BrokerTec Markets on CME Globex Update: March 23, 2023

Critical Information

Post-Migration iCross Connectivity

CME Group continues to finalize the deactivation of legacy NEX EBS iCross connections used to access BrokerTec Stream, EBS Market and EBS Direct. All clients who are still leveraging iCross connectivity should contact ECHO-RNET@cmegroup.com to finalize the migration of NEX EBS Direct services from iCross to RNet. CME RNet is the client-managed connectivity solution providing access to Relationship-Based Trading for both EBS Direct and BrokerTec Stream platforms.

Detailed information on connectivity offerings is available in the Client Systems Wiki.

Customers who migrated services onto CME Globex should have contacted Equinix to advise them to cancel their cross-connect agreement with Equinix. After that migration, customers will be able to cancel/disconnect the associated cross-connects supporting the legacy iCross connectivity. Customers actively connecting to BrokerTec Stream will be contacted by CME Group to discuss migration planning.

For questions relating to your legacy iCross connections, please contact the ECHO team.

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Changes to BrokerTec U.S. Treasury General Collateral (GC) Basket Trade Matching Method - April 2

Effective Sunday, April 2 (trade date Monday, April 3), the trade matching method for the BrokerTec U.S. Treasury General Collateral(GC) basket will support Aggregated Binary across workup-total volume where an aggressing order matches against multiple iceberg and non-iceberg orders at a single price.

Currently, the BrokerTec U.S. Treasury GC Basket supports aggregated by trader where an aggressing order matches against multiple iceberg and non-iceberg orders at varying prices across the entire workup.

This change is currently available for customer testing in New Release.

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BrokerTec Reporting Availability

As a reminder, BrokerTec reports on CME Globex are distributed through either the Enterprise Reporting Portal (EREP) or CME SFTP.

Enterprise Reporting (EREP) is a browser-based tool that enables firm users to search, view, and print or download CME Group pre-processed reports. Users may save any report listed on EREP to file, zip, or PDF. This feature offers customers the flexibility to review and reconcile reports in various formats and is typically the tool used for most traders to view and download their daily reports.

Secure File Transfer Protocol (SFTP) is a network transmission protocol that uses a Secure Shell (SSH) connection and public / private key pair to authenticate access prior to sending and receiving files over a secure connection.  SFTP is typically used for firms to set up a centralized, systematic method for receiving reports into their systems.

The Back Office Admin Manager will authorize an authority figure to manage the SFTP Folder. This person will have the responsibility for managing SFTP IDs and granting permission to additional individuals to create and manage SFTP IDs. 

To access to BrokerTec reports, report recipients should take the following actions:

• Obtain a CME Group Login
• Request access to EREP and/or SFTP through their firm's Back Office Admin Manager

Admin Managers should complete and submit BrokerTec EREP and SFTP Report Registration Form(s) as needed. When submitting these forms, each user will need to specify the roles or categories of reports for which they need access:

• Enterprise Reporting (EREP) Production Registration Form
• Secure File Transfer Protocol (SFTP) Production Registration Form
• BrokerTec Billing Group Production Registration Form

For a summary of the reports and applicable report access roles, see BrokerTec Reporting. 

If you do not know your designated Admin Manager, please reach out to Global Account Management.

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Derived Data Enhancement for BrokerTec U.S. Treasury Channel 215 - May 21

Effective Sunday, May 21, CME Group will support implied prices for RV Curve instruments and a new Simple Binary Encoding (SBE) schema on the derived data channel 215 - BrokerTec U.S. Treasuries.  This launch will not impact the BrokerTec on CME Globex market data channels. 

The schema update will impact all client systems connecting to channel 215. The impacted services are as follows:

• BrokerTec U.S. Treasury Market Data - Multicast
• BrokerTec U.S. Treasury Market Data - GCP

Please review the Client Impact Assessment for full technical details and launch schedule.

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Support for BrokerTec Stream 2.0 Trades on CME STP and CME STP FIX - June 4

Effective Sunday, June 4 (trade date Monday, June 5), CME STP will launch support for BrokerTec Stream 2.0, the new relationship-based trading platform for U.S. Treasuries.

With this launch, there will be enhancements to CME STP and STP FIX Trade Capture Reports and Party Roles for BrokerTec Stream 2.0 trades. Full details and the updated FIX dictionary can be found in CME STP BrokerTec Stream v2.0 Client Impact Assessment.

These enhancements are backward compatible.

This enhancement is currently available for customer testing in New Release.

Customers are encouraged to test their CME STP and/or CME STP FIX processes in New Release.

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Announcements and Additional Resources

NewNew - Manage BrokerTec Notices in Subscription Center Now Available

Please be aware that customers can now subscribe to and manage email preferences for the ‘BrokerTec Markets on CME Globex Update’ notices via the Subscription Center, a self-serve online resource for managing email communications from CME Group. A CME Group Login is required to access the Subscription Center. Current recipients of the bi-weekly ‘BrokerTec Markets on CME Globex Update’ require no action to continue receiving these notices.

The ‘BrokerTec Markets on CME Globex Update’ is currently sent bi-weekly at 9 a.m. Central Time (CT) Thursdays and includes critical information, announcements, and resources required for customers to support BrokerTec markets on CME Globex.

Learn how to Subscribe to ‘BrokerTec Markets on CME Globex Updates‘. 

Versions of BrokerTec notices dated March 23, 2023 and onward are also available from the Notice Archive page.

Historical BrokerTec notices dated July 2019 through March 9, 2023, are available from the BrokerTec Support Portal, which requires a separate login.

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Holiday Schedule Reminder: Good Friday and Easter Monday 2023

The Good Friday and Easter Monday holidays this year are Friday, April 7 and Monday, April 10. BrokerTec on CME Globex clients will observe the following impacts:

• All BrokerTec EU & UK markets will be closed for trading and settlement on Friday, April 7 and Monday, April 10.
• BrokerTec U.S. Treasury Actives and RV Curves will be available for trading from 7:00 a.m. to 12:00 p.m. Eastern Time (ET), but not for settlement on Friday, April 7.
• BrokerTec U.S. Repos will not be listed on Friday, April 7.

CME STP and CME STP FIX will reflect the correct Settlement Dates for all trades in the Trade Capture Reports, FIXML attribute SettlDt or FIX tag 64-SettlDate.

Holiday Trade Date-Settlement Date Examples

Applies to BrokerTec U.S. Treasury Actives and RV Curve spreads only.

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UpdateUpdate - BrokerTec 2023 Customer Disaster Recovery Exercises

† Denotes update to the article

CME Group is offering BrokerTec customers two opportunities to test with our BrokerTec disaster recovery systems. To help ensure readiness and provide an opportunity for you to test your connectivity to and ability to transact via our DR systems, customers are strongly encouraged to sign up and test with us on the following dates:

• BrokerTec U.S. - April 22, 2023
• †BrokerTec EU - May 20, 2023

Similar to last year’s event, these Spring exercises provide customers with a chance to test their Production connectivity to the BrokerTec DR engines and customer gateways.

US customers who participated in the October 2022 SIFMA exercise also are encouraged toregister and participate in the DR exercises, as there are very important differences between SIFMA and our Spring failovers. During SIFMA, customers either test their DR or Production connectivity to BrokerTec’s Production engines and gateways, which use DR back-end systems.

In April and May, the reverse is true, and this is the annual opportunity to test your Production connectivity to our DR markets.

To participate in the disaster recovery exercise, register here.

View the mock trading script.

Please contact operationalresilience@cmegroup.com with any questions.

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