7 unchanged sentences
CME Clearing House
−Removed: Our clearing house acts as the counterparty to all trades consummated on our exchanges as well as through third-party exchanges and swaps markets for which we provide clearing services.
+Added: Our clearing house acts as the counterparty to all trades consummated on our exchange as well as through third-party exchanges and swaps markets for which we provide clearing services.
As a result, we are exposed to significant credit risk of third parties, including clearing firms.
13 unchanged sentences
We maintain two separate financial safeguard packages:
−Removed: • a financial safeguard package for all futures, options and over-the-counter swap contracts other than cleared interest rate swap contracts (base package);
+Added: • a financial safeguard package for all futures, options and OTC swap contracts other than cleared interest rate swap contracts (base package);
• a financial safeguard package for cleared interest rate swap contracts.
44 unchanged sentences
Transactions with clearing house members are typically confirmed and novated shortly after execution, at which point the clearing house assumes the risk of settlement.
−Removed: For transactions with counterparties that are not members of the third-party clearing house, settlement typically occurs on the day following execution and, prior to settlement, BrokerTec Americas is exposed to the risk of loss in the event a counterparty fails to meet its obligations.
+Added: For transactions with counterparties that are not members of the third-party clearing house, settlement typically occurs on the day following execution and, prior to settlement, BrokerTec Americas is exposed to the risk of loss in the event a
+Added: counterparty fails to meet its obligations.
If that were to occur, BrokerTec Americas would have the right to cover or liquidate the open position but could incur a loss as a result of market movements.
+Added: At December 31, 2023, we had a receivable from counterparties and payable to counterparties of $714.9 million and $708.9 million, respectively.
+Added: These receivables and payables were settled within two business days following December 31, 2023.
+Added: The counterparty receivables and payables are recognized within other current assets and other current liabilities, respectively.
Foreign Currency Exchange Rate Risk
19 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.