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Revision History

DateDescription
December 16, 2021

Updated EBS MiFID Short Code Identifiers on CME Globex rules.

November 9, 2021EBS Reject Codes - Added error codes 102 and 107 for Business Reject (tag 35-MsgType=j) message
in tag 380-BusinessRejectReason and tag 58-Text.
October 18, 2021Added EBS Counterparty Dissemination section.
July 30, 2021Added examples to Self Match Prevention
July 14, 2021Updated EBS iLink 3 Sample Messages with HEX samples
June 30, 2021Added Maximum Order Size section.
June 17, 2021Added note to Self Match prevention section.
June 2, 2021Added EBS Price Discretion Scenarios page.
June 1, 2021Added Order Entry Service Gateway section.
April 19, 2021Added EBS Reject Codes page
April 5, 2021Added Cancel on Conclusion section.
April 21, 2021Added EBS iLink 3 Sample Messages
April 16, 2021Added EBS Messages
March 24, 2021Added Latency Floor section.
February 24, 2021Updated Minimum Quote Life section and added note.
February 11, 2021

"MiFID Tag Validation" - Added second note about tag 5290-Executor and tag 36023-IDMShortcode.

February 10. 2021

Updated Market Segment section.

Added Minimum Quote Life section.

January 22, 2021

Updated iLink 3 EBS Message Changes Table with:

Add two new enum value to support Minimum Quote Life (MQL):

  • Pending Cancel (6)
  • Pending Replace (E)
December 4, 2020
  • "Market Segment" - Added Market Segment IDs for EBS FX Spot and Metals and EBS FX Spot and NDFs
  • "MiFID Tag Validation" - Added note regarding pre-registered Order Cancel - Execution Report.
December 3, 2020Initial publication

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MiFID Tag Validation

Executor – Tag 5290 and IDMShortCode – Tag 36023

For EBS Market for On-SEF/On-MTF FX NDFs, CME Globex will validate MiFID tags 5290-Executor and tag 36023-IDMShortcode for presence and correct registration.

Tag 5290-Executor and tag 36023-IDMShortcode are on the Party Details Definition Request, Party Details Definition Request Acknowledgment, and Party Details List Report message. Messages missing the tags or containing an unregistered value will be rejected with:

  • Business Reject message with tag 380=5 (required field missing) and
    • Tag 58='Tag 5290 (Executor) required field missing'
    • Tag 58='Tag 36023 (IDMShortCode) required field missing'
    • Tag 58='Tag 5290 (Executor) not registered'
    • Tag 58='Tag 36023 (IDMShortCode) not registered
Note
Tag 5290-Executor and tag 36023-IDMShortCode will be available in New Release for customer testing. To facilitate client development and certification, in New Release the presence of these tags will be validated but the values are not required to be registered.
Info
The values of tag 5290-Executor and tag 36023-IDMShortcode for EBS Market on CME Globex must be numeric only.

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EBS MiFID Short Code Identifiers on CME Globex

With this launch, each GFID is associated with multiple GUS, and each GUS  will have his or her own associated short code.   They will need to identify them as the Financial Decision Maker and/or the Executing Decision Maker, on each of their orders.

Note
  • Only one Natural Person short code can be associated with a given GUS. If required, additional person short codes may be registered using a separate GUS for each. For a natural person GUS with access to the Order Book may only be used by that natural person and may not be used by any other natural person or entity and may not be used as the GUS for orders entered by an Automated Trading System.
  • For algorithms, you can register one or more short codes against a GFID and GUS. 

    For CME Globex requirements on Natural Person and Automated Trading System (ATS) short code and Operator Id (GUS) usage, please refer to the links below:

    Redline of Rules - 208, 202 and 309

    MRAN - CME Globex OperatorID Requirements

This table lists all the relevant fields that will be used on each order message to associate short codes with GFID or GUS.

iLink 3 Tag

Tag Name

Tag Value

Tag 1691

when PartyDetailRole  = Executing Firm

PartyDetailID


Globex Firm ID (GFID)

Tag 5392

SenderID

Globex User Signature

(GUS)

Tag 5290

Executor

Short code for the person or algo that submitted the message

Tag 36023

IDMShortCode

Investment Decision Maker Short Code

The Party Details Definition Request message (tag 35-MsgType=CX) defines all customer administrative information, including the MiFIDshort code. iLink 3 allows customers to pre-register the party details, or send a Party Details Definition Request message directly preceding each order message (on-demand).  Overview of on-demand and pre-register administrative information is available in the Party Details Definition Messaging.

The following MiFID tags are required for On-SEF/On-MTF FX NDFs products:

Short Code

iLink 3 Tag

Description

Executing Decision Maker of New Order Single

tag 5290-Executor

Will be populated with the MiFID short code for person or algo that submitted the message. The short code will be mapped to National ID or Algo at reporting time

Note: Participants on NEX SEF are required to self-certify that their algorithms will avoid contributing to or creating disorderly trading conditions. This algo self-certification is available via the Request Center in the CME Customer Center

Investment Decision Maker of New Order Single

tag 36023-IDMShortCode

Will be populated with the MiFID Short Code of the Investment Decision Maker.

MiFID Tag Validation

Executor – Tag 5290 and IDMShortCode – Tag 36023

The values of tag 5290-Executor and tag 36023-IDMShortcode for EBS Market on CME Globex must be numeric only.  Customers using alphanumeric short codes must re-register on the NEX Upload Facility (NUF) with numeric short codes.  Any EBS orders with alphanumeric short codes will be rejected on CME Globex. 

CME Globex will validate MiFID tags 5290-Executor and tag 36023-IDMShortcode for presence and correct registration for all iLink 3 EBS application messages, except Order Cancel message.

For Order Cancel

Tag 5290 and tag 36023 will be accepted and acknowledged if sent on Order Cancel messages. If not populated, the cancel message will be accepted and acknowledged with the value as follows:

Tag 5290 and/or Tag 36023

Expected Behavior

Acknowledge Value

Not Present

Accept

Value from the resting order

Present with an unregistered value 

Reject

N/A

Present with a registered value 

Accept

Value from Cancel message

The short codes are part of the Party Details Definition message.  Pre-registered Order Cancel - Execution Report, tag 1505-PartyDetailsListRequestID will contain the value of tag 1505 from the original order submission. 

If the pre-registered cancel request contains different tag 1505-PartyDetailsListRequestID, the short code may not match with tag 1505-PartyDetailsListRequestID from the cancel acknowledgement.  In this case, customers must be aware the cancel is accepted and acknowledged with the value from cancel request. 

For example, given that PartyDetailID 1 and PartyDetailID 2 belong to the same session and firm:

  • PartyDetailID  1 with executor EXEC1 and IDMShortCode IDM1
  • PartyDetailID  2 with executor EXEC2  and IDMShortCode IDM2

If customer submits new order with PartyDetailID = 1, and cancel this same order with PartyDetailID = 2,  CME Globex will return PartyDetailID = 1 on the cancel acknowledgement.  

Messages missing the tags or containing an unregistered value will be rejected with:

  • Business Reject message with tag 380=5 (required field missing) and
    • Tag 58='Tag 5290 (Executor) required field missing'
    • Tag 58='Tag 36023 (IDMShortCode) required field missing'
    • Tag 58='Tag 5290 (Executor) not registered'
    • Tag 58='Tag 36023 (IDMShortCode) not registered

To facilitate client development and certification, in New Release the presence of these tags will be validated but the values are not required to be registered.

On-Demand MiFID Short Code Scenarios

For non–pre-registered clients,  they will send send a Party Details Definition Request message directly preceding each order message shown in the following scenarios.

Associated Short Code with GFID or GUS

Description

EBS ShortCode

GUS - JJM

Natural Person

100001

GFID - ABCD

NDF Algo

100002

Scenario 1 – Natural Person is the Financial Decision Maker and Executing Decision Maker

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Scenario 2 – Natural Person is the Financial Decision Maker and Algo Executing Decision Maker

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Scenario 3 – Algo is the Financial Decision Maker and Algo Executing Decision Maker

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LiquidityProvision – Tag 9373

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