Average Price System

Average Price System ( APS)
CME Rule 553 enables clearing firms, in defined circumstances, to confirm average prices when multiple prices are received on the execution of an order or a series of orders ("series averaging") during a single trading session. The APS is the vehicle through which the exchange computes an average price. Firms then allocate such trades (at the average price) to the carrying firm( s) or may sub-allocate those trades to customer accounts on their books. Chicago Mercantile Exchange Glossary

Financial and business terms. 2012.

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