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  ELX Delivery Process  
ELX US Treasury Futures require physical delivery of securities between owners of short and long positions at contract expiration. ELX rules specify that securities to be delivered must be of “deliverable grade” under the contract specifications, which vary by product.

Procedures for making and taking delivery on ELX products are established by the exchange and carried out according to the rules and regulations of the exchange’s clearing partner – Options Clearing Corporation.   Click here for OCC information notices associated to ELX deliveries.

Delivery against ELX contracts is a three-day process subject to timelines specified in OCC regulations, as summarized in the ELX Delivery Timetable.  The days are defined as Intention, Notice, and Delivery, as defined in the rules and regulations of the OCC, and summarized in the Delivery Timetable.

Beginning with the second business day prior to the first Delivery Day of the Delivery Month (First Position Day), Clearing Firms are required to provide OCC with all open long positions, including trade date and whether the trade is in-house or for a customer (as well as the number of accounts linked to these positions.) The Clearing Firms are required to continue reporting these positions on a daily basis throughout the Delivery Month.

The account maintaining a short position drives the delivery process. The owner of a short position may notify the OCC at any time from first Position Day through the last Intention Day of its desire to deliver securities against the short position. OCC will then match long position holders against short positions for which it has received intention to deliver, and inform both the short and long that they have been matched for delivery.

The owner of the short position then sends an invoice to the owner of the matched long position indicating the security being delivered and other information as specified in OCC Rules and Regulations. The owner of the short position determines what specific security will be delivered in accordance with what constitutes deliverable grade securities under the Contract Specifications.

Note again that Position, Intention, Notice and Delivery must all be done according to the specific timeline delineated in the rules and regulations, and summarized in the Delivery Timetable.