CME Globex allows firms to submit orders on behalf of clients or other clearing member firms for whom the submitting firm is authorized to transact.
Firm ID and Order Submission
A client system can negotiate and establish a session with one Firm ID and populate tag 1691-PartyDetailD with a different Firm ID to submit the order. This is only allowed if both firms are associated with the same session.
Firm Trading for Itself
A firm submitting an order for itself must populate tag 1691-PartyDetailID with the value assigned by CME Group to the firm as an identifier of its own business.
Firm Trading on Behalf of a Clearing Member Firm
For an authorized firm to submit an order for a clearing member firm (Affiliate, Sub-Accounting, or Cross-Margin firm number), the submitting firm must populate tag 1691-PartyDetailID with the value assigned by CME Group to the clearing member firm on whose behalf the order is submitted.
Firm Trading for a Non-Clearing Member Firm
For the firm to submit an order for a client that is not a clearing member, the submitting firm can populate tag 582-CustOrderCapacity and tag 1816-ClearingAccountType as described in the iLink 3 Party Details Definition Request message layout.
The following example demonstrates how firm 999 can submit orders for:
- itself (firm 999)
- another clearing member firm (e.g. firm 998)
- for a non-clearing member firm client
Order Entry Scenario
Supporting iLink Tag Values
Firm Submitting Order
Tag 1691-PartyDetailID = 999
Firm Submitting Order for another Clearing Firm
Tag 1691-PartyDetailID = 998
Firm Submitting Order for Client