To protect CME Group markets and systems from potentially detrimental behavior.
It is recommended that trading entities properly monitor administrative and business level reject messages to ensure that order entry systems have proper order reject handling capabilities. Likewise, trading entities should also monitor the behavior of Drop Copy sessions to insure they connect properly, and stay connected properly. It should be noted however that CME Group expects electronic activity to be monitored constantly while operating.
If the GCC detects behavior, either iLink, Drop Copy, or Network based, that may be potentially detrimental to CME Group Globex markets or systems, and this behavior is not corrected in a timely manner, the GCC will act by either closing the port for the applicable iLink / Dropcopy session, or blocking problematic IP ranges. Please note, all such actions are subject to regulatory review.
Firms will incur a $1,000 port closure fee, for each event, per session, per day (up to $10,000 per registered entity per incident) for behavior which results in the closure of an iLink / Drop Copy session ports, or IP range blockage by CME Group.
The CME Registered Entity that is the administrative owner of the GFID/iLink session or Drop Copy target session causing the detrimental behavior. This charge will appear as "Port Closure Fee" on the Registered Entity's monthly statements under the Description column. However, if a Registered Entity is not associated with the Drop Copy target session the charge will be sent to the subscriber that the Site ID is assigned to.
CME Group will consider waiver requests if non-repeat customers can demonstrate real-time monitoring and prompt corrective measures have been implemented and the behavior is not repeated.
Yes, an iLink session’s port will be closed regardless of whether there are working orders or not.
All day orders will be cancelled if tag 49, SenderCompID, has been enabled with Cancel on Disconnect.
After the execution of a port closure or IP range blockage, trading entities that do not employ the COD functionality will have the ability to cancel working orders by using Kill Switch, FirmSoft, or by having a registered contact call GCC.
The GCC may take immediate action in addressing potentially detrimental behavior. This action may not allow time for prior customer contact.
iLink/Drop Copy session ports will be reopened only if GCC determines the detrimental behavior has been corrected. The GCC will require a written explanation ensuring the customer has complete understanding of the system failure. In addition to the explanation, the GCC will require detailed information as to what mitigating and programmatic steps the customer will put in place to ensure the offending activity does not occur again.
Only registered Clearing firm or Risk administrators have the authority to request the reopening of an iLink / Drop Copy session port. In the event that the Drop Copy session is owned by an entity that is not a Clearing Firm of the Exchange, an officer of the entity must provide authorization.
Clearing firm primary or secondary administrators should contact the GCC in U.S. at +1 800 438 8616, in Europe at +44 20 7623 4747 or in Asia at +65 6532 5010 and choose option 3.
The process usually takes the GCC 5 to 15 minutes.
Global Account Management (GAM)
Certification Support for Electronic Trading (CSET)
U.S.: +1 312 930 2322
Europe: +44 20 3379 3803
Asia: +65 6593 5593