Thursday, February 5, 2015


Please read the following communications distributed to members today.
 
CME
 
2/4/2015­­
 
 
To Our Members,
 
This afternoon, CME Group announced that we will be closing most open outcry futures pits in Chicago and New York by July 2.  The S&P 500 Standard Futures pit, which continues to provide an important venue for trading the underlying futures contract for the S&P 500 options on futures contract, will remain open, as will all options pits in both locations except for the DJIA ($10) and NASDAQ 100 options markets.
 
With the exception of the S&P 500 futures and options on futures markets which will remain open beyond July, equity index futures pits and the DJIA ($10) and NASDAQ-100 options pits will close following the expiration of the June 2015 contract on June 19, 2015. All other futures pits will close on July 2.  In addition, in Chicago, all options pits will be located on a single floor in the company’s Financial Room by September, and the Denali order routing and Galax-C handheld trading systems will be decommissioned by July.
 
We have always been committed to maintaining an efficient marketplace for our global customer base.  And, unlike our competitors, we have provided a choice of venue by supporting open outcry trading for many years, allowing market participants to adapt as volume shifted to the screen.  However, open outcry futures volume has decreased by 75 percent since 2008, and now accounts for just one percent of our overall futures volume.  On the options side, we still see active trading on both the floor and the screen, and we will continue to keep those open outcry markets open as long as our customer base continues to show a viable preference for using both venues.
 
More information is provided in the attached news release, and we also want to take the opportunity to meet with you and answer your questions at members’ meetings in the coming days.  We understand that this is somewhat short notice of the meeting dates, but we want to make sure we answer your questions and discuss transition plans in person as quickly as possible.  The members’ meetings are limited to current member owners and will be held as follows:
 
  • Chicago, Friday, February 6, 2015
    W Chicago City Center, Great Room I, 172 West Adams Street
    Registration begins at 2:45 p.m.  Meeting begins promptly at 3:30 p.m. CT
    Member owners must bring photo ID to gain admittance.

  • New York, Wednesday, February 11, 2015
    Conrad Hotel Battery Park, West Ballroom, 102 North End Avenue
    Registration begins at 2:30 p.m.  Meeting begins promptly at 3:00 p.m.  ET
    Member owners must bring photo ID to gain admittance.
We look forward to meeting with you and talking further about this transition for our markets.
Sincerely,
 
 
****************************************************************************
 
 

MEMBER MEETING FREQUENTLY ASKED QUESTIONS
 
 
UPDATED FEBRUARY 5, 2015
This member meeting FAQ has been updated to reflect the fact that individual lessees are now able to attend member meetings held on February 6 in Chicago and February 11 in New York.
Who may attend the meeting?
 
Individual owners and individual lessees of a CME, CBOT, NYMEX or COMEX membership.
 
 
 All individual owners and individual lessees must show a photo ID when registering at the meeting. This information will be used to confirm evidence of ownership/individual lessee status prior to admittance. Attendees will be admitted on a first come, first served basis. A block of seats will be reserved for member owners.
 CME Group may deny admission to the meeting of any individual who CME Group believes will significantly impair CME Group’s ability to conduct the meeting or may endanger other attendees.
 Any attempt to disrupt or interfere with the meeting or engage in conduct that could endanger other attendees will be cause for removal from the meeting.
 
Will this be the only communication on the floor transition? What if I can’t attend?
 
CME Group will continue to communicate with the entire membership community throughout this transition through both written communication and standard pit community meetings.
 
 
How can owner firms attend the meeting?
 
Firms that are owners of a CME, CBOT, NYMEX or COMEX membership can request in writing that one representative attend the meeting to represent their firm.
Firms must email membership@cmegroup.com by 9am on Friday, February 6 for the Chicago meeting and 5pm on Monday, February 9 for the New York meeting.
 
 
 Only representatives submitted by this deadline will be admitted to the meeting. Individuals on a firm assigned lease will not be admitted unless they have been designated as the firm representative.
 All representatives must also show a photo ID when registering to attend the meeting.
 CME Group may deny admission to the meeting of any individual who CME Group believes will significantly impair CME Group’s ability to conduct the meeting or may endanger other attendees.
 Any attempt to disrupt or interfere with the meeting or engage in conduct that could endanger other attendees will be cause for removal from the meeting.
 
Will I be able to gain entry to the meeting after it begins?
 
No. For the Chicago meeting, registration will begin at 2:45 p.m. on Friday, February 6, and the meeting will begin promptly at 3:30 p.m. No one will be admitted after 3:30 p.m.
 
 
 In New York, registration will begin at 2:30 p.m. on Wednesday, February 11, and the meeting will begin promptly at 3:00 p.m. No one will be admitted after 3:00 p.m.
 
RULES OF CONDUCT
 
 
Please observe the following rules of conduct at our member meetings so that we may have an orderly meeting and facilitate comments and questions.
 
 
Who may address the meeting?
 
Only individuals who have been recognized by the Executive Chairman and President may address the meeting.
 
 
 The meeting is not to be used as a forum to present general economic, political or other views that are not directly related to the topic being discussed. Derogatory personal references, comments that are in bad faith, and comments or other conduct that is disruptive to the meeting will not be permitted and will be a basis for removal from the meeting.
 
How do I raise a question or comment?
 
If you wish to address the meeting, please raise your hand and a microphone will be brought to you. Please wait to be recognized by the Executive Chairman and President. Our goal is to accommodate all that would like to speak at the meeting.
 
 
 Questions and comments should be pertinent and as brief as possible (and in any event, not more than two minutes), so that other attendees may have an opportunity to participate. The Executive Chairman and President may limit questions and comments regarding matters that have already been discussed, that relate to a personal concern or that are otherwise not appropriate for discussion at the meeting.
 
What other rules of conduct will be observed?
 
Appropriate dress is required.
 
 
 No banners, placards or signs are permitted in the meeting.
 All briefcases, backpacks and other carryalls are subject to search. Other than that provided by CME Group, no food or beverage is allowed in the meeting.
 Please turn off or silence all cell phones, smartphones and other electronic devices.
 
Photographing or audio/video recording any portion of the meeting, CME Group representatives, or other meeting attendees is prohibited. Persons deemed to be violating these rules may be removed, and the photo or recording may be confiscated. CME Group owns all rights to any photographs and audio/video recordings of the meeting. Any rebroadcast, retransmission, or other audio/video distribution of the meeting without the express written consent of CME Group is prohibited.
 
 
These rules of conduct are intended to benefit all attendees. The Executive Chairman and President has sole authority to preside over the meeting and make any and all determinations regarding the conduct of the meeting, including the administration and interpretation of these rules of conduct. Any action taken by the Executive Chairman and President at the meeting will be final, conclusive and binding on all persons. Any person who refuses to comply with these rules of conduct may be removed.
 
We thank you for your consideration.
 

Monday, January 12, 2015

Fun with unbalanced (skewed) condors (reader submission)



Start




Graph



Over lap,  forming center butterfly-offing risk, close wing,   long otm,  vertical close.
 
(as per conversation)




ISIS COLLAR


 
 
 
Count from bottom up!



SymbolQuantityPriceActionNameUSTradeDateSettledDateInterestAmountCommissionFeesCUSIPDescriptionActionIdTradeNumberRecordTypeTaxLotNumber
ISIS FEB 20 2015 85.00 P-515Sell To Close1/8/20151/9/201507494.33-5.67-0.174643309NHPSOLD TO CLOSE 5 CONTRACTS OF OPTION ISIS FEB 20 2015 85.00 P AT $15.00493Trade20150108XECBB81
ISIS JAN 17 2015 67.00 P-20.9Sell To Close1/8/20151/9/20150175.39-4.61-0.014643300MPPSOLD TO CLOSE 2 CONTRACTS OF OPTION ISIS JAN 17 2015 67.00 P AT $0.90499Trade20150108XAB3BE5
ISIS-200 70.7281 Sell1/8/20151/13/2015014141.3-4.32-0.324.64E+08SOLD 200 SHARES OF ISIS AT $70.7281130Trade20150108XCA3266
ISIS JAN 17 2015 70.00 C22.9Buy To Close1/8/20151/9/20150-584.6-4.604643305ASCBOUGHT TO CLOSE 2 CONTRACTS OF OPTION ISIS JAN 17 2015 70.00 C AT $2.90470Trade20150108XVC92F3Collar 
ISIS FEB 20 2015 85.00 P516.5Buy To Open1/8/20151/9/20150-8255.5-5.504643309NHPBOUGHT TO OPEN 5 CONTRACTS OF OPTION ISIS FEB 20 2015 85.00 P AT $16.50460Trade20150108XNBB355Close
ISIS JAN 17 2015 70.00 C-21.87Sell To Open1/7/20151/8/20150369.39-4.61-0.014643305ASCSOLD TO OPEN 2 CONTRACTS OF OPTION ISIS JAN 17 2015 70.00 C AT $1.87489Trade20150107XKAABAC
ISIS JAN 17 2015 61.50 P-170.5Sell To Close1/7/20151/8/20150840.88-9.12-0.02464330HMJPSOLD TO CLOSE 17 CONTRACTS OF OPTION ISIS JAN 17 2015 61.50 P AT $0.50498Trade20150107XBC416D
ISIS JAN 17 2015 62.00 P-10.64Sell To Close1/7/20151/8/2015059.69-4.31-0.01464330BMKPSOLD TO CLOSE 1 CONTRACTS OF OPTION ISIS JAN 17 2015 62.00 P AT $0.64499Trade20150107XSAADE6
ISIS -1600 68.1409 Sell1/7/20151/12/20150109019-6.41-2.414.64E+08SOLD 1600 SHARES OF ISIS AT $68.1409133Trade20150107XAC088B
ISIS JAN 17 2015 63.50 C175.8Buy To Close1/7/20151/8/20150-9869.1-9.10464330DALCBOUGHT TO CLOSE 17 CONTRACTS OF OPTION ISIS JAN 17 2015 63.50 C AT $5.80470Trade20150107XWA3FE0
ISIS JAN 17 2015 67.00 P22.2Buy To Open1/7/20151/8/20150-444.6-4.604643300MPPBOUGHT TO OPEN 2 CONTRACTS OF OPTION ISIS JAN 17 2015 67.00 P AT $2.20460Trade20150107XDAEE1B
ISIS JAN 17 2015 65.00 C14.7Buy To Close1/7/20151/8/20150-474.3-4.304643307ANCBOUGHT TO CLOSE 1 CONTRACTS OF OPTION ISIS JAN 17 2015 65.00 C AT $4.70470Trade20150107XSCF63A
ISIS-32568.3489Sell1/7/20151/12/2015022208.89-4.5-0.54.64E+08SOLD 325 SHARES OF ISIS AT $68.3489139Trade20150107XFCB5BF
ISIS-2568.19Sell1/7/20151/12/201501700.71-4.04-0.044.64E+08SOLD 25 SHARES OF ISIS AT $68.19131Trade20150107XEDA1AD
ISIS-5066.39Sell1/6/20151/9/201503315.42-4.08-0.084.64E+08SOLD 50 SHARES OF ISIS AT $66.39132Trade20150106XFDBD82
ISIS-6966.1Sell1/6/20151/9/201504556.79-4.11-0.114.64E+08SOLD 69 SHARES OF ISIS AT $66.10139Trade20150106XXA42BF
-469 67.25723 SOLD
ISIS366.01Buy1/6/20151/9/20150-202.03-404.64E+08BOUGHT 3 SHARES OF ISIS AT $66.0113Trade20150106XHCD044
ISIS6566.06Buy1/6/20151/9/20150-4297.9-404.64E+08BOUGHT 65 SHARES OF ISIS AT $66.0610Trade20150106XEA07EE
ISIS10066.21Buy1/6/20151/9/20150-6625-404.64E+08BOUGHT 100 SHARES OF ISIS AT $66.2110Trade20150106XEA0678
ISIS10066.4099Buy1/6/20151/9/20150-6644.99-404.64E+08BOUGHT 100 SHARES OF ISIS AT $66.409919Trade20150106XHCCEC4
ISIS10067.32Buy1/6/20151/9/20150-6736-404.64E+08BOUGHT 100 SHARES OF ISIS AT $67.3210Trade20150106XTB2A94
ISIS10067.42Buy1/6/20151/9/20150-6746-404.64E+08BOUGHT 100 SHARES OF ISIS AT $67.4210Trade20150106XHD8BB3
468 66.57165 BOT
ISIS JAN 17 2015 55.00 P180.2Buy To Close1/5/20151/6/20150-369.4-9.404643305MDPBOUGHT TO CLOSE 18 CONTRACTS OF OPTION ISIS JAN 17 2015 55.00 P AT $0.20470Trade20150105XZBE2F3
ISIS-2567.99Sell1/5/20151/8/201501695.71-4.04-0.044.64E+08SOLD 25 SHARES OF ISIS AT $67.99131Trade20150105XCAF926Scalp 
ISIS-2567.59Sell1/5/20151/8/201501685.71-4.04-0.044.64E+08SOLD 25 SHARES OF ISIS AT $67.59131Trade20150105XNCD44F
ISIS-2567.24Sell1/5/20151/8/201501676.96-4.04-0.044.64E+08SOLD 25 SHARES OF ISIS AT $67.24136Trade20150105XCAF920
ISIS-2564.29Sell1/5/20151/8/201501603.21-4.04-0.044.64E+08SOLD 25 SHARES OF ISIS AT $64.29131Trade20150105XND09A5
ISIS10062.71Buy12/29/20141/2/20150-6275-404.64E+08BOUGHT 100 SHARES OF ISIS AT $62.7110Trade20141229XAA2B55
ISIS JAN 17 2015 63.50 C-172.9Sell To Open12/24/201412/26/201404920.79-9.21-0.11464330DALCSOLD TO OPEN 17 CONTRACTS OF OPTION ISIS JAN 17 2015 63.50 C AT $2.90489Trade20141224XZDE9D3Collar
ISIS JAN 17 2015 55.00 P-171.6Sell To Open12/24/201412/26/201402710.83-9.17-0.074643305MDPSOLD TO OPEN 17 CONTRACTS OF OPTION ISIS JAN 17 2015 55.00 P AT $1.60483Trade20141224XRBE94C
ISIS JAN 17 2015 61.50 P174.5Buy To Open12/24/201412/26/20140-7659.1-9.10464330HMJPBOUGHT TO OPEN 17 CONTRACTS OF OPTION ISIS JAN 17 2015 61.50 P AT $4.50460Trade20141224XFB96F5
ISIS30060.21Buy12/23/201412/29/20140-18067-404.64E+08BOUGHT 300 SHARES OF ISIS AT $60.2110Trade20141223XLBB4B8
ISIS30060.51Buy12/23/201412/29/20140-18157-404.64E+08BOUGHT 300 SHARES OF ISIS AT $60.5110Trade20141223XZB815D
ISIS10060.51Buy12/23/201412/29/20140-6055-404.64E+08BOUGHT 100 SHARES OF ISIS AT $60.5110Trade20141223XLA94C3
ISIS20060.31Buy12/23/201412/29/20140-12066-404.64E+08BOUGHT 200 SHARES OF ISIS AT $60.3110Trade20141223XDDA65B
ISIS10060.81Buy12/23/201412/29/20140-6085-404.64E+08BOUGHT 100 SHARES OF ISIS AT $60.8110Trade20141223XDC01FF
ISIS10060.71Buy12/23/201412/29/20140-6075-404.64E+08BOUGHT 100 SHARES OF ISIS AT $60.7110Trade20141223XABABAF
ISIS9861.1049Buy12/23/201412/29/20140-5992.28-404.64E+08BOUGHT 98 SHARES OF ISIS AT $61.104918Trade20141223XDC01E0
ISIS161.11Buy12/23/201412/29/20140-65.11-404.64E+08BOUGHT 1 SHARES OF ISIS AT $61.1111Trade20141223XCC0B59
1199 60.65936 BOT
ISIS JAN 17 2015 55.00 P-11.07Sell To Open12/22/201412/23/20140102.69-4.31-0.014643305MDPSOLD TO OPEN 1 CONTRACTS OF OPTION ISIS JAN 17 2015 55.00 P AT $1.07489Trade20141222XMA7C79Collar
ISIS JAN 17 2015 65.00 C-13.14Sell To Open12/22/201412/23/20140309.69-4.31-0.014643307ANCSOLD TO OPEN 1 CONTRACTS OF OPTION ISIS JAN 17 2015 65.00 C AT $3.14489Trade20141222XYC6865
ISIS JAN 17 2015 62.00 P13.5Buy To Open12/22/201412/23/20140-354.3-4.30464330BMKPBOUGHT TO OPEN 1 CONTRACTS OF OPTION ISIS JAN 17 2015 62.00 P AT $3.50460Trade20141222XEB82B0
ISIS161.51BOT12/22/201412/26/20140-65.51-404.64E+08BOUGHT 1 SHARES OF ISIS AT $61.5111Trade20141222XRBD863
ISIS-10065.49Sell12/19/201412/24/201406544.85-4.15-0.154.64E+08SOLD 100 SHARES OF ISIS AT $65.49135Trade20141219XLDEC86
ISIS-10064.98Sell12/19/201412/24/201406493.85-4.15-0.154.64E+08SOLD 100 SHARES OF ISIS AT $64.98135Trade20141219XLCF1E9
ISIS-30064.462Sell12/19/201412/24/2014019334.15-4.45-0.454.64E+08SOLD 300 SHARES OF ISIS AT $64.462135Trade20141219XNC6A02
ISIS-20064.8415Sell12/19/201412/24/2014012964.01-4.29-0.294.64E+08SOLD 200 SHARES OF ISIS AT $64.8415131Trade20141219THB410B
-700 64.94338 SOLD
ISIS10061.31Buy12/19/201412/24/20140-6135-404.64E+08BOUGHT 100 SHARES OF ISIS AT $61.3110Trade20141219XQA55F6
ISIS20061.01Buy12/19/201412/24/20140-12206-404.64E+08BOUGHT 200 SHARES OF ISIS AT $61.0110Trade20141219XIC6E28
ISIS10061.51Buy12/19/201412/24/20140-6155-404.64E+08BOUGHT 100 SHARES OF ISIS AT $61.5110Trade20141219XID3A92
ISIS10061.71Buy12/19/201412/24/20140-6175-404.64E+08BOUGHT 100 SHARES OF ISIS AT $61.7110Trade20141219XIBCE07
ISIS10062.21Buy12/19/201412/24/20140-6225-404.64E+08BOUGHT 100 SHARES OF ISIS AT $62.2110Trade20141219XRAFBE3
ISIS10062.01Buy12/19/201412/24/20140-6205-404.64E+08BOUGHT 100 SHARES OF ISIS AT $62.0110Trade20141219XHA793E
ISIS10162.76Buy12/19/201412/24/20140-6342.76-404.64E+08BOUGHT 101 SHARES OF ISIS AT $62.7616Trade20141219XVCE913
801 61.78857 BOT