CME Group Customer Forum Q2 2017

Transcription

1 CME Group Customer Forum Q Singapore: Hong Kong: London: US Webinar: 25 April 27 April 10 May 11 May

2 Disclaimer CME Group, The Globe logo, CME, Chicago Mercantile Exchange, CME Direct and Globex are registered trademarks of Chicago Mercantile Exchange Inc. ("CME Inc."). CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago, Inc. ("CBOT"). ClearPort, New York Mercantile Exchange and NYMEX are registered trademarks of New York Mercantile Exchange, Inc ("NYMEX"). All other trademarks are the property of their respective owners. These may not be modified, reproduced, stored in a retrievable system, transmitted, copied, distributed or otherwise used without the written permission of the party owning these materials. The information in this document has been compiled by CME Group for general purposes only and is not intended to provide, and should not be construed as, advice. It does not take into account your objectives, financial situation or needs, and you should obtain appropriate professional advice before acting on or relying on the information set out in this document. The information in this document should not be considered as an offer, invitation or solicitation to buy or sell any futures, options contracts or any other financial products or services. Although every attempt has been made to ensure the accuracy of the information within this document, CME Group assumes no responsibility for any errors or omissions. This document and its contents have not been reviewed by any regulatory authority in Singapore. Futures trading is not suitable for all investors and involves the risk of loss. Futures are a leveraged investment, and because only a percentage of a contract s value is required to trade, it is possible to lose more than the amount of money deposited for a futures position. Therefore, traders should only use funds that they can afford to lose without affecting their lifestyles, and only a portion of those funds should be devoted to any one trade because they cannot expect to profit on every trade. All examples in this document are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual market experience. All matters pertaining to rules and specifications herein are made subject to and are superseded by official CME, CBOT and NYMEX rules. Current rules should be consulted in all cases. Each of CME Inc., CBOT and NYMEX is regulated as a recognised market operator and CME Inc. is regulated as a recognised clearing house under the Securities and Futures Act (Chapter 289) ("SFA"). Save as aforesaid, none of the CME Group entities are licensed to carry on regulated activities under the SFA or provide financial advisory services under the Financial Advisers Act (Chapter 110) in Singapore. This document is for distribution in Singapore solely to persons holding a capital markets services licence or exempt from such requirement, under the SFA.

3 Agenda Product Updates - Interest Rates - New Equity Products - FX - Energy - Agriculturals - Metals Globex Technology Changes Update on Risk Management Customer Tools & GUIs Partner Services Q&A 3

4 Interest Rates Highlights Ultra 10 Futures Update - Traded over 25M contracts by 400+ global participants in 16 months since launch - Record Q1 ADV of 104K, and record open interest of 359K contracts on April 10 - Record 66 Large Open Interest Holders, as reported by the CFTC s March 14 Commitment of Traders Report Fed Fund Futures Surge in Trading - Record Q1 ADV of 252K, +107% YoY, including a single day record of 713K on March 2 - Open Interest reached a record 1.71M contracts on April 26, up 75% YoY - CME s Fedwatch tool is being seen as the financial barometer for markets Record Invoice Swap spread trading following changes to Rule Invoice Swap spreads using CBOT Treasury futures provide off-balance-sheet and capital efficient exposure to swap spreads with upto 80% margin offsets - Effective October 4, CME Group introduced changes to Rule 538 based on extensive feedback and evaluation, allowing a number of new invoice spread combinations (e.g. calendar rolls and tenor switches via EFRP) - Q Invoice Spread ADV reached $11 billion (80K contracts), the highest quarter in its history Record Interest Rate Options, driven by electronic and non-u.s. hours trading - Treasury options ADV reached 823K in April, up 93% YoY, with a record 81% traded on CME Globex - Treasury options non-u.s. hours ADV reached 139K in April, up 93% YoY - Eurodollar options electronic ADV reached a record 574K in April, accounting for a record 32% of total volume - Eurodollar options non-u.s. hours ADV reached 151K in April, up 93% YoY 4

5 New Equity Products at CME April 2017 CME launched: Monday Weekly Options on E-mini S&P 500 Very successful launch with over 600,000 contracts traded in April Allows client to further refine trading horizon to target specific events e.g. the French Election This follows successful launch of Wednesday Weekly Options on E-mini S&P 500 On July 10, 2017 CME will launch: E-mini Russell 2000 Futures E-mini Russell 2000 Options E-mini Russell 2000 Value Futures E-mini Russell 2000 Growth Futures 5

6 Record Usage of CME FX Futures Drives Demand for Monthly Contracts Capital constraints have reduced liquidity in the cash FX market, driving client demand for additional FX futures maturities to efficiently manage exposures Large Open Interest Holders in CME FX Futures Now Available Monthly FX Futures All time high of 1,047 Large Open Interest Holders Over $87 billion average daily volume across listed FX futures and options in March 3 new monthly contracts in 6 active currency pairs: EUR/USD, GBP/USD, JPY/USD, CAD/USD, AUD/USD, EUR/GBP Monthly Futures provide liquidity points at each of the front four monthly IMM dates when combined with existing quarterlies 1/10 th minimum roll spread Block Sizes of 20 for flexible execution Additional maturities provide greater trading opportunities increased number of spread and curve combinations with automatic margin offsets via CME SPAN margining Monthly futures extend attractive netting and capital benefits of FX futures vs. OTC forward exposures *The CFTC defines large open interest holders as having at least 400 open contracts in Major Foreign Currency futures and at least 100 open contracts in Other Foreign Currency futures. 6

7 Volatility-Quoted Options (VQO) VQO enables clients to trade an option in terms of volatility instead of price with an auto-hedge into the corresponding underlying futures contract. Volatility-Quoted Options Product Overview Quote the standard CME expiration contracts in annualized implied volatility terms Participants exchange a standard option in premium and a delta hedge in the standard underlying future Six major currency pairs listed: EUR/USD, GBP/USD JPY/USD, AUD/USD, CAD/USD, CHF/USD Delta-hedged transaction reduces execution risk allowing for deeper and more stable liquidity. Triangulation now live on AUD/USD and extending to other currencies Triangulation Support Available Links the Volatility-Quoted Options (VQO), Premium-Quoted Options (PQO) and futures books via implied calculations to find match opportunities between three books. Allows access to large volume traded in premium-quoted options through implied execution with no legging risk Successful launch of on AUD/USD other currencies to follow 7

8 NYMEX Natural Gas Update Coming Soon- Four New European Natural Gas Futures Contracts on NYMEX UK NBP Natural Gas (USD/MMBtu) (ICIS Heren) Front Month Futures (NBP) Dutch TTF Natural Gas (USD/MMBtu) (ICIS Heren) Front Month Futures (TTE) Henry Hub NBP (ICIS Heren) Natural Gas Spread Futures (NYP) Henry Hub TTF (ICIS Heren) Natural Gas Spread Futures (THD) Available for trading as of Sunday, May 21 for Trade Date Monday, May 22

9 OPEC Volatility Risk? Manage it with NYMEX weekly options on crude oil futures What impact will the May 25th OPEC meeting have on crude oil markets? Use weekly options on NYMEX WTI and Brent futures to precisely manage your risk Liquidity in our weekly options continues to grow as average daily volume for WTI weekly options (LO1-LO5) reached an all-time high of 2,644 contracts in April. WTI (LO1-5): LO4 expires May 26, LO1 expires June 2 Brent (BW1-5): BW4 expires May 26, BW1 expires June 2

10 EU Wheat contract: May 17 Update Allows traders to deliver, re-deliver and carry certificates Listed on CBOT, allows margin offsets vs SRW, HRW Wheat (60%) and corn (50%) Over 100,000 lots traded since Sept 12 launch (ADV 800 lots) Over 5 million tonnes of wheat 65 lots delivered against Dec 16, through 3 different warehouses 64 lots re-tendered against March warehouses now approved, providing daily stock reports Open Interest and quotes out to May tick market most of the day in front 4months A number of physical contracts have been priced against EU wheat

11 The Growth of the KC Hard Red Winter Contract KC Hard Red Wheat volume and open interest have been trending upward in recent years and reached an all-time highs recently Over 288,000 contracts of Open Interest as of April 21 Increased liquidity makes it easier for you to transact daily, allowing hedgers to utilize and roll HRW shorts via the KC HRW contract

12 ADV contract lots Overview of CME Group s Precious Metals Products April Highlights include: Grew Gold futures and options ADV 30 percent to 289,000 contracts Increased Silver futures ADV 18 percent to 112,000 contracts Product Code 2017 Q1 Average Daily Volume in ounces Volume % Change from 2016 Q1 Open Interest On 31 st Mar 17 Gold Futures (100oz) GC 26.6 million oz +14% 41.8 million oz Silver Futures (5000oz) SI 380 million oz +20% 1080 million oz Platinum Futures (50oz) PL 0.95 million oz +18% 3.2 million oz Palladium Futures (100oz) PA 0.6 million oz +2% 3.3 million oz Volumes for all precious metals futures increased 15% YoY in Q , ,000 Gold Futures (GC) Silver Futures (SI) Platinum Futures (PL) Palladium Futures (PA) 300, , , , ,000 50, Q Q Q Q Q Q Q Q Q Q Q Q Q1 12

13 Lots Lots COMEX Copper Liquid and Transparent Futures Market Average Daily Turnover = 100,435 lots = Exceed 1.1 mil mt per day 120,000 COMEX Copper ADV +22.8% (YoY Jan-Apr) 300,000 COMEX Copper Month-end Open Interest +39.5% YoY 100, , , ,772 80,000 81, , ,668 60, ,000 40, ,000 20,000 50,000 0 Jan-Apr 2016 Jan-Apr Apr-16 Apr-17 13

14 Agenda Product Updates Globex Technology Changes - Expansion of Triangulation for FX Vol Quoted Options - Market By Order Update - CGW Upgrade & IP Change - New ilink & Drop Copy Logon Process - ilink 3.0 Update on Risk Management Customer Tools & GUIs Partner Services Q&A 14

15 Vol Quoted Options & Triangulation Functionality Launched Vol Quoted Options November 2016; Triangulation on Australian Dollar in February 2017 Expanding Triangulation to the CME FX Majors Pooled liquidity and price discovery across different quoting conventions - Volatility Quoted Options, Premium Quoted Options, Futures 15

16 Example: Quoting in Volatility 6EH6 BID ASK (10) (30) I (10) (20) I 6EH6 C13500 BID ASK I (20) (50) I (20) (40) 6EH6 VC13500 BID ASK (30) (50) Bid 6EH6 C (10) Fill 10 6EH Fill 10 6EH Fill CME Group. All rights reserved.

17 Expanding CME FX Vol Quoted Options & Triangulation May 21 Triangulation for Japanese Yen, British Pound and Swiss Franc June 18 Triangulation for CME Canadian Dollar and EuroFX 17

18 CME Globex Changes for CME FX Enhancements Venue changes to enable future CME FX Enhancements CME Commodity Options New MSGW and DC IPs New Source IP for MDP3 New config.xml files May 21 CME Commodity Options & CBOT IR Options CBOT Interest Rate Options New Source IP for MDP3 New config.xml files June 4 CME FX Futures New MSGW & DC IPs New Source IP for MDP3 New config.xml files June 25 CBOT Equity Futures and Options New MSGW & DC IPs New Source IP for MDP3 New config.xml files 18

19 Market By Order Market Data CME Globex Market By Order (MBO) provides: Size of individual orders at a price Individual queue position Full depth of book MBO and Market By Price (MBP) Information on a Single Feed Avoids the need to arbitrate between separate MBO and MBP feeds MBP remains unchanged Maintained anonymity Implied prices remain only on MBP Customer impacts Mandatory certification to use MBO data in production New schema and use of template appended extension for new MBO fields No certification required to continue to use MBP, however testing is recommended 19

20 Market By Order Market Data Phased Production Rollout by DCM NYMEX, COMEX and DME: Complete CBOT and MGEX: Complete CME: May 14 May 21 BMD/KRX: June 4 Production mocks available for all channels MBO historical data will be captured as products are enabled with MBO in production 20

21 Market By Order Market Data Bandwidth Impacts As projected, overall incremental feed bandwidth has increase 30-40% on channels with MBO. During peak times, the number of incremental feed packets per millisecond has increased up to 40-50%. To address possible microbursts CME Group has implemented network traffic shaping on all Globex hubs (not including GLink connections) in March 2017 o Customers on 1Gb circuits may observe microburst peaks fully utilizing 1Gb circuit but CME Group is managing the bandwidth to reduce likelihood of data loss o Microbursts will be smoothed out by buffering data that exceeds the 1Gb line rates and reduces the likelihood of packet loss o At microburst periods, small delays (measured in microseconds) may be incurred as data is buffered to avoid dropping packets. These small delays will reduce the likelihood that more disruptive recovery process is necessary and minimize overall impact to customer. o During normal, non-microburst periods, data is delivered at normal line rates 21

22 3 rd Party System Providers Certified to MBO Activ Financial Systems Inc. Barcharts Celoxica CME Direct CQG EPAM Systems Exegy Incorporated Fidessa Netcope Onix Solutions Quanthouse Rithmic Stellar Trading Systems Strike Technologies Trading Technologies (Next Gen Platform) Don t see your platform? Please ask your vendor to develop to MBO! 22

23 Convenience Gateway Upgrade: June 2017 After the successful launch of the MSGW architecture, we are now making improvements to our CGW architecture: CGW hardware upgrade Fewer CGWs reduce the necessary IP management Preparing for Fault Tolerance change to designated primary in 2 nd half of 2017 Customer Impacts New IPs and Ports for all CGW sessions will be provided by your Global Account Manager - Updated ilink ranges are now available in the CME Group Client Systems Wiki - Note: CME Group strongly recommends clients use the designated Primary IP and port. - Later this year, CME will enforce the designated primary fault tolerance model for CGW sessions No change to performance metrics No impact to Drop Copy 23

24 CGW Upgrade Roadmap Mandatory migration on June 25; optional earlier migration on June 18 Available Now New IPs and Ports for all CGW sessions June 24 & 25 Customer mock Mandatory migration to new IPs June 3 Last day to register for optional migration June 17 & 18 Customer mock Optional migration Q4 Fault Tolerance change enforced 24

25 New CME Globex API Logon Authentication Overview To ensure the highest levels of security, CME Group will implement further hardening of the ilink and Drop Copy session authentication at login New Logon Procedure Keys are generated by CME and distributed via the Request Center every 12 months or upon demand The HMAC value will be calculated by the customer at logon time using a secret key A Hash-based Message Authentication Code (HMAC) should be included on the existing logon message to result in a secure authentication 25

26 Request Center Key Management Keys will be requested and managed via the Request Center 26

27 New ilink and Drop Copy Logon Process Customer Create a FIX logon message and Generate the HMAC using the logon message and the secret key FIX logon message including the HMAC, Access Key ID, and HMAC Algorithm ID Logon Ack CME Globex Validation of HMAC and message timestamp Documentation: Q New Release: Late Q Production: January 2018; estimated 4 week parallel 27

28 ilink 3.0 Overview Improved performance and reduced variability - Streamlined, efficient message designs - Fixed message sizes, regardless of content Consistent message format for order entry and market data - Reduces cost and complexity of doing business on CME Globex Customer-driven functionality System certification required 28

29 ilink Features Layer Feature Customer Impacts Presentation Simple Binary Encoding (SBE) ilink messages are controlled by template, like market data If ilink changes message layout, customers must update template Session New FIXP protocol Session protocol header only when needed Application Customer-Driven Functionality Application messages are sequenced; message sequence number is implicit on a stream Cancel on Behalf Mass Order supports multiple orders, modifies and cancels in a single message Spread and leg fills reported in a single ilink message 29

30 ilink 3.0 Migration Plan: ilink 3.0 and ilink 2.0 will be available in parallel for both CGW and MSGW sessions ilink 2.0 will be decommissioned at the end of the parallel period Drop Copy will support both ilink 3.0 and ilink 2.0 source sessions Drop Copy applications must support both ilink 3.0 and ilink 2.0 on Day 1 30

31 ilink 3.0 Target Timeline Message Specification Available New Release Q Two phases: Production 2H 2018 Q Protocol, encoding, session model Q Customer-Driven Functionality Decommission legacy ilink 2.x Early

32 CME Globex Execution-Related Enhancements New tag to enhance straight through processing via a new common trade ID which traces each individual execution across CME Globex and through clearing ilink tag MDTradeEntryID MDP 3.0 tag MDTradeEntryID CME STP and CME STP FIX MDTradeEntryID Real-time trade price adjustments reported to participating traders and the market as a whole via ilink and MDP 3.0 messages Currently, trade price adjustments are only available via Clearing systems No certification required Documentation & New Release: available now Targeted Launch Q

33 Agenda Product Updates Globex Technology Changes Update on Risk Management - In-Line Credit Controls - New Cross Venue Risk - SMP Phase 3 Customer Tools & GUIs Partner Services Q&A 33

34 In-Line Credit Controls CME Globex Pre-trade Risk Management: A more granular type of pre-execution risk coverage than Globex Credit Controls (GC2), via CME Account Manager Daily maximum long & short position limits, per product, at the account level Limits set separately for future and option products No latency disadvantage - all Globex orders pass through ICC, regardless of whether the account is registered Functionality: Clearing Firm and Executing Firm Risk Admins may both register accounts & set respective limits on the same account, the most restrictive limits apply Excel upload feature for bulk account registration and limit setting Configurable alerts & Risk Admin dashboard for monitoring Historical account activity reporting to facilitate Risk Admin s limit setting Note: With the introduction of ICC, clients may see a microsecond-level change in order entry round trip times (RTT) during large market events. All ilink messaging is subject to ICC processing. Currently available in New Release; Production Launch: July CME Group. All rights reserved. 34

35 Cross Venue Risk The next stages of CME Account Manager risk management enhancements include several functions that can be categorized as Cross Venue Risk Cross Venue Risk functions will allow clearing firms to set a one stop, real time set of dollar based limits encompassing both OTC and exchange traded contracts at the account level via the CME Account Manager tool Functionalities: Account registration required by Clearing Firm or approved entity Risk Admins Dollar Value P&L Limits across Globex and ClearPort Credit based limits Net Liquidating value limits Configurable alerts and dashboard for monitoring Account grouping under a single P&L limit Optional Start of Day positions at the account level *Beta program availability in New Release by end of CME Group. All rights reserved. 35

36 Self-Match Prevention Current & Future SMP 1 & SMP 2 SMP Self Match Prevention 1 Prevent the matching of orders for accounts with common ownership using the same Globex Firm ID Self Match Prevention 2 Ability to dictate which order is cancelled in the event of SMP, resting or aggressing Self Match Prevention 3 Extend SMP functionality across multiple Globex Firm ID's within or across clearing firms. 36

37 Self Match Prevention Phase 3 Key Facts Self Match Prevention Identifier (SMP ID): Functionality remains optional and prevents one or more CME Globex Firm ID(s) from trading against its own opposite side order that contains the same Self Match Prevention Identifier (SMP ID) in tag Trading Engine treats all orders the same whether or not they contains an SMP ID. Customer Registration: Authorized users can request new or extend existing SMP IDs across multiple Globex Firm ID(s) within or across clearing firms via the Firm Administrator Dashboard. Customer Impacts: Market participants must complete the SMP ID registration form for each new or existing SMP ID in order to utilize this functionality. Orders will be rejected when unregistered SMPIDs are utilized in Tag

38 Self Match Prevention Phase 3 Key Customer Events and Dates Testing and Certification All customers and system providers can test SMP functionality in New Release environment before launch. Certification is not required for SMP Phase 3 functionality. Self Match Prevention Phase 3 Date New Release Launch Target July/August 2017 Production Launch Target September

39 Agenda Product Updates Globex Technology Changes Update on Risk Management Customer Tools & GUIs - CME Direct Releases - New FirmSoft - STP - DataMine Partner Services Q&A 39

40 CME Direct Futures, Options, OTC Markets on a Single Platform Real-time streaming quotes with market depth Multiple order types, including automated orders, order duration and order protection functions Fully integrated option analytics resources through QuikStrike, providing historical volatilities, heatmaps and scanning More Info: Globex RFQs, option strategy creation, including covered and multi-leg Real-time option volatility surfaces and option Greek calculations Straight Through Process (STP) to your risk system for both listed and OTC trades Excel macro and VBA integration 40

41 CME Direct Recent Release April 3 rd 2017 Customer feature rich release including: ( Contract Links - Creates an interactive menu for contracts and strategies in CME Direct. Displays a color notification for CME Globex, OTC and Staged contracts. Market Activity Events - Set a minimum quantity filter in the market activity view for Trades, Blocks, and Crosses. Message Blasting - Blast messages to a specific group, multiple groups, or multiple contacts. Customize Strike Increments - Customize the increment between strikes in an Option grid. Trade Pop Up Enhancements - The notifications are now more visible and display more of the information, such as Clearing Account and TON. In addition, users can choose a location for the notification, and all subsequent notifications will display in that location. 41

42 CME Direct Upcoming Release July 2017 Synthetic Iceberg Functionality Managed by CME Direct using native Globex orders Different order Id with each quantity refresh Ability to randomize visible quantity to further deter identification as an iceberg style order type Only available for Limit orders Vol Quoted Options Phase 2 CME Direct will calculate the deltas, greeks and market implied premiums Equities-style options grid Quickly create an options grid based on underlying futures contracts Grind will automatically load all option expirations based on that underlyer in term order GCC Alerting tool The GCC will be able to send alerts to all CME Direct users as needed Example: Limit Order to buy 100 CL at Set maximum disclosed quantity = 10 Set quantity difference percentage Quantity shown difference percentage Max Quantity Min Quantity 10% % %

43 New Look CME Direct Mobile View and cancel orders from desktop and your phone Monitor markets and your orders from anywhere Continuous market updates across all devices Trade across multiple clearing accounts 43

44 New FirmSoft Version Try the New FirmSoft Today A new, user-friendly version is now available at What s new? - Updated look-and-feel for easier navigation - New search and cancel by Market Segment Gateway ID functionality - Mobile-friendly access to features you need on-the-go - Permissioning migrated to the consolidated User Administration tool The current FirmSoft will be decommissioned at a later date, but both versions are available in tandem for now. For more information, contact your Global Account Manager. 44

45 Benefits of CME STP Capture your Cleared Trades Data directly into your risk system Direct feed, at no cost, from Exchange to customers Customers do not have to rely on FCM for data, one source for all exchange transactions STP for all cleared trades regardless of venue, exchange, front-end system Single Sign on with CME Group Login Extend error checking to the Front Office trader has ability to review STP trades in real time Available in FIX or FIXML format Reduces the time, cost, and risk associated with manually entry More Info: 45

46 CME STP Trade View Coming Soon View all CME Group, Bilateral and Cleared Elsewhere trades across all venues 46

47 CME DataMine Official source of the most comprehensive historical price information available for all CME Group markets. Data spanning back to the 1970s. Self-service cloud solution. Data is available as a one-time download or as an on-going subscription. 24/7 market data access to CME Bitcoin Reference Rate and Real Time Index. Market Depth Top of Book End of Day Time & Sales Bitcoin Block Trades 47

48 Agenda Product Updates Globex Technology Changes Update on Risk Management Customer Tools & GUIs Partner Services Q&A 48

49 Partnership Updates The Royal Mint The Royal Mint and CME Group are collaborating to create the first ever digitized gold contract; Royal Mint Gold (RMG) is a cryptographically secure alternative to buying, holding or selling spot gold Crypto Facilities CME Group Bitcoin Spot Real Time Index (BRTI) and daily Bitcoin Reference Rate (BRR) are available to customers either via MDP Market Data or Datamine for customers wanting 24x7 access to the data Dubai Mercantile Exchange DME announced a 20% increase in physical delivery volumes year-on-year, as well as an ADV increase of 19% in started with a new Open Interest record (40,505) for Oman Crude Oil following January activity Eris Exchange Summer 2017, Eris will migrate to Streamlined SBE, and Theoretical Updates for Book processing, New Daily Statistics, Reference Data and Expansion of Instruments will be announced Bursa Malaysia Derivatives The 2016 average daily volume (ADV) reached 57,829, up 1.2% year-on-year. February 2017 ADV was 73,539 which is an all-time monthly record and a new single-day record volume of 115,252 was achieved on February 23,

50 Reference of Important Dates Topic Date Market by Order (MBO) CME DCM rollout May Triangulation - Japanese Yen, British Pound, and Swiss Franc 21-May CME Commodity Options - New MSGW and DC Ips, new source IP for MDP3, and new config.xml files 21-May CBOT Interest Rate Options - New Source IP and new config.xml files 21-May Convenience Gateway (CGW) Hardware Upgrade June CME Direct Release July CGW Upgrade - Last day to register for Optional Migration 3-June CME FX Futures - New MSGW and DC Ips, new source IP for MDP3, and new config.xml files 4-June Market by Order Market Hosted Exchange rollout 4-June CGW Upgrade - Customer mock and optional migration 17 & 18 June Triangulation - CME Canadian Dollar and EuroFX 18-June CGW Upgrade - Customer mock and mandatory migration 24 & 25 June CBOT Equity Futures and Options - New MSGW and DC Ips, new source IP for MDP3, and new config.xml files 25-June Convenience Gateway Upgrade fault tolerance change Q4 Common trade ID launch Q3 In-line Credit Control (ICC) July Self match prevention phase 3 New Release July Self match prevention phase 3 Production Launch Sept CME Globex API logon authentication new release late Q3 CGW Upgrade - Fault tolerance change Q4 Cross Venue Risk tool beta program new release Q4 CME Globex API logon authentication production launch Jan 2018 ilink 3.0 new release phase 1 - protocol, encoding, and session model Q ilink 3.0 new release phase 2 - customer-driven functionality Q ilink 3.0 production 2nd half

51 Q&A? 51