• Implied Functionality for CBOT Corn Futures and Mini-Sized Corn Futures - Effective August 29, 2010

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      • Market Data Distibutors
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      • Market Data Notices
      • #
      • Q2010-182
      • Notice Date
      • 26 August 2010
      • Effective Date
      • 29 August 2010
    • Effective this August 29, 2010, implied functionality will be disabled for CBOT corn futures and spreads (tag 1151-SecurityGroup=ZC) and mini-sized corn (tag 1151=XC.


      Implied functionality is being disabled in the CBOT Corn and mini-sized corn futures from August 29, 2010, through December 31, 2010, to determine if more robust markets in highly liquid contracts can be improved without the implied spreads. We will monitor the market during this period for signs of market quality degradation and, if observed, we will reinstate the implied functionality. Based on the assessment over this period, a decision on the use of the implied spreading functionality for corn futures going forward will be made. More information on this change is available online.


      Implied functionality is indicated for every instrument on CME Globex in the FIX/FAST Security Definition message (tag 35-MsgType=d), in tag 1144-ImpliedMarketIndicator.


      Implied functionality has been disabled for the CBOT Corn and mini-sized corn futures in New Release for customer testing.