate

208

LID

Last Intent Day - Final day that firms are allowed to enter their delivery intent to the Clearing House

209

LIFFE

London International Financial Futures Exchange

210

LOC

Letter of Credit - letter from a bank authorizing payment of a certain sum to a person or company, usually in another country

211

LOV

Long Option Value - the monetary value of long option positions marked to the settlement price of the underlying contract

212

LOX

Large Order Execution

213

LP

Long Position - any long/buy position held by a firm during any given delivery cycle which is reportable and becomes eligible for delivery assignment

214

LSOC

Legally Separated, Operationally Commingled - the basis for the complete legal segragation model, which determines how margin for cleared swaps will be held for the benefit of customers of a futures commission merchant

215

LTD

Life to Date - Indicates statistical Information totaled for the life of an account to the current date

216

MA

Margin Analyst - Member of financial unit team

217

MBR

Member

218

MBS

Service-Mortgage-Backed Securities

219

MDP

Market Data Platform - produces market data messages

220

MMMF

Money Market Mutual Fund

221

MOBS

Market Observations - reference to snapshots taken of prices and positions for the Risk team to monitor clients and market conditions

222

MOS

Mutual Offset - agreement between the CME and SGX. Trades executed on one exchange can be transferred to the books of a firm on the exchange.

223

MOSSX

Simex Mutual Offset - Same as MOS

224

MP

Mexican Peso, an FX currency

225

MQM

Message Queuing Middleware - used by the CME to transmit trade data from and to clearing member firms on a real-time basis

226

MRS

Member Reporting System - method used by floor brokers to receive their out trade sheets

227

MSFT

Microsoft

228

MTD

Month to Date - Indicates statistical information totaled for the month to the current date

229

MTM

Marked to Market - refers to open opsitions marked to the latest settlement price to determine valuation

230

MXN

Mexican Peso - an FX currency

231

NAR

No Action Required

232

NASCUS

National Association of State Credit Union Supervisors - Part of the SLC, along with CSBS and ACSSS

233

NCM

Non-clearing member

234

NCUA

National Credit Union Administration - Part of FFIEC, a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions

235

NDF

Non-deliverable forwards - OTC US FX products via CME Clearport application

236

NE

New Zealand Dollar - an FX currency

237

NFA

National Futures Association

238

NOIA

Notice of Intention to Accept - reference to emission reduction deliveries

239

NOID

Notice of Intention to Delivery - Reference to emission reduction deliveries

240

NOV

Net Option Value - The value of open option positions on a net basis

241

NOK

Norwegian Krone - an FX currency

242

NRML

Normal

243

NSEG/House

House non-segregated - describes proprietary in house firm accounts

244

NS/EP

National Security/Emergency Preparedness

245

NYCC

New York Clearing Corporation

246

NYMEX

New York Mercantile Exchange

247

NYPC

Ney York Portfolio Clearing

248

NZD

New Zealand Dollar - an FX currency

249

OB

Or better - order execution type

250

OC

Office Communicator

251

OCC

Options Clearing Corporation

252

OCC

Office of the Comptroller of the Currency - part of the FFIEC council, a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions

253

OEMC

Local Office of Emergency Management and Communications - Fire and Police Departments

254

OI

Open Interest - represents contracts left open on both long and short positions

255

OIA

Office of Investigations & Audits

256

ONA

Organization and Account

257

OOB

Out of Balance - used to describe reconciliation discrepencies for either contracts or monetary balances

258

OOF

Option on Future

259

OOO

Out of office

260

OOP

Option on Physical

261

OP

Option premium - amount paid to the seller from the buyer for an option transaction

262

OPPT

Option Premium Pass Thru

263

ORC

Opportunity Resource Committee - High level executive corporate team tasked with measuring and evaluating large scale projects across the CME

264

OTC

Over the counter - a non exchange transaction between two parties

265

OTI

Order type Indicators

266

OTM

Out of the Money

267

OTP

Order to Pay

268

P&S

Purchase and Sale

269

P&L

Profit and Loss

270

PB

Performance Bond

271

PB A/C

Performance Bond Account

272

PCS

Gross Position Change Submission

273

PCTL

Production Control

274

PMP

Performance Management Process

275

PIN

Personal Identification Number

276

PLA

Project Leadership Associates

277

PNT

Privately Negotiated Trades

278

POC

Proof of Concept or Point of Contact

279

POP

Point of Presence Report

280

POS A/C

Position Account

281

PRS

Price Reporting System

282

PSTN

Public Switched Telephone Network

283

QIS

Quantitative Impact Study

284

QPE

Quality and Process Excellence

285

RA

Risk Analysis

286

RACF

Resource Access Control Facility

287

RAP

Rapid Access Point

288

RDC

Remote Data Center

289

REBS

Regulatory Exchange Business Systems

290

RFQ

Request for Quote

291

RM

Relationship Manager

292

RMA

Relationship manager Applicatication

293

RQMTS

Requirements

294

RTH

Regular Trading Hours

295

RTO

Recovery Time Objective

296

RU

Russian Ruble

297

SAG

Settlements are Good / SWIFT Alliance Gateway

298

SAN

Storage Area Network

299

SDR

Swap Data Repository

300

SEC

Securities and Exchange Commission

301

SECR

Security Deposit

302

SEF

Swap Execution Facilities

303

SEG

Segregated Account

304

SEK

Swedish Krona

305

SET A/C

Settlement Account

306

SFU

Senior Financial Unit Staff

307

SGX/SIMEX

Signapore Exchange

308

SI

Solutions Implementation

309

SIPN

SWIFT Secure IP Network

310

SLA

Service Level Agreement

311

SLC

State Liaison Committee

312

SLEDS

Single line entry of Differential Spreads

313

SMDPs

Securities market data providers

314

SME

subject matter expert

315

SOD (2)

start of day or Securities on Deposit

316

SOM

Short Option Minimum

317

SOP

Standard Operating Procedures

318

SOV

Short Option Value

319

SP

S&P 500

320

SPAN

Standard Portfolio Analysis of Risk

321

SPOF

Single points of failure

322

SSCP

SWIFT's Security Control Policy

323

SSF

Single Stock Futures

324

SSL

Secure Sockets Layer

325

STP

Straight through Processing

326

SVDA

Settlement Variation Daily Adjustment

327

SVIEF

Settlement Variation Interest Earning Facility

328

SVOP

Settlement Variation Option Premium