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This topic contains descriptions of CME Globex order qualifiers. An order qualifier is an order execution instruction and can have have three potential attributes:

  • duration - required
  • minimum execution quantity - optional
  • display quantity - optional

CME Globex supports the following order qualifiers:

Term Definition

Day Order

Day orders are intended to be active only during that trading day. Day orders automatically expire at the end of the day and do not carry over to the next trade date. CME Globex assumes that all orders are day orders unless otherwise specified.

Good Till Cancel (GTC)

GTC orders remain active in the order book until they are completely executed, canceled or when the instrument expires.

Good Till Date (GTD)

GTD orders remain active on the order book until they are completely executed, expire at the specified date, are canceled, or when the instrument expires.

Fill and Kill (FAK)

FAK orders are immediately executed against resting orders. If the order cannot be fully filled, the remaining balance is canceled. A minimum quantity can be specified. If the specified minimum quantity cannot be filled, the order is canceled. FAK orders are accepted during the Open market state only; they will be rejected during any other market state.

Fill or Kill (FOK)

FOK orders must be fully filled immediately or the entire order is canceled. An FOK order is created by using the FAK qualifier and setting the minimum quantity to the total order quantity. FOK orders are accepted during the Open market state only; they will be rejected during any other market state.
Minimum Quantity

The user can specify a minimum quantity which must be executed for the order. The entire order quantity is displayed to the market.
The following rules apply to Minimum Quantity:

  • If an order specifies a minimum quantity, then at least the minimum quantity must be filled immediately.
  • If at least the minimum quantity cannot be filled, then the entire order is cancelled.
  • If the minimum quantity or more is filled, then the remaining quantity is placed on the book.
Display Quantity

The display quantity allows you to control the manner in which orders are shown to the market. The display quantity specifies the given quantity of an order shown the market, replenishes the specified quantity when filled, and exposes the entire order to the market gradually until the entire order quantity is depleted.

For example, a user may place a Buy order for 100 and a display quantity of 10. Therefore, no more than Buy 10 is exposed to the market at any time; the remainder are booked but not displayed. Each time the quantity of 10 instruments is filled, the next 10 enter the market as a new order at the bottom of the book.

Note: In CME Eurodollar futures products, the maximum display ratio is 1:60.

Available for all products except the following FX and Interest Rate contracts:

Product GroupDescriptionFuture/Option
iLink tag 55-Symbol
MDP 3.0 tag 1151-SecurityGroup


6A

Australian Dollar

Future

0A, XA, 3A


Option

6B

British Pound

Future

YB, 2B, B3


Option

6C

Canadian Dollar

Future

2C, CD, 3C


Option

6E

Euro FX

Future

XE, 2E, 3E


Option

6J

Japanese Yen

Future

QJ, 2J, 3Y


Option

6S

Swiss Franc

Future

YS, 2S, 3S


Option

8G

Eurodollar Future Calendar Spread Options (Strats)

Option

8I

Eurodollar Future Calendar Spread Options (Outs)

Option

E0

Eurodollar 1 YR Midcurve Outs & Wkly Outs (GE0, E0#)

Option

E2

Eurodollar 2 YR Midcurve Outs (GE2)

Option

E3

Eurodollar 3 YR Midcurve Outs (GE3)

Option

E4

Eurodollar 4 YR Midcurve Outs (GE4)

Option

E5

Eurodollar 5 YR Midcurve Outs (GE5)

Option

EY

Euroyen Outs (EJ)

Option

J$

Euroyen & Midcurve Strats (EJ)

Option

U$

Eurodollar UDS

Option

ZE

Eurodollar Outs (GE)

Option

See iLink - Order Qualifiers for examples and message level details.