CME Europe on CME Globex
Pending regulatory approval, CME Europe markets will be available via CME Globex for iLink order routing and market data on a launch date to be determined. The launch date will be published in the CME Globex notice.
Only non-US customers are eligible to trade on CME Europe. Eligible customers who would like to trade CME Europe products must establish all appropriate agreements and accounts to be authorized to trade CME Europe products and clear through CME Clearing Europe.
The launch includes the following impacts:
- New futures calendar spread type
- The implied functionality will be made available in New Release on Monday, October 7.
- New tag value to identify the exchange
- New products in FX Futures
- New market data channels to disseminate market data
- New streamlined Fix/Fast market data to publish block information
The client impact assessment provides detailed functionality and messaging for customer systems interested in supporting CME Europe products via CME Globex.
Onboarding information is available online.
A new CME Europe mandatory certification suite is currently available in AutoCert+. Customer systems that plan to support CME Europe via CME Globex must complete this certification.
The implementation is currently available in New Release for customer testing.
Please contact your Global Account Manager for further information.
Effective Sunday, October 20, 2013, CME Group will introduce Kill Switch functionality to Risk Management Tools. In addition to kill and order cancel functionality that already exists at the exchange and firm level, Kill Switch is a GUI that is designed to allow firms a one step shutdown of all their CME Globex activity at the SenderComp ID level.
When the Kill Switch functionality is activated by the permissioned firm, all order entry is blocked and all working orders are cancelled for either a selected subset or all, of firm’s SenderComp IDs.
All subsequent Blocked Execution Firm order entries will be rejected with a Session Level Reject (tag 35-MsgType=3) message and the accompanying text explanation.
Examples of tag 58-Text
||Kill Switch enforced by for Executing Firm
||Kill Switch enforced by Clearing Firm Admin for Executing Firm
||Kill Switch enforced by Exchange Admin for Executing Firm
All working orders will be cancelled with an Execution Report (tag 35-MsgType=8, tag 39-OrdStatus=4) message and the following cancel type indicator.
||Cancel from Risk Management API (RMI)
Access to the Kill Switch functionality will be available to all current GC2 Risk Admins. Clearing Firms will have the ability to grant access to the functionality to their Executing Firms.
The Kill Switch functionality is currently available in New Release for customer testing.
DSF Access Manager
Effective Sunday, October 20, 2013, CME Group will introduce DSF Access Manager, a new Risk Management Tool for mitigating delivery risk in the Deliverable Swap Futures (DSF) products. Beginning with the December 2013 contract, all new order entry will be prevented in the front-month DSF contract during the 7 calendar days preceding last trading day. In order to trade the front-month DSF contract during this period, customer accounts must be permissioned by their clearing firms through the DSF Access Manager.
If an unauthorized account submits an order inside the expiration window, CME Globex will send a Session Level Reject (tag 35-MsgType=3) message and the accompanying text explanation (tag 58-Text = this account is prevented from trading this physically delivered contract 7 days before the last trading day).
The DSF Access Manager will appear as a new tab on the Risk Management Tools page and be available to all current GC2 Risk Admins.
All GTC/GTD orders entered into the system prior to the last 7 calendar days will not be impacted; they will continue to remain active orders.
The new functionality is currently available for customer testing in New Release.
Request for Cross by Trading Session
Effective Sunday, November 10 (trade date Monday, November 11), pending all relevant regulatory review periods, CME Globex will allow the Request for Cross (RFC) by Trading Session on the following Market Data Platform channels:
Request for Cross by Trading Session
||CBOT Globex Grain and Oilseed Options
*With the exception of MGEX CBOT Wheat Spread Options
||KCBT Globex options
*With the exception of MGEX KCBT Wheat Spread Options
Please note: This change will not affect Ethanol option’s cross eligibility.
With this change in the Grain and Oilseed options markets, clients may only submit a New Order Cross (tag 35-MsgType=s, tag 549-CrossType=3) during Non-Pit Trading Hours, Sunday - Friday, 19:00 Central Time (CT) to 07:45 CT. Customers can use tag 871-InstAttrbType=24 and tag 872-InstAttrbValue=2 in the Security Definition (tag 35-MsgType=d) message to identify products that are eligible for cross orders.
If a cross is submitted during Pit Trading Hours, CME Globex will send an Execution Report Reject (tag 35-MsgType=8, tag 39-OrdStatus=8) message with the reject code (tag 103-OrdRejectReason = 7610) and the accompanying text explanation (tag 58-Text = RFC not allowed during RTH).
This change will be available for customer testing in New Release on Monday, October 14.
Detailed information including functionality and messaging for Cross is available in the Client Systems Wiki.
If you have any questions, please contact the CME Global Command Center in the U.S. at +1 312 456 2391, in Europe at +44 20 7623 4708 or in Asia at +65 6223 1357.
Mass Order Cancel Functionality on CME Globex
Effective Sunday, November 10 and 17 (trade date Monday, November 11 and 18), CME Group will launch Mass Order Cancel functionality to provide an efficient way to cancel all working orders in a particular market segment via a single request.
A new message type, Order Mass Action Request (tag 35-MsgType=CA), will be offered to cancel all working orders for a particular instrument, instrument group or market segment. To identify products within a Market Segment, a new FIX/FAST tag 1300-MarketSegmentID will be added to the market data Security Definition (tag 35-MsgType=d) message in production. Templates for FIX/FAST messages will not be impacted.
This launch will be phased in on the following schedule:
- November 10
- NYMEX metals, softs and alternative markets
- COMEX futures
- November 17
- All other markets listed on CME Globex
Detailed information including messaging impacts and launch schedules are available in the Client Impact Assessment.
The Mass Order Cancel functionality is currently available for customer testing in New Release.
Certification via AutoCert+ is mandatory for iLink customers who wish to use Mass Order Cancel functionality. The new certification suite is currently available.
Please contact your Global Account Manager with any questions or concerns in the U.S. at +1 312 634 8700, in Europe at +44 20 3379 3754 or in Asia at +65 6593 5505 for additional information.