“In order to enhance the risk management tools available to clearing firms utilizing CME Globex®, CME Group (on behalf of CME/CBOT/NYMEX/COMEX) rolled out enhanced Globex Credit Control functionality, commonly referred to as “GC²”, in May 2009. The purpose of GC² is to provide clearing firms with an additional, backstop risk management tool that allows for flexible administration of limits on the accumulation of daily exposure on CME Globex. GC² was initially made available to clearing firms on a voluntary basis. Effective June 25, 2010, it will be mandatory that clearing members employ GC² credit control functionality on every one of their Globex Execution Firms per the phased schedule noted below.
Clearing Members shall comply with all credit control policies developed by the Exchange for customer and proprietary transactions. Such credit control policies may include, but not be limited to, registration of credit control administrators with the Exchange, definition of credit control limits, and maintenance of written procedures verifying compliance with Exchange credit control requirements. For general reference purposes, credit control functionality that may be developed for Globex is a system or service pursuant to Rule 578.”
source: Clearing House Advisory 10-153