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October 08, 2004
Harmonization of Customer Type Indicators
The Joint Compliance Committee ("JCC") was formed in May 1989. The JCC is a committee comprised of senior compliance officials from all of the domestic futures exchanges and the NFA, formed to foster improvements and uniformity in their systems and procedures used for trade practice compliance.
Recently, as several U.S. Futures Exchanges have begun to independently redefine Customer Type Indicators ("CTI") Codes and industry members have begun to utilize multiple electronic trading systems, the JCC determined that now may be the right time to create harmonized CTI Codes across all U.S. Futures markets.
The JCC agreed upon the following definitions for CTI Codes on all U.S. Futures Exchanges for both open outcry and electronic trading:
CTI 2- Transactions executed for the proprietary account of a clearing member or non-clearing member firm.
CTI 3- Transactions where an individual member or authorized trader executes for the personal account of another individual member, for an account the other individual member controls or for an account in which the other individual member has ownership or financial interest.
CTI 4- Any transaction not meeting the definition of CTI 1, 2 or 3. (These should be non-member customer transactions).
2.) CTI 1 will now include all trades that are for the accounts of individual members in which the individual member owns or controls. (Previously some new electronic markets did not include accounts controlled by the individual member under CTI 1).
3.) It is under consideration that CTI 5 transactions on NYBOT could be rolled into CTI 3 in an attempt to be consistent with the definition on other markets and therefore create four harmonized CTI Codes on all U.S. Futures Exchanges.
When will these changes go into effect?
What are the benefits to the end user?
If you have any questions, please contact Edward Dasso, Senior Manager, at firstname.lastname@example.org or (312) 658-6551 or Yvonne Downs, Senior Vice President, at email@example.com or (312) 781-1210.