BrokerTec Markets on CME Globex Update: September 7, 2023

Topics in this issue include:

• Critical System Information
  • iLink Mass Order Cancel Change - October 22
  • FINRA Regulatory Notice 22-27 Impact on Current TRACE Reporting - November 6 New
• Announcements and Additional Resources
  • BrokerTec US SIFMA Business Continuity Test - October 14 New
  • Reminder: CME Reference Data API v2 Decommission - October 27

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

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

Critical System Information

iLink Mass Order Cancel Change

Effective Sunday, October 22 (trade date Monday, October 23), the maximum number of individual cancelled orders listed in one Order Mass Action Report on CME Globex will be reduced to 75.  Currently, the maximum number of cancelled orders listed in one Order Mass Action Report is 125.

This change will be available for customer testing in New Release on Thursday, September 7.

More information about Mass Order Cancel functionality is available in the Client Systems Wiki.

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New - FINRA Regulatory Notice 22-27 Impact on Current TRACE Reporting

In its Regulatory Notice 22-27 (“Notice”) FINRA has adopted several amendments to Rule 6730, including a requirement for members to report electronically executed transactions in U.S. Treasury securities to TRACE in the finest increment captured by the system used to execute the transaction. This amendment does not require members to update execution systems for U.S. Treasury securities to capture finer timestamp granularity, members must make any updates to their trade reporting systems necessary to ensure that their TRACE reports reflect the finest increment of time captured by such execution systems (but not finer than a microsecond). This requirement comes into effect November 6, 2023.

Please be advised that BrokerTec Americas (BTEC) captures execution timestamps to the nearest nanosecond and reports to TRACE to the nearest microsecond, as required by this Notice. As such, BTEC does not anticipate making any changes.

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Announcements and Additional Resources

New - BrokerTec US SIFMA Business Continuity Test

BrokerTec US will participate in the SIFMA Business Continuity Test on Saturday, October 14.  All BrokerTec US testing is scheduled for 9 am to 11 am Eastern Time.

To participate in the SIFMA Business Continuity Test, users must register directly with SIFMA.

All customers who intend to participate must provide their Production CME Group Login ID and/or any CME Group API IDs they intend to use for testing by Friday, October 6, so they can be enabled for weekend testing privileges. Please email login IDs to ms@btec.com after completing your registration at SIFMA.

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Reminder: CME Reference Data API v2 Decommission

Effective Friday, October 27, Reference Data API version 2 will be decommissioned and no longer supported. To support the decommission, version 2 will be deprecated and no further enhancements will be offered as of Saturday, September 30. 

Customers are strongly encouraged to migrate to Reference Data API Version 3 as soon as possible to prevent any data interruptions. 

CME Reference Data API v3 (RD APIv3), hosted on Google Cloud (GC), provides the following enhancements:

• Decreased refresh time rate
• Increased results per page from 20 to 1000
• No change to your API IDs and entitlements

Clients should review an updated Client Impact Assessment for details on v3.

Reference Data API Version 3 is currently available in Production and for customer testing in New Release.

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