The CME Group has issued an advisory notice, effective February 6, related to the “proper procedures” for both open outcry and electronic markets to handle simultaneous buy and sell orders for different beneficial owners (these are different than the requirements for pre-execution communications which are governed by CME Group Rule 539; click here to access). In general, in the open outcry market, a floor broker must simultaneously bid and offer the prices three times in a manner that is transparent to the trading pit. Afterwards, the floor broker may match the orders in the presence of a floor operations member. Where a trader accessing an electronic platform has discretion over two accounts with different beneficial owners and seeks to enter offsetting orders, the trader must first expose the buy or sell order for a minimum of five seconds, if a futures order, or 15 seconds, if an options order. Afterwards the opposite order may be entered.