CFE Information Circular IC13-053

Transcription

1 CFE Information Circular IC Date: December 16, 2013 To: Trading Privilege Holders and Vendors From: CFE Market Services Department RE: Modified Trading for the Christmas and New Year s Holidays This circular sets forth the modified trading hours for CBOE Volatility Index (VIX) futures and all other CFE products for the Christmas and New Year s holidays. All times referenced in this circular are Chicago time. Trading Schedule for, : VIX Futures The schedule below will apply for the, trading session in VIX futures, including Trade at Settlement (TAS) futures (Ticker: VXT): Type of Trading, Extended 3:30 p.m. to 4:15 p.m. (, ) and Regular 2:00 a.m. to 8:30 a.m. 8:30 a.m. to 12:15 p.m.* * The trading hours for all types of TAS futures close at 12:12 p.m. All Other Products On,, all CFE products, other than VIX futures, will open at 8:30 a.m. and close at 12:15 p.m., except that security futures contracts on the CBOE Gold ETF Volatility Index (GVZ), the CBOE Crude Oil ETF Volatility Index (OVX) and the CBOE Brazil ETF Volatility Index (VXEWZ) will close at 12:00 p.m. The time frame for the submission of quotes, orders, order cancellations (cancels) and order modifications (modifications) in all CFE products other than VIX futures is from 6:15 a.m. until the applicable submission cut-off time (which is one second prior to the close of trading hours) in the respective contract. Notification to the CFE Help Desk by the Authorized Reporter for each party to an ECRP transaction or Block Trade may be made by or phone during extended and regular trading hours and until 12:30 p.m. on,. Notification of an ECRP transaction or Block Trade outside of extended and regular trading hours on, after 12:30 p.m. may only be made by . Any ECRP transaction or Block Trade submitted between 12:15 p.m. and 12:30 p.m. on, may be reported and submitted for clearing on either the calendar day of 1

2 the transaction or the next Business Day (i.e., Thursday, December 26, 2013) as designated by the Authorized Reporters. If submitted after that time, an ECRP transaction or Block Trade will be reported and submitted for clearing on the next Business Day (i.e., Thursday, December 26, 2013). Trading Schedule for Wednesday, December 25, 2013: Trading will be closed for all CFE products, including VIX futures, on Wednesday, December 25, There will be no extended trading hours (i.e., 3:30 p.m. to 4:15 p.m.) on calendar day Wednesday, December 25, 2013 for Business Day Thursday, December 26, 2013 in VIX futures. Notification of an ECRP transaction or Block Trade may only be made by on December 25, 2013 and any trades will be reported by the CFE Help Desk as soon as practicable when the Exchange next opens for trading on Thursday, December 26, 2013 and will be submitted for clearing for the Business Day of Thursday, December 26, Trading Schedule for, : CFE will have normal trading hours for all products, including VIX futures, for, December 31, There will be no extended trading hours (i.e., 3:30 p.m. to 4:15 p.m.) on calendar day, for calendar day Wednesday, January 1, 2014 in VIX futures. The following ECRP and Block Trade reporting provisions shall apply on,. Time of Notification to the Exchange Notification Method Business Day for which Contract Submitted for Clearing When CFE Help Desk Reports Contract 2:00 a.m. - 3:15 p.m. Phone or Business Day of transaction. Next Business Day for Trade at Settlement (TAS) transactions reported after 3:12 p.m. following required notifications to CFE Help Desk 2

3 Time of Notification to the Exchange 3:15 p.m. to 3:30 p.m. Notification Method Phone or Business Day for which Contract Submitted for Clearing Calendar day of transaction or next Business Day, as designated by Authorized Reporters. Next Business Day for TAS transactions. When CFE Help Desk Reports Contract following required notification to CFE Help Desk for transactions to be submitted for clearing for December 31, after trading next commences following required notifications to CFE Help Desk for transactions submitted to clearing for January 2, :30 p.m. December 31, 2013 to 2:00 a.m. January 2, Next Business Day after trading next commences following required notifications to CFE Help Desk Trading Schedule for Wednesday, January 1, 2014: Trading will be closed for all CFE products, including VIX futures, on Wednesday, January 1, There will be no extended trading hours (i.e., 3:30 p.m. to 4:15 p.m.) on calendar day Wednesday, January 1, 2014 for Business Day Thursday, January 2, 2014 in VIX futures. Notification of an ECRP transaction or Block Trade may only be made by on January 1, 2013 and any trades will be reported by the CFE Help Desk as soon as practicable when the Exchange next opens for trading on Thursday, January 2, 2014 and will be submitted for clearing for the Business Day of Thursday, January 2, Time Frames for Submission of Quotes, Orders, Cancels and Modifications in VIX Futures during Modified Trading Observed for the Christmas and New Year s Holidays: The charts below set forth the applicable time frames for the submission of quotes, orders, cancels, and modifications in VIX futures, including TAS futures, during modified trading hours observed for the Christmas and New Year s holidays. 3

4 Christmas Holiday Calendar Day Time State of CFE s 3:29 p.m. to 3:30 p.m.* Pre-Open modifications 3:30 p.m. to 4:15 p.m. Extended Trading 4:15 p.m. to 1:15 a.m.* (, December 24, 2013) Halted After 4:15 p.m. all existing Orders, cancels and No quotes. 1:15 a.m. to 2:00 a.m.* Pre-Open 2:00 a.m. to 8:30 a.m. Extended Trading 8:30 a.m. to 12:15 p.m. Regular Trading modifications until 12:14:59 p.m. (submission cut off time). December 24, :15 p.m. to 1:15 a.m. (Thursday, December 26, 2013) Closed After 12:15 p.m. all existing Nothing. *All items identified as permitted to be submitted to CFE s trading system during these times are not executable until extended or regular trading hours next commence. New Year s Holiday Calendar Day Time State of CFE s 3:29 p.m. to 3:30 p.m.* Pre-Open modifications 4

5 Calendar Day Time State of CFE s 3:30 p.m. to 4:15 p.m. Extended Trading 4:15 p.m. to 1:15 a.m.* (, December 24, 2013) Halted After 4:15 p.m. all existing Orders, cancels and No quotes. 1:15 a.m. to 2:00 a.m.* Pre-Open 2:00 a.m. to 8:30 a.m. Extended Trading 8:30 a.m. to 3:15 p.m. Regular Trading modifications until 3:14:59 p.m. (submission cut off time). 3:15 p.m. to 1:15 a.m. (Thursday, January 2, 2014) Closed. After 3:15 p.m. all existing Nothing. *All items identified as permitted to be submitted to CFE s trading system during these times are not executable until extended or regular trading hours next commence. Additional Information: Please contact the CFE Help Desk at ehelpdesk@cboe.com or (877) or Systems Operations at (312) for additional information 5