|Topics in this issue include:
|Critical System Updates|
Changes to Source IPs for the Market Data Platform
This Saturday, June 27, CME Group will be changing multicast source IPs. If a firewall or network device is configured with the source IP information, please correct your configuration to use the entire range of eligible addresses. Port and multicast addresses for each Market Data Platform channel is available in the config.xml file on ftp://ftp.cmegroup.com/, as outlined in the Core Functionality module of the FIX/FAST SDK.
If you have any questions or concerns, please contact your CME Globex Account Manager. If you experience any connectivity issues, please contact the CME Globex Control Center directly at 312.456.2391.
New FIX/FAST Template and ITC 2.1 Decommission
Effective this Sunday, June 28, 2009, a new template for the Market Data Incremental Refresh (tag 35-MsgType=X) will be published on the CME Group ftp site.
The new data blocks will be available in production only on two new Market Data Platform channels. These new channels will parallel channels 7, CME Equity futures, and 11, CME FX futures. The configuration information for these two new channels are:
The information for these new channels will not be available in the config.xml file.
The new data blocks in the X message are designed to facilitate the upcoming ITC 2.1 market data decommission by publishing the following information in FIX/FAST format:
Please note: CME Group recommends customer systems pull the templates from the CME Group ftp site every week, prior to Sunday start. More information on these changes to the Incremental Refresh messages, and the elimination of ITC 2.1, is available online.
Customers can also test these new data blocks and template for the enhanced Incremental Refresh messages in Certification, on a new Market Data Platform Channel:
This channel in certification publishes only the new data blocks; normal FIX/FAST market data is not available. Customers must access the new channels in production to receive the full complement of FIX/FAST market data, including the new data blocks.
iLink Infrastructure Changes and Performance Enhancements
CME Group is implementing an iLink infrastructure upgrade to the CME Globex electronic trading platform that will result in reduced message response times. Already among the fastest in the industry, this upgrade is expected to ultimately reduce average round trip times by 10%. As a result, bandwidth utilization is expected to increase by as much as 10%. This upgrade is designed to enhance our liquid, efficient and competitive marketplace for participants worldwide.
To reduce market risk, the upgrades will be phased in over 3 weekends, July 10 through July 24.
Please contact your CME Globex Account Manager with any questions; or the CME Globex Control Center at 312.456.2391.
Elimination of Exchange-Defined Options Strategies on CME Globex
To allow more time for trader education and systems’ readiness, CME Group has postponed the planned delisting of all options EDS until November 1, 2009.
CMEG currently prelists approximately 360,000 options spreads per week, known as Exchange-Defined Spreads (EDS). Less than 1% of the more than 360,000 EDS have activity. Due to customer and system provider demand, CMEG has chosen to remove all EDS and make all option strategies user defined. A User-Defined Spread (UDS) is an option spread that a trader creates by defining the spread's legs and ratios. CME Globex receives these legs and creates a tradable instrument that is disseminated to the entire market. If the created spread matches a known CMEG spread type (e.g., straddle), CME Globex will properly identify the spread as that type.
On July 12:
On November 1:
The following resources are available for UDS functionality:
This launch will also result in reduced message response times. Already among the fastest in the industry, this upgrade is expected to reduce response times by 20 - 40% for CBOT Equity futures, and 40-50% for CME Equity futures.
Please note: as a result of the reduced message response times, bandwidth utilization in these futures markets may ultimately increase by as much as 20%.
The messaging and functionality impacts are documented online in the Client Impact Assessment.
Please note: all Equity Good 'Till Cancel (GTC) and Good 'Till Date (GTD) orders will be deleted from CME Globex prior to the open on launch weekend.
We recommend all system providers supporting CBOT Equity futures test these changes thoroughly in New Release.
Options on 5-, 7-, 10- and 30-Year Interest Rate Swap Futures
Options on swap futures will be a valuable addition to the risk management toolbox, providing market participants an effective vehicle for hedging medium and long term interest rate exposure and backed by the proven strength of CME Clearing. Options on 5-, 7-, 10- and 30-Year Swap futures will replicate the European-style convention of over the counter (OTC) swap options, with exercise taking place only at expiration, providing market participants with a familiar tool that has the added benefits of central counterparty clearing. More information is available online.
These options will be available in New Release for customer testing Monday, June 29.
European Union Allowance and Certified Emission Reduction Futures
In the European Union, large emitters of carbon dioxide are required to monitor their CO2 emissions and report them to their government. They receive a predetermined number of allowances that corresponds to their level of emissions. If they have more allowances than they need for compliance, they can sell those in a secondary market like the one this EUA product offers or bank them for future compliance purposes. CERs are emission reduction credits issued by the Clean Development Mechanism Executive Board that was established with the Kyoto Protocol. Taking positions in these CER contracts can lead to the delivery of the underlying credits, which can be used by emitting companies to comply in part with their emission caps.
It is intended that these products will be listed for trading as part of the Green Exchange venture once that venture has sought and achieved appropriate regulatory status. The Green Exchange venture will be working with U.S. and European regulators and intends to seek recognition in the U.S. as a designated contract market and approval from the FSA in the U.K. CME Group is one of the founding members of Green Exchange Holdings LLC.
These futures will be available for customer testing in New Release Tuesday, July 7.
This tag 55-Symbol consolidation is currently available in New Release for customer testing.
Commodity Trading Hours Extended
With this change, these futures, options and spreads will be available for electronic trading on CME Globex from 6 p.m. to 7:15 a.m. Sunday through Friday. There is no change to the regular trading hours (RTH), 9:30 a.m. to 1:15 p.m. weekdays.
These instruments with the new tag 55 will be available in New Release for customer testing Monday, June 29.
These instruments with the new tag 55 will be available in New Release for customer testing Monday, July 13.