This section provides the conventions for UDS instrument expiration and extension given the possible leg configurations and order types.
A UDS will remain an active contract on CME Globex until the end of the current trading week or until the leg with the shortest maturity expires, whichever comes first. If there is a working Good Till Cancel (GTC) order on the Combo after the close on Friday, the expiration will be extended an additional week. This extension will repeat as many times as necessary until the earliest leg expires.
CME Globex assigns the expiration date and time as either the earliest leg expiration OR the end of the current trading week, whichever occurs first.
If the client system disconnects over the weekend, upon reconnection, the client system must monitor the appropriate channel for UDS instruments that have had their expiration extended.
Midweek Tag 48-SecurityID Re-Use
UDS instruments can be deleted midweek. When this occurs, CME Globex sends a Security Definition message (tag 35=d) with the instruction to delete the instrument with tag 980-SecurityUpdateAction=D (delete).
A tag 48-SecurityID value from a deleted instrument can be reassigned to a newly listed instrument within the same week; therefore, CME Group strongly recommends the client system process the Security Definition message (tag 35=d) with the tag 980=D as received.
Covered and CBOT Treasury Futures Tail Spreads UDS Expiration
Covered UDS Expiration
Covered and CBOT Treasury Tail instruments expire at the end of the trading session in which they are created.
GTC and GTD orders are not permitted on Covereds or Tail spreads.
For additional information on UDS expiration, see the following: