Critical Updates

CME Globex on Google Cloud

Technical content is now available for the planned Globex migration to Google Cloud, including:

• Key Events and Dates

• Dual Zones Overview, including zone swap and maintenance information

CME Group and Google Cloud recently announced a new private Google Cloud Chicago region and co-location facility for CME Group listed derivative markets.

Additional information will be published regularly and announced via the CME Globex Notices.

Position Reporting Under CFTC Part 17

On April 30, 2024, the Commodity Futures Trading Commission ("CFTC") approved final rules to amend its Large Trading Reporting Regulations for Futures and Options. The amendments were made to modernize CFTC's Large Trader Reporting process and align it with other reporting structures outlined in CFTC regulations. CFTC's final rules remove the 80-character submission standard, replacing it with a FIXML standard. The required FIXML position message includes a large set of instrument characteristics as well as unique contract identifiers, Unique Contract Identifiers must be provided to Reporting Firms by the exchange where the positions are held. 

CME, CBOT, NYMEX, and COMEX (each an "Exchange" and together the "Exchanges") will be providing Reporting Firms files containing Unique Instrument Codes in compliance with Large Trader Reporting requirements. The Exchanges are offering two methods to download this instrument information, as described in the CME Group Client Systems Wiki. Beginning on Monday, February 24, the Unique Instrument Codes will be available in firms outgoing SFTP folder and will have the following naming convention: ​CME_UICPART17.csv.

The Market Regulation Department will be publishing further guidance regarding Large Trader Reporting in subsequent Special Executive Reports as solutions become available.

CFTC's final rules became effective upon publication in the Federal Register on June 3, 2024. Reporting Firms must comply with the CFTC's final rules regarding Large Trader Reporting Requirements two years after publication in the Federal Register.

iLink 3 CGW Migration - Updated Timeline - March 1

In response to client feedback, CME Group is extending the deadline for iLink 3 CGW migration to Saturday, March 1.

All customers using the Convenience Gateways (CGW) for order entry must complete their migration to iLink 3 by Saturday, March 1, including functional certification and session migration as outlined in the client impact assessment. 

Starting Sunday, March 2, a charge of $1,000 USD per iLink 2 session per week will be applied to each session that has not yet migrated to iLink 3. For new iLink 3 CGW sessions, Port Activation Charges (PAC) will be applied, but Monthly Inactivity Charges (MIC) will be waived automatically from creation through the end of December 2024. Effective Sunday, April 6, iLink 2 on CGW will be decommissioned and only iLink 3 CGW sessions will be supported.

Please Note: All GTC and GTD orders on iLink 2 sessions must be cancelled and resubmitted on new iLink 3 sessions. Before deleting any iLink 2 sessions, customers must confirm that there are no resting Good 'Till Cancel (GTC) and Good 'Till Date (GTD) orders in Firmsoft. Customers can contact the CME Global Command Center (GCC) at gcc@cmegroup.com or +1 800-438-8616 for order status and cancellation support. After 16:00 Central Time(CT) on Friday, April 4, all remaining GT orders on iLink 2 sessions will be canceled or deleted by the CME Global Command Center (GCC).

CME FX Link Messaging Changes - March 9

Effective Sunday, March 9 (trade date Monday, March 10), with the CME FX Spot+ pre-launch, CME FX Link clients will have the following iLink and MDP 3.0 messaging considerations.

• Changes to group code (MDP 3.0 tag 1151-SecurityGroup) for the tradable OTC FX Spot legs Instruments.

Changes to Group Code for OTC FX Spot Leg Instruments
Currency Pair	Current MDP 3.0 tag 1151- Security Group	New MDP 3.0 tag 1151- Security Group
CME FX Spot Leg (tradable)
AUD/USD	01	5A
EUR/USD	01	5E
GBP/USD	01	5B
NZD/USD	10	5N
USD/CAD	01	5C
USD/CHF	01	5S
USD/JPY	01	5J
USD/MXN	01	5M
CME FX Spot Leg (non-tradable)
USD/ZAR	01	No change
USD/CNH	01	No change

• All OTC FX Spot legs will move from MDP 3.0 Channel 314 to 330. The new MDP channel 330 will utilize the schema version 13. The FX Link spread and the futures legs of FX Link will remain on channel 314.
• Changes in the Minimum Price Increment, Price Precision and Display Factor for the OTC FX Spot leg traded as part of the CME FX Link spread. Please refer to the product attributes for more information on these changes.

Effective Sunday, April 13 (trade date Monday, April 14), with the CME FX Spot+ launch, CME FX Link clients will have the following iLink and MDP 3.0 messaging considerations.

• MDP 3.0 Security Definition (tag 35-MsgType=d) for all OTC FX Spot legs will reflect notional terms for all quantity fields.
• The update to all OTC FX Spot legs electronic volume will be disseminated on the new MDP 3.0 channel 330.
• A new tag 1795-NoOrderEvents repeating group will be added to the iLink Execution Report Trade Spread Leg message for all OTC Spot FX legs instruments.
• iLink 3 quantity fields (e.g. tag 32-LastQty) in the iLink Execution Report Trade Spread Leg for all OTC Spot FX legs instruments will contain notional quantity instead of lot size.

Additional information on CME FX Spot+ is available in the client impact assessment.

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

CME Globex MDP 3.0 Channel 315 Decommission - March 28

Effective close of business Friday, March 28, CME MDP 3.0 Channel 315 will be decommissioned. Currently the channel only disseminates Admin Heartbeat (35-MsgType=0) messages. Additionally, references to channel 315 will be removed from the config.xml file located on the FTP/SFTP Site for the Production and New Release environments.

MDP 3.0 Channel 315
CHANNEL NAME	CHANNEL ID	FTP INFORMATION
CME Globex FX Options	315	SFTP - MDP Configuration

CME FX Spot+ - April 13

Effective Sunday, April 13 (trade date Monday, April 14), CME Group will launch CME FX Spot Plus (CME FX Spot+), a new tradable spot FX instrument, leveraging CME FX Link liquidity to bring together OTC spot FX and FX futures.

CME FX Spot+ will enable spot FX market participants to tap into CME FX futures liquidity through an open, transparent central limit order book while giving FX futures users broader access to OTC liquidity. This unique liquidity connection will be made possible by implied matching through CME FX Link, a liquid, tradable spread between OTC spot FX and FX futures.

The FX Spot+ products will be available for the following currency pairs:  EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, USD/CAD, USD/CHF, and USD/MXN.

All of the CME FX Spot+ products are currently available in the New Release environment for customer testing.

MDP 3.0. certification is required to trade the CME FX Spot+. The new AutoCert+ supplemental test suite is currently available for customer certification.

More information on these new products and the associated messaging and functionality enhancements is available in the CME FX Spot+ client impact assessment. A new CME FX Spot+ Credit Overview is also available with credit features and details for both FX Link and CME FX Spot+. 

The Straight Through Processing (STP) client impact assessment for CME FX Link and FX Spot+ is available.

Pre-Launch:

Effective Sunday, March 9 (trade date Monday, March 10), CME Group will pre-launch the FX Spot+ instruments. With this pre-launch, the FX Spot + instruments will not be tradeable, and the Security Definition (35-MsgType=d)  will be the only MDP3 messages available.

MDP 3.0 Security Definition (tag 35-MsgType=d) for all FX Spot + instruments will reflect:

• New group code (MDP 3.0 tag 1151-SecurityGroup)
• Minimum Price Increment
• Price Precision
• Display Factor

Please refer to the product attributes for more information on these changes. New attributes with populated values will be added to the CME Reference Data API Version 3.

All OTC FX Spot legs will move from MDP 3.0 Channel 314 to 330. The new MDP channel 330 will utilize the schema version 13. MDP configuration (i.e. Port, multicast addresses, and source IPs) for channel 330 are available in the config.xml file located on the CME FTP and SFTP Site. 

Mock Trading Session:  

To support customer experience with the CME FX Spot+ in the CME Globex production environment, CME Group will offer customer mock trading sessions on:

• Saturday, March 29

Customers are required to register in advance in order to participate in the mock trading sessions. Further information on the mock trading sessions will be published in future CME Globex Notices.

 

Decommission of MGEX Markets on CME Globex - June 29

Effective Sunday, June 29 (trade date Monday, June 30), order routing and market data for Minneapolis Grain Exchange (MGEX) products, which includes Hard Red Spring Wheat, will no longer be available via CME Globex. Existing order routing customers to MGEX markets and customers wishing to pursue market access to MGEX should contact futures@miaxglobal.com.

For CME Group specific questions, contact Global Account Management.

Product Launches

Options on Bitcoin Friday Futures - This Week

Effective this Sunday, February 23 (trade date Monday, February 24), pending completion of all regulatory review periods, options on Bitcoin Friday futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

Options on Bitcoin Friday Futures
PRODUCT	MDP 3.0: TAG 6937-ASSET	ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID	Alias Strike Format Examples
Options on Bitcoin Friday Futures	BFF	E5-outrights; E6-UDS	327	ITC: BFFG524 C108500 G528

These options on Bitcoin Friday futures are now available for customer testing in New Release.

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

Monitoring Instruments for CME Group Internal Testing - This Week

Effective this Sunday, February 23 (trade date Monday, February 24), the following monitoring instruments will be added to the CME Benchmark Administration Premium channels (SBE UDP Multicast channel 261 and GCP SBE). 

Please Note:This product is for CME Group internal testing only and will not support order entry. CME Group recommends client systems ignore all MDP3 messages on this product.

Monitoring Instruments for CME Group Internal Testing
Product	BENCHMARK PREMIUM TAG 37500-CLEARING PRODUCT CODE	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - ApplID
Monitoring Instrument	#OZ1MT	261
Monitoring Instrument	#OZ3MT
Monitoring Instrument	#OZ6MT
Monitoring Instrument	#OZ1YT

These instruments are currently available in New Release.

Agriculture Micro Futures - This Week

Effective this Sunday, February 23 (trade date Monday, February 24), pending completion of all regulatory review periods, Micros on Agriculture futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

Agriculture Micro Futures
PRODUCT	MDP 3.0: TAG 6937-ASSET	ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
Micro Corn Futures	MZC	ZC	340
Micro Soybean Futures	MZS	ZS	340
Micro Wheat Futures	MZW	ZW	340
Micro Soybean Oil Futures	MZL	ZS	340
Micro Soybean Meal Futures	MZM	ZS	340

The exchange will also list Calendar Spreads strategy = SP and Average Price Equalizer Spread = AE

These Micro Agriculture futures are now available for customer testing in New Release.

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

High Yield Duration-Hedged Credit Products - March 16

Effective Sunday, March 16 (trade date Monday, March 17), pending completion of all regulatory review periods, High Yield Duration-Hedged Credit futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

High Yield Duration-Hedged Credit Products
PRODUCT	MDP 3.0: TAG 6937-ASSET	ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP	Tag 762- SecuritySubType	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
Bloomberg High Yield Duration-Hedged Credit Futures	DHY	CE	RT - Reduced Tick Spread	344
BTIC on Bloomberg High Yield Duration-Hedged Credit Futures	DHYT	CG	N/A

These futures will be available for customer testing in New Release on Sunday, February 23.

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

Listing Mortgage Rate Futures vs. TBA Futures Implied Intercommodity Spreads - March 16

Effective Sunday, March 16 (trade date Monday, March 17), Mortgage Rate futures vs. TBA futures implied intercommodity spreads will be listed for the two nearest contract months on CME Globex.

Listing Mortgage Rate Futures vs. TBA Futures Implied Intercommodity Spreads
Product	MDP 3.0: tag 6937-Asset	iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group	Tag 762- SecuritySubType
Mortgage Rate (OB30C) Futures vs. 30-Year UMBS TBA Futures - 4.0% Coupon	M40	MR	IV - Implied Intercommodity Spread
Mortgage Rate (OB30C) Futures vs. 30-Year UMBS TBA Futures - 4.5% Coupon	M45	MR
Mortgage Rate (OB30C) Futures vs. 30-Year UMBS TBA Futures - 5.0% Coupon	M50	MR
Mortgage Rate (OB30C) Futures vs. 30-Year UMBS TBA Futures - 5.5% Coupon	M55	MR
Mortgage Rate (OB30C) Futures vs. Legal Name30-Year UMBS TBA Futures - 6.0% Coupon	M60	MR

These spreads will be available for customer testing in New Release on Sunday, February 23.

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

NewHLS (Argus) vs. WTI Trade Month Futures - March 16

Effective Sunday, March 16 (trade date Monday, March 17), pending completion of all regulatory review periods, HLS (Argus) vs. WTI Trade Month futures will be launched for trading on CME Globex and for submission for clearing via CME ClearPort.

HLS (Argus) vs. WTI Trade Month Futures
PRODUCT	MDP 3.0: TAG 6937-ASSET	ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
HLS (Argus) vs. WTI Trade Month Futures	HLT	CC	382

These HLS (Argus) vs. WTI Trade Month futures will be available for customer testing in New Release on Sunday, February 23. 

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

NewTrade at Settlement (TAS) on Ether and Micro Ether Futures - March 16

Effective Sunday, March 16 (trade date Monday, March 17), pending completion of all regulatory review periods, TAS functionality will be enabled for Ether and Micro Ether futures trading on CME Globex and for submission for clearing via CME ClearPort.

Trade at Settlement (TAS) on Ether and Micro Ether Futures
PRODUCT	MDP 3.0: TAG 6937-ASSET	ILINK: TAG 55-SYMBOL MDP 3.0 TAG 1151 - SECURITY GROUP	Tag 762- SecuritySubType	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
TAS on Ether Futures	TET	CM	EQ - Calendar Spread	326
TAS on Micro Ether Futures	TEM

These futures will be available for customer testing in New Release on Sunday, February 23. 

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

Product Changes

NewChange to Minimum Price Increment for Settlement Price for Euro FX Future Marker - March 7

Effective Friday, March 7, the minimum price increment tag 969-MinPriceIncrement will be changed for the Settlement Price for Euro FX future marker.

FX markers provide informational reference points that participants can use to calculate internal valuations of corresponding futures positions. For more information and calculation methodology, please visit the FX Marker webpage.

Change to Minimum Price Increment for Settlement Price for Euro FX Future Marker
Product	MDP 3.0: tag 6937-Asset	iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group	Market Data Channel	Current MDP 3.0: tag 969 - MinPriceIncrement	New MDP 3.0: tag 969 - MinPriceIncrement
Euro FX Futures 4:00 p.m. London Marker	ZYEC	01	314	.5	.1

Markers are sent in the MDP 3.0 Market Data Incremental Refresh (tag 35-MsgType=X) with the following attributes:

• Tag 279- MDUpdateAction will be set to 0=New
• Tag 269-MDEntryType will be set to 6=Settlement Price
• Tag 5796-Trading Reference will display the date for which the marker price was calculated

These changes will be available for customer testing in New Release on Wednesday, February 26.

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

Enable Implied Functionality and Listing Cycle Expansion for Henry Hub Natural Gas Condor Spreads - March 16

Effective Sunday, March 16 (trade date Monday, March 17), the Henry Hub Natural Gas Condor spreads on CME Globex will change as follows:

• Enable Implied Functionality
• Listing Cycle Expansion

Enable Implied Functionality and Listing Cycle Expansion for Henry Hub Natural Gas Condor Spreads
Product	MDP 3.0: tag 6937-Asset	iLink: tag 55-Symbol MDP 3.0 tag 1151 - Security Group	Tag 762- SecuritySubType	Current Listing Schedule	New Listing Schedule
Henry Hub Natural Gas Futures	NG	NG	CF - Condor	3 1-month spreads	6 1-month spreads

Implied eligible instruments, are identified in the MDP 3.0 Security Definition (tag 35-MsgType=d), in repeating group tag 871-InstAttribType:

• tag 872-InstAttribValue=19:Implied Matching Eligibility

These spreads will be available for customer testing in New Release on Sunday, February 23.

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

Events and Announcements

LMAX Digital Added as a Constituent Exchange for CME CF Solana-Dollar Benchmarks - This Week

On Monday, February 24, at 10 a.m. London time, LMAX Digital market data will be included in the CME CF Solana-Dollar Reference Rates (SOLUSD_RR and SOLUSD_NY) and Real-Time Index (SOLUSD_RTI). CF Benchmarks, the leading cryptocurrency index provider, is the Administrator for the CME CF Cryptocurrency Indices.

For more information, please visit the CME CF Cryptocurrency Indices webpage.

CME Globex Futures & Options Messaging Efficiency Program Revision- Auto Waiver Reduction - March 1

To continue to encourage responsible messaging practices, ensure efficient market operations, allow for broad market participation, and foster high quality liquid markets, effective Saturday, March 1,  CME Group will reduce the number of auto waivers from two daily auto waivers per product group, per calendar month to one daily auto waiver per product group, per calendar month.

No action on the part of the CME Globex firm is necessary in this regard and any applicable waivers will be applied at the end of each calendar month.

The CME Globex Messaging Efficiency Program creates fair business guidelines by which customers are billed a surcharge for overly high message rates. 

CME Globex firms who exceed the benchmark ratios in applicable product groups, and are signed-up accordingly, receive email notifications of any potential surcharges. CME Globex firms who have access to the Firm Administrator Dashboard have the ability to view their messaging statistics on a T+1 basis. 

If you have any questions, please contact CME Global Account Management via Email at gam@cmegroup.com or the CME Global Command Center in the U.S. at +1 800 438 8616, in Europe at +44 20 7623 4747, in Asia at +65 6532 5010, or in Japan at +81 3 6733 7559 or via Email at gcc@cmegroup.com.

CME STP FIX API on Google Cloud - Postponed

Previously announced availability of CME STP FIX API service on Google Cloud has been postponed. A new production date will be announced in a future article.

View the client impact assessment for additional information.

CME STP FIX API on Google Cloud is currently available in New Release.    

CME STP FIXML on Google Cloud - March 31

Effective Monday, March 31, all client systems must complete a mandatory certification of regional switch processing for CME STP FIXML on Google Cloud.

This certification is not a prerequisite for clients migrating to CME STP FIXML on Google Cloud.

View the client impact assessment for additional information.

Upcoming Changes to Duo Two-Factor Authentication - April 12

On Saturday, April 12, CME Group will upgrade to Duo Universal Prompt, a new two-factor authentication experience for applications and services requiring CME Group Login. The upgrade features improved security and a redesigned user interface. No action will be required for customers to receive the automated upgrade.

Additional details will be provided in future notices.

For related inquiries, please contact EASE@cmegroup.com.

NewRedesigned Request Center Within CME Customer Center - Coming Soon

In the coming months, the Request Center within the CME Customer Center self-service functionality will feature a simplified, redesigned interface and streamlined navigation. For a clear and consistent experience across CME Group services, the Request Center will include updated terminology and instances of spelled out acronyms.

There will be no major functional updates to the user interface at this time and access will remain based on individual CME Group Login entitlements.

Currently, “Registered Entity” or “Administration Group” identifies a customer firm within the Request Center and the redesign will feature “Administration Group” for consistency.

References to “Tag 50” will be updated to “Globex Operator ID” or “GOID” to reflect terminology used on the Market Regulation Advisory Board Rule 576. To facilitate a smooth transition, the “Tag 50” references will remain in the Request Center for a period of time.

Acronyms currently in the user interface will be spelled out, such as “Globex Firm ID,” “Futures and Options” and “Order Entry” naming will identify the “iLink Sessions.”

Additional details will be provided in future notices.