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CME Globex responds to a Mass Quote with the Quote Acknowledgment notifying the customer of accepted or rejected quotes. In some cases, the response to a Mass Quote is a Business Level Reject.

Mass Quotes - Business Level Reject

CME Globex platform sends a Business Level Reject (tag 35-MsgType=j) message for the mass quote if a repeating group (i.e., tier 2 and 3) within an incoming Mass Quote message contains invalid tags or tags that belong to a different tier according to the FIX 4.2 protocol. The CME Globex platform ignores custom tags and misplaced tags included in tier 1 of the Mass Quote (tag 35-MsgType=i) message.

In such an instance, a Business Level Reject message is sent with tag 380-BusinessRejectReason containing a value from the table below:

Tag

FIX Name

Req

Valid Values

Type

Description

45

RefSeqNum

N

 

SeqNum (10)

Tag 34-MsgSeqNum of the message being rejected.

372

RefMsgType

Y

 

String (2)

Tag 35-MsgType of the message being rejected.

379

BusinessRejectRefID

N

 

String (32)

Identifier of the message being rejected.
Tag 117 - QuoteID if the message is a Mass Quote or Quote Cancel message.

380

BusinessRejectReason

Y*

0=Other
1=Unknown ID
2=Unknown security
3=Unsupported message type
4=Application not available
5=Conditionally required field missing
6=Not authorized
7=Delivery to firm not available at this time

Int (2)

Code to identify the reason of the rejection:

58

Text

Y*

 

String (80)

Additional information on the reject reason.

Y = FIX required Y* = CME Group required N = Not required

For example, if a mass quote is sent with an invalid tag 107-SecurityDesc in the initial message, the CME Globex platform will reject the message using a Business Level Reject (tag 35-MsgType=j) message with tag 380-BusinessRejectReason=2.

Useful Information

If the submitted Mass Quote message does not conform to FIX session-level rules, the message is rejected with a Session Level Reject.(tag 35-MsgType=3) message.

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