Futures

Minneapolis Grain Exchange (“MGEX”) will participate in the industry-wide Futures Industry Association (“FIA”) sponsored Disaster Recovery (“DR”) test on Saturday, October 5, 2024. All MGEX Clearing Members approved to clear Bitnomial Exchange (“Bitnomial”) contracts are required to participate in the test as described below, including entering trades on both Bitnomial Exchange and the MGEX Clearing System (MCS), as well as retrieving the corresponding TREX files and sending confirmation to MGEX. Please note that these testing requirements are in addition to those described in the MGEX Trade Entry Scripts memo; firms that clear both MGEX and Bitnomial must complete both the MGEX and Bitnomial trade entry requirements. Failure to fully participate will result in disciplinary action. In addition, please note that while you may work with a technology provider or other firms to complete the required test components, each Clearing Member will remain ultimately responsible for its own success or failure.

Clearing Members must complete the following four test components during the DR test:

1. Trade Entry – Bitnomial Exchange

All Clearing Members approved for Bitnomial must enter trades on Bitnomial Exchange. On the day of the test, Bitnomial Exchange will be available in a Pre-Open state at approximately 7:30 am (CDT) and will be moved to an open state at approximately 8:00 am (CDT). Bitnomial will provide updates as to exact Pre-Open and open times via the FIA conference bridge available.

All MGEX cleared products (ticker symbol shown below) will be available on Bitnomial Exchange
for the FIA DR test:
Bitcoin US Dollar Futures (BUS)
Deci Bitcoin US Dollar Futures (BUI)
Hashrate US Dollar Petahash Future (HUP)
Bitcoin Options (BUSO)

Bids and offers should be entered in MGEX cleared products (i.e.(BUS, BUI, HUP, BUSO)) at the previous day’s settlement price (this will ensure your trade matches with other participants). In order to complete this part of the test process, Clearing Members must ensure they have matched trades on Bitnomial Exchange.

Bitcoin US Dollar Futures (BUS) i.e. BUSZ4
Deci Bitcoin US Dollar Futures (BUI) i.e. BUIZ4
Hashrate US Dollar Petahesh Futures (HUP) ie. HUPX4
Bitcoin US Dollar Options (BUSO) ie. BUSCX24

2. Trade Entry – Bitnomial TEMS

In addition to entering trades on Bitnomial Exchange, Clearing Members must enter a Transfer via MCS. Clearing Members should simply enter both sides of the transaction to ensure a successful match occurs in MCS for this portion of the test. 

Bitcoin US Dollar Futures (BUS) i.e. BUS 12 24 (commodity, month, year) 
Deci Bitcoin US Dollar Futures (BUI) i.e. BUI 12 24 (comm., month, year)
Hashrate US Dollar Petahesh Futures (HUP) ie. HUP 11 24 (comm, month, year)
Bitcoin US Dollar Options (BUSO) ie. BUSC, 11, 24, 60000 (Comm, month, year, Strike)

Clearing Members can use October 7th for the trade date.

3. Post Trade Documentation – MGEX Clearing TREX trade file

Trades entered into Bitnomial Exchange and MCS during the exercise will be processed by the MGEX Clearing House, and applicable Clearing Members must download the corresponding TREX trade file. Clearing Members will utilize the MGEX DR SFTP server to retrieve the TREX files. The trade file name will correspond with the new convention being used today, i.e. –TRXzz_BT_yyyymmdd.txt (where zz equates to the Clearing Firm code & yyyymmdd equals trade date).

4. Post Trade Documentation – Submit to MGEX

After completing the above steps, Clearing Members must submit the SFTP file available via the MGEX DR SFTP site to MGEX by emailing lhopkins@miaxglobal.com and jkrause@miaxglobal.com. Upon submitting such, MGEX staff will inform the Clearing Member whether they have successfully completed the FIA DR test for MGEX or if further action is required.

MGEX Testing Contacts

Should you have any questions concerning any memo or testing requirements with MGEX, please contact Lindsay Hopkins: 612-321-7143 lhopkins@miaxglobal.com

On the test day, please contact the MGEX Clearing House at 612-321-7146 or MGEXClearingOperations@MIAXGlobal.com if you have any questions concerning the test or participation with MGEX. MGEX staff will be monitoring the FIA Conference Bridge phone for any inquiries. For pre-test, technical, or connectivity assistance please contact the following:

Ben Lundgren (612) 321-7178 blundgren@miaxglobal.com
Todd Posthuma (612) 321-7132 tposthuma@miaxglobal.com

For more information, please contact MGEX Clearing Operations at MGEXClearingOperations@miaxglobal.com or (612) 321-7146.

To add MGEX Alerts to your current e-mail subscriptions, revise your current MIAX Exchange Group e-mail subscriptions or to register a new e-mail address, visit MIAX Email Subscriptions.

To learn more about MGEX, please contact Futures@miaxglobal.com.