Page tree

Versions Compared


  • This line was added.
  • This line was removed.
  • Formatting was changed.


The following section presents the different steps composing the Request for Cross process. Note that the duration of each state is configurable and may be entirely skipped if configured to 0 seconds.


Step 1: Client system submits an iLink Quote Request message with the Side, signaling intent to next submit a cross order which establishes the Pre-Cross state.Pre-Cross State

Step 2: Upon receipt of the iLink Quote Acknowledgment message, the client system observes the designated waiting period where applicable and then sends a New Order Cross message with a specific Cross Type.

Pre-Cross State

Step 3: CME Globex broadcasts a Security Status message with the Security Trading Status indicating the Pre-Cross state to market participants.

Step 4: During the Pre-Cross state, orders can appear on the book that will match with the cross order during the Cross state.

Step 5; : After the configured Pre-Cross time period, CME Globex sends a Security Status message with the Security Trading Status indicating that the RFC state has changed to Cross.

Cross State

Step 6: CME Globex will broadcast market data associated with the RFC order and the order book will be updated.

Step 7: During the Cross state, other orders are allowed to match with the cross order and any remaining cross order quantity matches against itself at the Broker Match Guarantee percent.

Step 8: After a CME Globex configurable time period, a Security Status message is sent with the Security Trading Status indicating Resume (Normal) Trading state.

Resume Trading State