CME Globex Notices: May 1, 2023

For the latest roadmap of CME Group technology initiatives:
See the Development Launch Schedule.

Critical Updates

Enhancements to Public Settlement “stl” Files on CME FTP - May 14

Effective Sunday, May 14, CME Group will provide new, enhanced Public Settlement "stl" files on the CME FTP site. The legacy file formats will be decommissioned by Friday, May 12.

Please review the updated Clearing Advisory for full technical details and decommission of legacy file schedule. 

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Instrument Capacity for Futures and Options - May 14

Starting on Sunday, May 14 (trade date, Monday May 15), CME Group will increase the capacity for futures and options instruments listed. Currently, CME Globex only lists up to 1 million instruments. With this change, the full existing capacity will be unlocked, supporting the entire range of 2,147,483,646.

There is no expectation at this time of a significant increase to the number of instruments listed.

Due to recent volatility and global events, the need to list additional futures and options instruments has significantly increased and consequently, CME Group will update the SecurityID capacity. There is no change to the SecurityID field length and there will be no change to SBE message schemas or templates; but the possible values of the SecurityID field will expand to a maximum of 10 digits and a max value of 2,147,483,646.

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

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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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iLink Cancel Reason Enhancements - June 25

Effective Sunday, June 25 (trade date Monday, June 26), CME Group will implement enhancements to iLink cancel reason to accurately identify origin of the order cancel. These enhancements will be reflected in tag 378-ExecRestatementReason on the Execution Reports for order cancels (tag 35-MsgType=8, tag 39-OrdStatus=4) messages.

iLink Cancel Reason enhancements will apply to both iLink 2 and iLink 3 customers. 

These changes will be available in New Release for customer testing on Thursday, May 18.

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CME Benchmark Administration Premium SBE Schema and RFR Benchmark Launch - June 25

Effective Sunday, June 25 (trade date Monday, June 26), CME Group will launch new Simple Binary Encoding (SBE) schemas on all CME Benchmark Administration Premium channel 261.

Additionally with this release, CME Benchmark Administration Premium will launch RepoFunds Rate (RFR) Benchmarks with this update comprising of RFR Euro (including the 10 underlying countries), RFR Sterling and RFR JBOND Benchmarks. These Benchmarks are available to license under Schedule 7 Appendix D of the Information License Agreement.

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

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UpdateUpdate - GLink Network Infrastructure Upgrade in Aurora - Q3 2023

† Denotes update to the article

In 2023, CME Group is upgrading its GLink network infrastructure at the CME Co-Location Facility in Aurora, IL. This network upgrade consists of:

• Replacement of the existing end of life (EOL) Juniper switches with new Arista switches which will utilize new customer ports and new CME IPs
• Introduction of a new GLink Demarc Cable providing customers with equidistant connectivity to any rack unit (RU) in their cabinet

The new GLink switches will also expand capacity to support future growth while the new GLink Demarc Cable will allow customers to optimize their CME Co-location Licensed Space.  The new GLink infrastructure is anticipated to be ready in Q3 2023 with customer testing and cutover to the new network taking place during Q3/Q4 2023. Further details will be communicated during Q2 2023.

† Please see the Client System Impact for details and an enhanced FAQ.

Any immediate questions can be directed to Global Account Management.

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Mandatory Migration - iLink3 Binary Order Entry Protocol for CGW  - Q1 2024

CME Group is introducing iLink 3 on Convenience Gateways (CGW) for trading futures and options on CME Globex. The iLink 3 protocol will launch on the existing CGWs beginning Q1 2024. All customers connected via CGW will need to migrate to iLink 3 by Q4 2024.

iLink 3 includes:

• Simple Binary Encoding (SBE) for faster message encoding and decoding
• A simple, lightweight, point-to-point session layer protocol using FIX Performance (FIXP)
• More efficient iLink FIX messaging
• Standard message size, fixed positions, and fixed length fields
• A consistent encoding method for order entry and market data

The Client Impact Assessment is available and provides detailed functionality and messaging information.

iLink 3 on CGW will be available in New Release for customer testing starting May 8, 2023.  AutoCert+ certification is required for all client systems using CGWs.

• May 8, 2023 – iLink 3 CGW functionality available in New Release and AutoCert+ certification for On-Demand administrative information
• September 25,  2023 – iLink 3 CGW functionality available in New Release and AutoCert+ certification for Pre-registered administrative information
• February 4,  2024 –  Production launch of iLink 3 on CGW
• December 2024 – Deadline for customer migration

Further information on the production launch deployment schedule, and mock trading sessions will be published in upcoming CME Globex Notices.

Please contact your Global Account Manager for additional information.

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Drop Copy Impacts - Mandatory iLink 3 Binary Order Entry Protocol for Convenience Gateway Sessions - Q1 2024

In Q1 2024, CME Group will launch iLink 3 Convenience Gateway for trading futures and options on CME Globex. All customers connected via Convenient Gateway (CGW) are encouraged to migrate to iLink 3 as early as possible prior to the iLink 2 decommission, key events and dates are listed here.

Impacts of mandatory iLink3 Binary Order Entry protocol for Convenience Gateway on Drop Copy Convenience Gateway target sessions.

• Message encoding: The Drop Copy encapsulated XML Non-Fix (tag 35-MsgType=n) Message payload sent from iLink 3 source sessions will be in ASCII format.
  •  Message payload mapping conforming to the iLink 3 formats and encoding will feature deprecated message tags, additional tags and enumerations for order entry, clearing and regulatory compliance messaging specifications.
  • A summary of ASCII encoded tags with their equivalent values in Simple Binary Encoding tags and enumerations is available here.
• Target Session: Current Drop Copy CGW target session users do not need to request new target sessions although upon requesting the mandatory iLink 3 source session, a new target session may be automatically created to accommodate iLink order entry infrastructure load balancing and optimization considerations. Customers are requested to check for new automatically generated Drop Copy CGW target sessions.
• Parallel period: During the parallel period which runs until Q4 2024, CME Globex will support Drop Copy target sessions connected to both iLink 2 and iLink 3 CGW sessions. When iLink 2 is decommissioned in Q4 2024, any Drop Copy target sessions with iLink 2 sessions only will be removed from the platform.
• AutoCert+ Certification: Certification is not required for existing Drop Copy CGW session users.

Please review Mandatory iLink 3 Binary Order Entry Protocol for CGW for additional details.

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Product Launches

Argus Bakken Crude Oil Differential Futures - May 14

Effective Sunday, May 14 (trade date Monday, May 15), pending completion of all regulatory review periods, Argus Bakken Crude Oil Differential futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

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

These contracts are listed with, and subject to, the rules and regulations of NYMEX.

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NewNew - Listing New Weather Futures - May 21

Effective Sunday, May 21 (trade date Monday, May 22), pending completion of all regulatory review periods, the following Weather futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

These  futures will be available for customer testing in New Release on Monday, May 15.

These contracts are listed with, and subject to, the rules and regulations of CME.

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Listing Additional Weekly Crypto Options - May 21

Effective Sunday, May 21 (trade date Monday, May 22), pending completion of all regulatory review periods, additional weekly Cryptocurrency options will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

These options will be available for customer testing in New Release on Monday, May 15.

These contracts are listed with, and subject to, the rules and regulations of CME.

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Product Changes

Changes to Strike and Series Listing Cycle for Equity Options - May 21

Effective Sunday, May 21 (trade date Monday, May 22), the strike listing rule and listing cycle for the following Equity Index options will be amended on CME Globex.

These options will be available for customer testing in New Release on Monday, May 8.

These contracts are listed with, and subject to, the rules and regulations of CME.

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Events and Announcements

SPAN 2 Approximation Files Available Now

As previously announced, the SPAN 2 framework will be rolled out for specific product groupings in a phased multi-year approach after extensive testing, starting with major NYMEX energy futures and options on futures. 

To help clients prepare for this launch, CME Group is offering the following services:

• Tools for replicating SPAN 2 margin requirements through software and API solutions for post-trade processes.
• New SPAN 2 approximation file to help firms estimate SPAN 2 margins in low latency margin calculation scenarios for pre-trade margin approximation processes.

Please contact PostTradeServices@cmegroup.com now to get ready for this critical migration.

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Save the Date: CME Group Backup Datacenter Migration and Test - This Week

CME Group is pleased to announce the move and upgrade of our backup datacenter as part of our commitment to the protection of our customers. Last year, we completed the migration of our backup clearing systems, and we are now focused on CME Globex and supporting systems. To help ensure customers can connect to our new backup datacenter, CME Group will hold mock disaster recovery testing this Saturday, May 6, at 9 a.m. Eastern Time (ET).

To participate in the disaster recovery exercise, register here.

View the mock script.

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