Crossing functionality allows CME Group customers to submit cross orders that are the result of pre-execution communications pursuant to Rule 539.

Customers can call the CME Global Command Center (GCC) to obtain the Broker Match Guarantee (BMG) percentage for a given product.

Please see the Market Regulation Advisory Notice for a complete description of each exchange-supported crossing protocol.

The list of eligible products and cross types is available here.

CME Globex currently supports four types of Cross orders: Committed Cross (C-Cross), Globex Cross (G-Cross)RFQ + RFC Cross (R-Cross)which have the following attributes:

C-Cross (Committed Cross)G-Cross (Globex Cross)R-Cross (RFQ + RFC Cross)
Customer sends RFQNoNoYes
Customer sends RFCYesNo


Note: To initiate the R-Cross Sequence, the client system submits an iLink Quote Request (tag 35-MsgType=R) message with tag 54-Side=8 (cross) and tag 9943-QuoteType=1 (Tradable).

The client system then submits the Request for Cross (tag 35-MsgType=s) message.

Upon receipt of the Request for Cross (tag 35-MsgType=s) message, CME Globex will automatically publish a market data RFQ (tag 35-MsgType=R) message with tag 54-Side equal to '8' (Cross).

Cross Market State


Note: The five (5) second period begins when the market data Pre-Cross state (tag 35-MsgType=f, tag-326-SecurityTradingStatus=24) is disseminated.


Note: The five (5) second period begins when the first message is entered.


See also: