CME Globex Operator ID Requirements - Individual and Team Operators
Identification of Operator IDs for “Individual”
An operator ID should be identified as an “Individual” if the operator ID meets one of the descriptions below:
- A single person who is a manual trader, referring to a person who physically submits messages directly into CME Globex using a front-end system, typically via keyboard, mouse, or touchscreen, and the messages are then routed in their entirety to the match engine at the time of submission.
- A single person who is solely responsible for, and actively monitors at all times, the administration and operation of an Automated Trading System (ATS). An ATS is a computer system that generates or routes messages without human intervention. This includes any messages generated by a computer system or routed using functionality that manages the submission of an order through automated means (e.g. execution algorithm).
The person in this role typically initiates or disables particular algorithms or strategies, adjusts the parameters of any automated program(s), and monitors the live trading of the ATS. All messages must be submitted with the “Individual” operator ID assigned to the person present at the time of operation.
- A single person who engages in a combination of the trading methods described above. The person must ensure that all messages are submitted with the correct manual order indicator to differentiate between manual and automated activities.
Each “Individual” operator ID must represent a single person. Each person is required to submit messages using their own operator ID and may not, under any circumstances, permit another person to enter messages using their operator ID.
Identification of Operator IDs for “Team”
An operator ID should be identified as a “Team” if the operator ID represents a group of persons who are simultaneously administering, operating, and monitoring an ATS while it is operational.
Many ATSs are administered, operated, and monitored over the course of multiple shifts throughout a trading cycle. If the makeup of the group of persons is altered at the shift change time, or if a new group of persons takes over the duties of the prior group at the shift change time, a separate unique “Team” operator ID is required for messages submitted to Globex during the new shift.
The group of persons on the new shift should be registered with a unique “Team” operator ID in Exchange Fee System (EFS) so that, at any given time, the operator registration accurately identifies the Team actively monitoring the operation of the ATS.
A single operator ID may be used to represent multiple operators only in true ATS Team situations. Entities may not bundle all their ATS operators under one operator ID if certain operators are primarily responsible for different ATSs or for the same ATS on different shifts.
“Team” operator IDs may submit only automated messages to Globex. Should a situation occur where a “Team” needs to submit a manual message (i.e. during maintenance downtime, system malfunction, etc.), the message must be submitted with an “Individual” operator ID assigned to the specific single person submitting the message, rather than the “Team” operator ID associated with the group. In this scenario, a person would be acting in the capacity of an “Individual” manual trader as described above.
This is part of a course on operator IDs. For official regulatory guidance on operator IDs, reference the applicable Market Regulation Advisory Notice.