In the CME handbook:
B538. EXCHANGE FOR RELATED POSITIONS An Exchange for Related Position (“EFRP”) transaction involves a privately negotiated offexchange execution of an Exchange futures or options contract and, on the opposite side of the market, the simultaneous execution of an equivalent quantity of the cash product, by-product, related product, or OTC derivative instrument corresponding to the asset underlying the Exchange contract. The following types of EFRP transactions are permitted to be executed outside of the Exchange’s centralized market in accordance with the requirements of this rule: Exchange of Futures for Physical (“EFP”) – the simultaneous execution of an Exchange futures contract and a corresponding physical transaction or a forward contract on a physical transaction. Exchange of Futures for Risk (“EFR”) – the simultaneous execution of an Exchange futures contract and a corresponding OTC swap or other OTC derivative transaction. Exchange of Option for Option (“EOO”) – the simultaneous execution of an Exchange option contract and a corresponding transaction in an OTC option. For purposes of this rule, EFPs, EFRs and EOOs shall collectively be referred to as EFRP transactions.
Use to use this before Forex was an option, put on a protective stop on cash market for currency futures when markets back early 1990s then were not 24 hours and this was off-exchange execution, but wonder if this can be done for ES?
