Overview
Wash Trades
- Wash Trades - Definition of a Wash Trade
- Wash Trades – Responsibility and Implications
- Wash Trades – Automated Trading Systems
- Wash Trades - Freshening
EFRP
- EFRP - What is an EFRP?
- EFRP - Parties to an EFRP
- EFRP - Pricing and the Related Position for EFRPs
- EFRP - Reporting and Recordkeeping
- EFRP - Prohibited Transitory EFRPs
Block Trades
- Block Trades - What is a Block Trade?
- Block Trades – Participant Eligibility
- Block Trades – Eligible Products, Times and Prices
- Block Trades – Reporting and Recordkeeping
- Block Trades – Pre-Hedging
- Block Trades – TAS, TAM and BTIC
Disruptive Practices Prohibited
- Disruptive Practices Prohibited - General Information
- Disruptive Practices Prohibited - Factors Market Regulation Considers
- Disruptive Practices Prohibited - Spoofing
- Disruptive Practices Prohibited - Flipping
- Disruptive Practices Prohibited - Additional Examples
- Disruptive Practices Prohibited - Frequently Asked Questions
CME Globex Operator ID Requirements
- CME Globex Operator ID Requirements – General Rule
- CME Globex Operator ID Requirements - Registration and Requirements
- CME Globex Operator ID Requirements - Individual and Team Operators
Pre-Execution Communications
Rule 524 - TAS, TAM, BTIC and TACO
Enforcement Process
Rule 576 (Identification of Globex Terminal Operators) requires that each CME Globex terminal operator be identified to the exchanges by the submission of a unique operator ID. For CME iLink, operator IDs are issued by an exchange clearing member firm (clearing member), their contracted vendors or assignees or, in some circumstances, by the CME Group Global Command Center (GCC).
An operator, or Operator ID, is a user ID that uniquely identifies a party that accesses and submits messages to CME Globex. The clearing member who guarantees the CME Globex connection for the party is responsible for ensuring the uniqueness of the operator ID issued to the party.
Each message submitted to CME Globex must reflect the operator ID of the individual, or team of individuals, who submitted the message or caused the message to be submitted. Under no circumstances may a person use the operator ID of another person.
Trading on CME Globex is anonymous. The operatorID submitted on a message is not visible to other market participants.
An individual may have multiple operator IDs. However, each clearing member must be able to uniquely identify the individual assigned to a particular operator ID or, in the case of a team operator ID, identify the head trader and team members assigned.
To the extent a operator ID is issued to a participant trading through an undisclosed omnibus account, the clearing member must be able to obtain and provide the identity, or require the omnibus account to obtain and provide the identity, of the individual or team assigned to each operator ID within the undisclosed omnibus account upon request by Market Regulation.
Market Regulation’s review of operator IDs will be focused on identifying the following types of violations:
- Missing or inaccurate registration
- Non-identifiable operators
- Invalid use of operator ID, including:
- Multiple users using the same ID or default ID
- Non-representation of a shift
- Testing in production
- Non-unique for a clearing member firm
- Invalid operator ID format
- Inaccurate manual order indicator submission
This is part of a course on operator IDs. For official regulatory guidance on operator IDs, reference the applicable Market Regulation Advisory Notice.
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