For the latest roadmap of CME Group technology initiatives:
See the Development Launch Schedule.
Critical Updates
AB Spread Type - Anchor Leg Pricing Enhancement - September 10
Effective Sunday, September 10, (trade date Monday, September 11), CME Group will enhance the spread leg price assignment method for the Averaged Price Bundle, spread type=AB. The spread leg price assignment method used when summing the spread legs and in assigning differential ticks will change from using fair market price to prior day settlement price.
The spread legs prior day settlement price will be rounded to nearest .5 tick.
This change will be available for customer testing in the New Release on Monday, August 28.
GLink Network Infrastructure Upgrade in Aurora - Q3 2023
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 Q3 2023.
Please see the Client System Impact for details and an updated FAQ.
Any immediate questions can be directed to Global Account Management.
TOP Order Allocation Maximum Quantity Enhancement - October 1
Starting Sunday, October 1 (trade date Monday, October 2), CME Group will implement an enhancement to the TOP order allocation maximum quantity for all futures and options on futures products. The overview of TOP maximum quantity enhancement is now available.
With this change, CME Globex will no longer count initial aggressed quantity, and only count fills after the order rests in the market against the TOP MAX quantity. Currently, TOP Max includes initial aggressed quantity as well.
This enhancement is to ensure that for aggressing orders larger than the TOP Max, the entire resting amount is eligible for TOP.
This change is currently available in the New Release for customer testing.
More information about TOP functionality is available in the Client Systems Wiki.
Mandatory Migration - iLink 3 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 on Sunday, February 4, 2024 (trade date Monday, February 5). All customers connected via CGW will need to migrate to iLink 3 by December 31, 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.
Based on customer feedback and to better align with iLink 2 CGW, Cancel on Disconnect (COD) will be optional functionality for all iLink 3 CGW sessions. Customers will be able to request COD functionality to be disabled or enabled in:
- New Release – Now available
- Production – October 23, 2023
Please note that all iLink 3 CGW sessions will be created with COD enabled. Clearing Firm Administrators can disable COD functionality by entering the change request via Firm Admin Dashboard (FADB).
iLink 3 on CGW is currently available in New Release for customer testing.
AutoCert+ certification is required for all client systems using CGWs.
- Now Available – 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 31, 2024 – Deadline for customer migration
- January 31, 2025 - iLink 2 on CGW Decommission
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.
Drop Copy Impacts - Mandatory iLink 3 Binary Order Entry Protocol for Convenience Gateway - Q1 2024
On Sunday, February 4, 2024 (trade date Monday, February 5), CME Group will launch the iLink 3 protocol on existing Convenience Gateways (CGW) 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 available.
Impacts of mandatory iLink 3 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.
- 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 December 31, 2024, CME Globex will support Drop Copy target sessions connected to both iLink 2 and iLink 3 CGW sessions. When iLink 2 is decommissioned on December 31, 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.
Product Launches
Listing New CDD Weather Options - This Week
Effective this Sunday, August 27 (trade date Monday, August 28), pending completion of all regulatory review periods, the following Weather options will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.
| Listing New CDD Weather Options | |||
|---|---|---|---|
| Product | MDP 3.0: tag 6937-Asset | iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group |
Market Data Channel |
| CME Degree Days Index Options - Boston CDD | KW | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Boston CDD May | KWK | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Boston CDD Jul | KWN | W7 | 317 |
| CME Degree Days Index Options - Burbank CDD | KP | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Burbank CDD May | KPK | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Burbank CDD Jul | KPN | W7 | 317 |
| CME Degree Days Index Options - Houston CDD | KR | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Houston CDD May | KRK | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Houston CDD Jul | KRN | W7 | 317 |
| CME Degree Days Index Options - Philadelphia CDD | K6 | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Philadelphia CDD May | K6K | W7 | 317 |
| CME Seasonal Strip Degree Days Index Options - Philadelphia CDD Jul | K6N | W7 | 317 |
| CME European CDD Index Options - Paris CDD | G1 | W7 | 317 |
| CME European Seasonal Strip Index Options - Paris CDD May | G1K | W7 | 317 |
| CME European Seasonal Strip Index Options - Paris CDD Jul | G1N | W7 | 317 |
| CME European CDD Index Options - Essen CDD | G4 | W7 | 317 |
| CME European Seasonal Strip Index Options - Essen CDD Jul | G4K | W7 | 317 |
| CME European Seasonal Strip Index Options - Essen CDD Jul | G4N | W7 | 317 |
These options are currently available for customer testing in New Release.
These contracts are listed with, and subject to, the rules and regulations of CME.
Additional CME CF Cryptocurrency Reference Rates - September 11
Starting Monday, September 11, CME Group and CF Benchmarks (CFB) will launch two new cryptocurrency reference rates designed to provide clients an additional, reliable reference rate for the US dollar price of bitcoin and ether. The pricing data will be disseminated via the streamlined CME CF Cryptocurrency Pricing Market Data feed on channel 213 and through CME DataMine.
The feed will publish the following standardized reference Rates in US dollars, shortly after 4 p.m. Hong Kong/Singapore Time daily, including weekends and bank holidays:
- CME CF Bitcoin Reference Rate APAC (BRRAP)
- CME CF Ether-dollar Reference Rate APAC (ETHUSD_AP)
The additional cryptocurrency pricing data will be available for customer testing in New Release on Monday, August 28.
Certification is not required.
NewAdditional CVOL Indices on Benchmark Administration Premium - October 22
Effective Sunday, October 22 (trade date Monday, October 23), the following CME Group Volatility Index (CVOL) products will be listed on Benchmark Administration Premium UDP Multicast and GCP SBE.
| Additional CVOL Indices on Benchmark Administration Premium | ||||
|---|---|---|---|---|
| PRODUCT NAME | TAG 55 - SYMBOL | TAG 37500 - CLEARINGPRODUCTCODE | TENOR SELECTION | MULTICAST CHANNEL & GCP SBE CHANNEL NUMBER |
| Feeder Cattle | GFVL | 62/GF | Tenor Selection 6 | 261 |
| Platinum | POVL | PL/PL | Tenor Selection 2 | |
| Aluminum | ALVL | ALI/ALI | Tenor Selection 2 | |
Clear Product Code Mapping
| Contract | CVOL Group | CVOL Symbol | Up Var Symbol | Down Var Symbol | Skew Symbol | ATM Vol Symbol | Convexity Symbol |
|---|---|---|---|---|---|---|---|
| Feeder Cattle | Tenor Selection 6 | GFVL | GFUP | GFDN | GFSK | GFAM | GFCV |
| Platinum | Tenor Selection 2 | POVL | POUP | PODN | POSK | POAM | POCV |
| Aluminum | Tenor Selection 2 | ALVL | ALUP | ALDN | ALSK | ALAM | ALCV |
Additional product and instrument information are defined in Reference Data API.
The CVOL Indexes will be available in New Release for customer testing on Monday, September 18.
Product Changes
NewDelisting and Removal of Coal Options - This Week
On Monday, August 21, the following Coal options were delisted, and effective close of business this Friday, August 25, these options will be removed from CME Globex.
| Delisting and Removal of Coal Options | ||
|---|---|---|
| Product | MDP 3.0: tag 6937-Asset | iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group |
| Coal (API 2) cif ARA (Argus/McCloskey) Future-Style Margined Option on Quarterly Futures Strip | F2Q | EF |
| Coal (API 2) cif ARA (Argus/McCloskey) Option | MTO | EF |
| Coal (API 2) cif ARA (Argus/McCloskey) Short Dated Calendar Option | MTC | EF |
| Coal (API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Calendar Futures Strip | F4C | EF |
| Coal (API 4) fob Richards Bay (Argus/McCloskey) Future-Style Margined Option on Quarterly Futures Strip | F4Q | EF |
| Coal (API 4) fob Richards Bay (Argus/McCloskey) Option | MFO | EF |
These options currently have no open interest.
NewSunset Coal Futures and Option - This Week
Effective Sunday, August 20 (trade date Monday, August 21), the below Coal futures and option was sunset and no additional contracts will be listed.
| Sunset Coal Futures and Option | ||||
|---|---|---|---|---|
| Product | MDP 3.0: tag 6937-Asset | iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group | Current Listing Schedule | Last Month Available for Trading |
| Coal (API 2) CIF ARA (ARGUS-McCloskey) Futures | MTF | CO | Monthly contracts listed for the current year and the next 4 calendar years | 45992 |
| Coal (API 2) cif ARA (Argus/McCloskey) Future-Style Margined Option on Calendar Futures Strip | F2C | EF | Annual contracts listed for 2 years | 45658 |
| Coal (API 4) FOB Richards Bay (ARGUS-McCloskey) Futures | MFF | CO | Monthly contracts listed for the current year and the next 4 calendar years | 45261 |
These products are currently available for customer testing in New Release.
These contracts are listed with, and subject to, the rules and regulations of NYMEX.
NewListing Schedule Change to Trade Marker at Close (TMAC) on Equity Futures - September 10
Effective Sunday, September 10 (trade date Monday, September 11), pending completion of all regulatory review periods, the listing schedule for Trade Marker at Close (TMAC) on the below Equity Index futures will be changed on CME Globex.
| Listing Schedule Change to Trade Marker at Close (TMAC) on Equity Futures | ||||
|---|---|---|---|---|
| Product | MDP 3.0: tag 6937-Asset | iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group | Current Listing Schedule | New Listing Schedule |
| TMAC on E-mini S&P 500 Futures | ESX | E2 | Single month at any time; TMAC expires at 15:00 CT on the day before the underlying expiration Example: ES7U3 only |
TMAC expiring at 15:00 CT on the day before the underlying expiration and next quarterly TMAC for trading beginning the Sunday of the preceding week's expiration. Example: ES7U3 and ES7Z3 |
| TMAC on E-mini Nasdaq-100 Futures | NQX | N9 | ||
| TMAC on E-mini Russell 2000 Futures | RTX | R9 | ||
| TMAC on E-mini Dow Jones Industrial Average Futures | YMX | Y9 | ||
For additional information, please refer to Special Executive Report SER-9243.
These changes will be available for customer testing in New Release on Monday, August 28.
These contracts are listed with, and subject to, the rules and regulations of CME and CBOT.
Changes to Price Dissemination Precision for CME CF Crypto Indices - September 10
Effective Sunday, September 10 (trade date Monday, September 11), the price dissemination precision for the following CME CF Crypto Indices will be increased as follows:
| Changes to Price Dissemination Precision for CME CF Crypto Indices | ||||
|---|---|---|---|---|
| Product | RR Ticker | RTI Ticker | Current Dissemination Precision | New Dissemination Precision |
| AAVE | AAVEUSD_RR | AAVEUSD_RTI | 2 | 4 |
| AVAX | AVAXUSD_RR | AVAXUSD_RTI | 2 | 4 |
| BCH | BCHUSD_RR | BCHUSD_RTI | 2 | 3 |
| LTC | LTCUSD_RR | LTCUSD_RTI | 2 | 4 |
| DOT | DOTUSD_RR | DOTUSD_RTI | 4 | 5 |
| FIL | FILUSD_RR | FILUSD_RTI | 4 | 5 |
| SNX | SNXUSD_RR | SNXUSD_RTI | 3 | 5 |
These changes will be available for customer testing in New Release on Monday, August 28.
Listing Cycle Expansion for Aluminium European Premium Duty-Unpaid and Duty-Paid (Metal Bulletin) Futures - September 10
Effective Sunday, September 10 (trade date Monday, September 11), the listing cycle for the following Aluminium European Premium Duty-Unpaid and Duty-Paid (Metal Bulletin) futures will be expanded on CME Globex.
Trade Marker at Close (TMAC) products allow market participants to enter a trade at a differential to the yet-to-be-determined daily marker price, for subsequent clearing into the existing products. TMAC functionality uses “0” to represent the yet-to-be-determined daily marker price and trades ± 20 ticks for E-mini S&P 500, Nasdaq-100, and Russell 2000 futures, and ±4 ticks for E-mini Dow Jones Industrial Average futures.
| Listing Cycle Expansion for Aluminium European Premium Duty-Unpaid and Duty-Paid (Metal Bulletin) Futures | ||||
|---|---|---|---|---|
| Product | MDP 3.0: tag 6937-Asset | iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group |
Current Listing Schedule | New Listing Schedule |
| Aluminium European Premium Duty-Unpaid (Metal Bulletin) Futures | AEP | ST | Monthly contracts for the current year and the next 2 years | Monthly contracts for the current year and the next 3 years |
| Aluminium European Premium Duty-Paid (Metal Bulletin) Futures | EDP | ST | Monthly contracts for the current year and the next 2 years | Monthly contracts for the current year and the next 3 years |
These futures are currently available for customer testing in New Release.
These contracts are listed with, and subject to, the rules and regulations of COMEX.
Resting Order Elimination: Change to U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures - October 1
Effective Sunday, October 1 (trade date Monday, October 2), pending the completion of all regulatory review periods, tag 969-MinimumPriceIncrement and daily settlement minimum price fluctuation for the following U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) futures will be amended.
Please Note: To facilitate this change, customers will be asked to cancel all Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders for these U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) futures contracts, by the close Friday, September 29. After 4 p.m. CT on Friday, September 29, any remaining GT orders on these markets will be removed by the CME Global Command Center (GCC).
| Change to U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures | ||||
|---|---|---|---|---|
| PRODUCT | MDP 3.0: TAG 6937-ASSET | ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP | CURRENT MDP 3.0: TAG 969- MINPRICEINCREMENT | NEW MDP 3.0: TAG 969- MINPRICEINCREMENT |
| U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures | CNH | RM | Outrights: 1.000000000 (0.0001 index points) CNH per USD; Spreads: 5.000000000 (0.00005 index points) CNH per USD; Settlement: 1.000000000 (0.0001 index points) |
Outrights: 5.00000000 (0.0005 index points) CNH per USD; Spreads: 2.50000000 (0.00025 index points) CNH per USD; Settlement: 5.000000000 (0.0005 index points) |
| Micro U.S. Dollar/Offshore Chinese Renminbi (USD/RMB) Futures | MNH | RM | Outrights, Spreads and Settlement: 1.000000000 (0.0001 index points) CNH per USD | Outrights, Spreads and Settlement: 5.000000000 (0.0005 index points) CNH per USD |
These changes will be made available in New Release for customer testing on Monday, September 11.
These contracts are listed with, and subject to, the rules and regulations of CME.
UpdateResting Order Elimination: Changes to Options on E-mini Standard and Poor's 500 Stock Price Index Futures - October 1
† Denotes update to the article
Effective Sunday, October 1 (trade date Monday, October 2), pending completion of all regulatory review periods, the following changes will be made for options on E-mini Standard and Poor's 500 Stock Price Index futures:
- The reduced tick threshold for all options on E-mini S&P 500 futures will be amended to 10.00 points from the current value of 5.00 points.
- The Variable Tick Table (VTT) value for options on E-mini S&P 500 futures will be changed to 15 from the current value of 4.
Please Note: To facilitate this change, customers will be asked to cancel all User Defined Spreads (UDS), Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders for related contracts by the close on Friday, September 29. After 4 p.m. CT on Friday, September 29, any remaining GT orders on these markets will be removed by the CME Globex Command Center (GCC) and UDS eliminated.
Outright orders for options on E-mini S&P 500 futures will not be cancelled.
| Resting Order Elimination: Changes to Options on E-mini Standard and Poor's 500 Stock Price Index Futures | ||||
|---|---|---|---|---|
| Product | MDP 3.0: tag 6937-Asset | iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group |
Current Variable Tick Table Index Code and Globex Price | New Variable Tick Table Index Code and Globex Price |
| Options on E-mini Standard and Poor's 500 Stock Price Index Futures | ES | EW | VTT: 4 P < -500 = 25 † -500 ≤ P ≤ 500 = 5 P > 500 = 25 |
VTT: 15 P < -1000 = 25 † -1000 ≤ P ≤ 1000 = 5 P > 1000 = 25 Note: CME ClearPort tick will remain unchanged
|
| Monday Weekly Options on E-mini Standard and Poor's 500 Stock Price Index Futures - Week 1-5 (European-Style) | E1A-E5A | EW | ||
| Tuesday Weekly Options on E-mini Standard and Poor's 500 Stock Price Index Futures - Week 1-5 (European-Style) | E1B-E5B | EW | ||
| Wednesday Weekly Options on E-mini Standard and Poor's 500 Stock Price Index Futures - Week 1-5 (European-Style) | E1C-E5B | EW | ||
| Thursday Weekly Options on E-mini Standard and Poor's 500 Stock Price Index Futures - Week 1-5 (European-Style) | E1D-E5D | EW | ||
| Weekly Options on E-mini Standard and Poor's 500 Stock Price Index Futures - Week 1-4 (European-Style) | EW1-EW4 | EW | ||
| Options on E-mini Standard and Poor's 500 Stock Price Index Futures - End-of-Month (European-Style) | EW | EW | ||
| Options on Micro E-mini Standard and Poors 500 Stock Price Index Futures | MES | EO | ||
| Monday Weekly Options on Micro E-mini S&P 500 Index Futures - Week 1-5 (European-Style) | X1A-X5A | EO | ||
| Tuesday Weekly Options on Micro E-mini S&P 500 Index Futures - Week 1-5 (European-Style) | X1B-X5B | EO | ||
| Wednesday Weekly Options on Micro E-mini S&P 500 Index Futures - Week 1-5 (European-Style) | X1C-X5C | EO | ||
| Thursday Weekly Options on Micro E-mini S&P 500 Index Futures - Week 1-5 (European-Style) | X1D-X5D | EO | ||
| Weekly Options on Micro E-mini Standard and Poors 500 Stock Price Index Futures - Week 1-4 | EX1-EX4 | EO | ||
| Micro E-mini Standard and Poors 500 Stock Price EOM Options | EX | EO | ||
The VTT values are defined in the instrument’s Security Definition Message (tag 35-MsgType=d) in tag 6350-TickRule tick table value as described on the Client System Wiki.
These changes will be available for customer testing in New Release on Monday, September 11.
These contracts are listed with, and subject to, the rules and regulations of CME.
Events and Announcements
SPAN 2 Approximation Files Available Now - September 8
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.
SPAN 2 Approximation Files will go live over three weekends:
- August 11
- August 25
- September 8
All customers are encouraged to adopt the Approximation Files by Friday, September 8.
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.
CME Reference Data API v2 Decommission - Reminder - October 27
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 1,000
- No change to your API IDs and entitlements
Clients should review the Client Impact Assessment for details on v3.
Reference Data API Version 3 is currently available in Production and for customer testing in New Release.
