• BrokerTec Markets on CME Globex Update: February 22, 2024

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      • BrokerTec Clients
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      • Global Market Solutions & Services (GMSS)
      • #
      • 20240222
      • Notice Date
      • 22 February 2024

    • Topics in this issue include:

      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

      Globex User Signature (GUS) ID Maintenance

      As a reminder, all Front Office Admin Managers of BrokerTec (BTEC) participants are responsible for updating their firm’s Globex User Signature (GUS) IDs and to ensure that BTEC has the correct contact and identity information associated with those IDs. GUS IDs should be periodically reviewed, updated and/or deleted if considered inactive. Front Office Admin Managers must take the following action on GUS information from the Request Center:

      • Update the following information for the individual or team lead assigned to the active GUS IDs under their Globex Firm IDs (GFIDs): first and last name, email, phone number/type, country, address, and town/city.
      • Delete any GUS IDs that are no longer active. 

      Please review all GUS IDs associated with your Firm IDs as soon as possible but no later than February 29.

      Please note: Before deleting any GUS(s), make sure they are not in use as deleting them will prevent order placement. Contact Global Account Management, who will provide information regarding the Front Office Admin Managers and any system support required to make the changes. If you have compliance questions contact US Compliance.

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      iLink 3 Mass Quote Cancellation Change

      Effective Sunday, March 3 (trade date Monday, March 4), CME Globex will implement an enhancement to the iLink 3 Mass Quote Cancellation to BrokerTec EGB on CME Globex.

      With this change, CME Globex will reject any Quote Cancel All (tag 35-MsgType =Z and tag 298-QuoteCancelType=4) message from a MSGW session not permissioned to quote any product group for the MarketSegmentID on which Quote Cancel All request was initiated. The Quote Cancel Reject (tag 35-MsgType=b and tag 297-QuoteStatus=5) message will include tag 300-QuoteRejectReason=9 (Not authorized to quote security) and tag 58-Text=Quote rejected: Not authorized to quote any group. Currently, CME Globex does not respond back to a Quote Cancel All request from a MSGW session not permissioned to quote any product group.

      MARKET SEGMENT ID DESCRIPTION PRODUCTION LAUNCH
      44 BrokerTec EGB March 3, 2024

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

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      New - BrokerTec Stream Trading Hours Extension

      Effective Sunday, March 17 (trade date Monday, March 18) CME Group will extend the BrokerTec Stream opening hours to open at 8:30 a.m. Japan Standard Time to cover APAC and EU trading hours and align with BrokerTec on CME Globex. 

      BrokerTec Stream Trading Hours Extension
      Market State Current Time New Time Time Zone City
      BrokerTec Stream US Actives Open 7:30 a.m. 6:30 p.m. NY
      Close 5:30 p.m. 5:30 p.m. NY

      This change will be available for customer testing in New Release on Monday, February 26.

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      iLink 3 BrokerTec US Duplicate Order Validation Change

      Effective Sunday, March 17 (trade date Monday, March 18), CME Globex will implement an enhancement to the iLink 3 Duplicate Order Validation to BrokerTec US on CME Globex.

      With this change, if a violation has occurred, any subsequent duplicate messages will continue to be rejected until after a full time interval has passed without any new duplicate messages having been received. 

      MARKET SEGMENT ID DESCRIPTION PRODUCTION LAUNCH
      40 BrokerTec US Treasury Actives

      March 17, 2024
      42 BrokerTec US Repo and TBAs

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

      More information about the current Duplicate Order Validation functionality is available in the Client Systems Wiki.

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      iLink 3 BrokerTec Schema Version 5 Decommission

      Starting Sunday, April 14, BrokerTec on CME Globex will no longer accept iLink 3 schema version 5 messages in the Production environment. Client systems can only send version 8 messages.

      Version 8 of iLink 3 for BrokerTec launched in February 2023. The new version 8 schema is currently available for download via the CME SFTP site. More details on the SFTP site is available on Schema Distribution.

      ILINK 3 BROKERTEC SCHEMA VERSION 5 DECOMMISSION
      MARKET SEGMENT ID DESCRIPTION PRODUCTION DATE
      16 BTEC EU Order Entry Service Gateway April 14, 2024
      44 BrokerTec EGB
      46 BrokerTec EU Repo
      14 BTEC US Order Entry Service Gateway April 21, 2024
      40 BrokerTec US Treasury Actives
      42 BrokerTec US Repo and TBAs

      Effective with this change, BrokerTec GFE 11.2+ will be required for access in the Production environment.

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      New - iLink 3 Party Details Harmonization

      Effective Sunday, May 19 (trade date Monday, May 20), CME Group will implement the iLink 3 messaging changes to Pre-Registered administrative information to be consistent with the On-Demand administrative information. These changes will also bring the front-end messaging into alignment with the back-office feeds and simplify the reconciliation process.

      Field Capitalization

      CME Globex will capitalize tag 1691-PartyDetaiID values on the following Party Detail Roles on the Pre-Registered Party Detail Definition Request Acknowledgment messages sent from Order Entry Service Gateway to Client System. Client systems are not required to send capitalized values to CME Globex, but capitalized values will always be returned.

      ILINK 3 PARTY DETAILS DEFINITION REQUEST ACKNOWLEDGMENT (TAG 35=CY)
      TAG 1693 -
      PARTY DETAIL ROLE      		 CURRENT SUBMITTED/RETURN TAG 1691-
      PARTYDETAILID VALUE BEHAVIOR      		 NEW RETURN TAG 1691-
      PARTYDETAILID VALUE BEHAVIOR
      24 (customer account)
      1000 (take up account)      		 aBcde ABCDE

      Field Truncation

      CME Group will truncate tag 1691-PartyDetaiID values on the following Party Detail Roles on the Pre-Registered Party Details Definition Request Acknowledgment messages sent from Order Entry Service Gateway to Client System. If this tag values submitted on the Party Details Definition Request message exceeds the required length, iLink 3 will return a truncated required length from the right on the response.

      ILINK 3 PARTY DETAILS DEFINITION REQUEST ACKNOWLEDGMENT (TAG 35=CY)
      * TAG 1693 - PARTY DETAIL ROLE REQUIRED LENGTH CURRENT SUBMITTED/RETURN TAG 1691-
      PARTYDETAILID VALUE BEHAVIOR      		 NEW RETURN TAG 1691-
      PARTYDETAILID VALUE BEHAVIOR
      24 (customer account) 12 1234567890987Account 90987ACCOUNT
      1000 (take up account) 11 1234567890987Account 0987ACCOUNT
      96 (take up firm) 3 10f23 f23

      *These fields are optional for BrokerTec products.

      These changes are only applicable to the Pre-Registered administrative information. There is no change to the On-Demand Party Detail Definition Request Acknowledgment (tag 35=CY) messages sent from Market Segment Gateway to Client System.

      More detailed information on Party Details is available in iLink 3 Party Details Definition Messaging.

      These changes will be available for customer testing in New Release on Thursday, March 7.

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      Product Launches

      Listing BrokerTec “Classic” Type Repos and GC Baskets for LCH SA Cleared Spanish Collateral on CME Globex

      Effective Sunday, March 3 (trade date Monday, March 4), the following new “Classic” Type Repos and GC Baskets for LCH SA Cleared Spanish Bills and Bonds will be listed on CME Globex. 

      LISTING BROKERTEC "CLASSIC" TYPE LCH SA CLEARED SPANISH REPOS
      PRODUCT MDP 3.0: TAG 6937-ASSET ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP MDP 3.0: TAG 1180-APPLID
      Spanish Euro CCP Classic Repo Bonds ESSCD EUSA 517
      Spanish Euro CCP Classic Repo Bills ESSCB

      Example of MDP 3.0 Tag 2714- Financial Instrument Full Name:

      Product: Spanish Euro CCP Classic Repo Bonds
      Tag 2714- Financial Instrument Full Name: SA_CLASSIC_SPGB_1.20_10/40

      Product: Spanish Euro CCP Classic Repo Bills
      Tag 2714- Financial Instrument Full Name: SA_CLASSIC_SGLT_0.0_07/06/24

      LISTING BROKERTEC "CLASSIC" TYPE LCH SA CLEARED SPANISH GC BASKETS
      PRODUCT MDP 3.0: TAG 6937-ASSET ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP MDP 3.0: TAG 1180-APPLID
      SPAIN GC SA CLASSIC INCL LINKERS EGSCLI

      EUGA

      517
      SPAIN GC SA CLASSIC LETRAS ONLY EGSCLE
      SPAIN GC SA CLASSIC EGSCA
      SPAIN GC SA CLASSIC NO LETRAS EGSCNL
      SPAIN GC SA CLASSIC SUB 10YR EGSC10
      SPAIN GC SA CLASSIC NO LETRAS SUB 10YR EGSC1N
      SPAIN GC SA CLASSIC SUB 15Y LTR LNK EGSC15
      SPAIN GC SA CLASSIC SUB 20YR EGSC20
      SPAIN GC SA CLASSIC SUB 20YR NO LETRAS EGSC2N

      These repos and baskets are currently available for customer testing in New Release.

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      Product Changes

      Renaming BrokerTec Spanish GC Baskets

      Effective Sunday, March 3 (trade date Monday, March 4), the product name and long name for the Spanish GC Baskets will be renamed to include BSB (“Buy-Sell-Back”).

      RENAMING BROKERTEC LCH SA CLEARED SPANISH GC BASKETS
      CURRENT PRODUCT NAME NEW PRODUCT NAME CURRENT MDP 3.0 TAG 2714-FINANCIAL INSTRUMENT FULL NAME NEW CURRENT MDP 3.0 TAG 2714-FINANCIAL INSTRUMENT FULL NAME MDP 3.0: TAG 6937-ASSET ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP MDP 3.0: TAG 1180-APPLID
      SPAIN GC SA INCL LINKERS SPAIN GC SA BSB INCL LINKERS GC_SA_SPAIN_INCL_LINKERS GC_SA_BSB_SPAIN_INCL_LINKERS EGSALI EUBG 517
      SPAIN GC LETRAS ONLY SPAIN GC SA BSB LETRAS ONLY GC_SA _SPAIN_LETRAS_ONLY GC_SA_BSB_SPAIN_LETRAS_ONLY EGSALE
      SPAIN GC SA SPAIN GC SA BSB GC_SA_ SPAIN_NO_LINKERS GC_SA_BSB_SPAIN_NO_LINKERS EGCSA
      SPAIN GC SA NO LETRAS SPAIN GC SA BSB NO LETRAS GC_SA_SPAIN_NO_LTRA_NO_LNKR GC_SA_BSB_SPAIN_NO_LTRA_NO_LNKR EGSANL
      SPAIN GC SA SUB 10YR SPAIN GC SA BSB SUB 10YR GC_SA_SPAIN_SUB_10YR_NO_LINKERS GC_SA_BSB_SPAIN_SUB_10YR_NO_LINKERS EGSA10
      SPAIN GC SA NO LETRAS SUB 10YR SPAIN GC SA BSB NO LETRAS SUB 10YR GC_SA_SPAIN_SUB_10Y_NO_LTRA_NO_LNKR GC_SA_BSB_SPAIN_SUB_10Y_NO_LTR_LNK EG10NL
      SPAIN GC SA SUB 15Y LTR  LNK SPAIN GC SA BSB SUB 15Y LTR LNK GC_SA_SPAIN_SUB_15Y_+_LTR_+_LNK GC_SA_BSB_SPAIN_SUB_15Y_+_LTR_+_LNK ES15LL
      SPAIN GC SA SUB 20YR SPAIN GC SA BSB SUB 20YR GC_SA_SPAIN_SUB_20YR_NO_LINKERS GC_SA_BSB_SPAIN_SUB_20YR_NO_LINKERS EGSA20
      SPAIN GC SA SUB 20YR NO LETRAS SPAIN GC SA BSB SUB 20YR NO LETRAS GC_SA_SPAIN_SUB_20Y_NO_LTRA_NO_LNKR GC_SA_BSB_SPAIN_SUB_20Y_NO_LTR_LNK ES20NL

      These changes are currently available for customer testing in New Release.

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      Globex Symbol Format Change for BrokerTec US RV Curve Products

      Effective Sunday, March 3 (trade date Monday, March 4), the MDP 3.0 Security Definition tag 55=Symbol for the BrokerTec RV Curve products (Tag762- Strategy Type = RV)  will change to reflect the product code (tag 6937-Asset) and instrument GUID (37513-InstrumentGUID). Currently, MDP 3.0 Security Definition tag 55=Symbol for the BrokerTec RV Curves reflects spread leg:month/year-spread leg:month/year.

      Example:

        Product Code: UB2:07

        Current Format: UB02:1225-UB07:1230

        New Format: UB2:07-KMETKNSODFVN

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

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      Announcements and Additional Resources

      BrokerTec and EBS Customer Disaster Recovery Exercises

      CME Group strongly encourages all EBS and BrokerTec customers to register for two opportunities to test with our disaster recovery systems, to help ensure readiness and test your ability to transact via our DR systems.

      • Saturday, April 20, 2024 - US Markets (BrokerTec US and EBS NY)
      • Saturday, July 27, 2024 - Europe Markets (BrokerTec EU & EBS London)

      If you are interested in participating in one or both of our upcoming Disaster Recovery (DR) Mock Trading Sessions, please register your interest by completing the following form:

      COMPLETE SURVEY

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