Committed Cross (C-Cross)

Committed Cross (C-Cross) is a financial futures and options crossing protocol for participants who engage in pre-execution communications pursuant to Rule 539. Pre-execution communications allow for size, price, and direction to be discussed prior to the entry of orders into CME Globex.

Benefits of the new C-Cross protocol

  • A simplified process by removing the manual RFQ
  • An indication to the market that a cross will take place in the central limit order book
  • A five-second window before the cross takes place allowing market participants to place orders
  • Better Price Match (BPM) allocation if certain price improvement conditions are met, for applicable products

 

Additional Resources