To protect CME Group markets and systems from potentially detrimental behavior.
It is recommended that trading entities properly monitor administrative and business level reject messages to ensure that order entry systems have proper order reject handling capabilities. It should be noted however that CME Group expects electronic activity to be monitored at all times.
If the GCC detects behavior, either iLink or Network based, that may be potentially detrimental to CME Group Globex markets or systems, and this behavior is not corrected in a timely manner, the GCC will take action by either closing the port for the applicable iLink session, or blocking problematic IP ranges. Please note, all such actions are subject to regulatory review.
Firms will incur a $1,000 port closure maintenance fee, per session (up to $10,000 per event) for behavior which results in the closure of an iLink session ports, or IP range blockage by CME Group.
The CME clearing firm associated with the iLink session causing the detrimental behavior is assessed the $1,000 per session (up to $10,000 per event) port closure fee. This charge will appear as “Port Closure Fee” on CME clearing firm’s monthly statements under the Description column.
CME Group will consider waiver requests if non-repeat customers can demonstrate real-time monitoring and prompt corrective measures have been implemented.
Yes, an iLink session’s port will be closed regardless of whether there are working orders or not.
All day orders will be cancelled if tag 49, SenderCompID, has been enabled with Cancel on Disconnect.
After the execution of a port closure or IP range blockage, trading entities that do not employ the COD functionality will have the ability to cancel working orders by using Kill Switch, FirmSoft, or by having a registered contact call GCC.
The GCC may take immediate action in addressing potentially detrimental behavior.
iLink session ports will be reopened only if GCC determines the detrimental behavior has been corrected. The GCC will require a written explanation ensuring the customer has complete understanding of the system failure. In addition to the explanation, the GCC will require detailed information as to what mitigating and programmatic steps the customer will put in place to ensure the offending activity does not occur again.
Only registered Clearing firm or Risk administrators have the authority to request the reopening of an iLink session port.
Clearing firm primary or secondary administrators should contact the GCC in U.S. at +1 800 438 8616, in Europe at +44 20 7623 4747 or in Asia at +65 6532 5010 and choose option 3.
The process usually takes the GCC 5 to 15 minutes.
Global Account Management (GAM)
U.S.: +1 312 634 8700
Europe: +44 20 3379 3754
Asia: +65 6593 5505
Certification Support for Electronic Trading (CSET)
U.S.: +1 312 930 2322
Europe: +44 20 3379 3803
Asia: +65 6593 5593