FAQ: Crossing Agricultural Products on CME Globex

Crossing on CME Globex will be available for Agricultural products on CME Globex effective January 8, 2018.


What is a Request for Quote (RFQ)?

An RFQ is an electronic notification that expresses interest in a specific strategy or instrument which is sent to the market place and can be seen by all ISV’s that are configured to receive RFQ messages. It is automatically disseminated to the marketplace when a user creates an RFQ request. Just like all trading activity on the CME Globex central limit order book, the RFQ market is completely anonymous.


How Do I See a Request for Quote Message (RFQ)?

An RFQ is sent in the same fashion as other market data information allowing ISVs the ability to notify market participants of the request. 


Does a Cross on CME Globex Receive Priority when Entered into the Central Limit Order Book?

No, the best bids or offers existing on CME Globex in relation to the cross price are executed before a cross can occur. If a cross price is entered at the same price as an existing CME Globex price, the existing CME Globex market is filled first, then the balance of the cross order is executed. 


Am I Guaranteed a Fill on my Order when Executing an R-Cross?

No, an R-Cross interacts with the central limit order book. If a cross is not better than the current best bid or offer on CME Globex when submitted, the non-aggressing side (side of trade that is not crossing the bid/ask spread) will get the balance of the cross after all equal or better prices on CME Globex orders are filled.


Are there special recordkeeping requirements for entering orders into CME Globex via R-Cross protocol?

No.


Are Brokers Used to Execute an R- Cross?

R-Cross must be entered into Globex by one party which typically leads to the need for a broker for execution due to trading rules when executing on behalf of another Globex participant.


If a Broker Would Like to engage in pre-execution communications Do They Need Permission from the Customer?

Yes, the broker must have client  permission to engage in pre-execution communications on their behalf.


What is a G-Cross?

Please see the information in the current Market Regulation Advisory Notice concerning pre-execution communications for more information.

View rulebook.

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