Critical Updates

Implied Functionality Extension for Calendar and Butterfly Spreads on CME Globex - November 15

Effective Sunday, November 15 (trade date Monday, November 16), CME Group will extend implied trading functionality on CME Globex to support Butterfly (BF) and Calendar (SP) spreads with mixed tick legs for select Short-Term Interest Rate futures. This initiative is designed to facilitate price discovery and order matching efficiency.

This enhancement expands functionality to generate implied liquidity across Calendar and Butterfly spreads where some legs have smaller tick increments (e.g., 0.25) than other legs or the spreads themselves (e.g., 0.50):

• Calendar Spreads (SP): Extends implied calculations to Calendar Spreads where the spread and Leg 1 trade on a smaller tick increment (e.g., 0.25) while Leg 2 trades on a larger tick increment (e.g., 0.50).
• Butterfly Spreads (BF): Extends implied calculations across Butterfly Spread types featuring mixed-tick leg and spread combinations (e.g., spread/Leg 1 on 0.25 tick; Leg 2/Leg 3 on 0.50 tick).

While there are no iLink or MDP 3.0 message schema updates or tag changes for this launch, clients are encouraged to test implied order execution, rounding, and fill processing for both SP and BF spreads in the New Release environment prior to launch. The following behavioral changes will be visible on iLink execution reports and MDP Trade Summary messages:

• Calendar Spread Implied Behavior: Off-tick implied calculations on Leg 2 for calendar spreads are rounded down for bids and rounded up for asks to the nearest valid leg tick (e.g., an implied bid calculated at 9994.75 on a 0.50 tick leg rounds down to 9994.50).
• Butterfly Spread Execution Behavior: Split-price fills on Leg 2 and off-tick leg fill prices in iLink Execution Reports (tag 31-LastPx) for multi-spread matches (e.g., BF with SP1 and SP2).

For complete technical specifications, pricing logic, and message examples, review the client impact assessment.

New Equity Index Futures Calendar Spread - November 15

Effective Sunday, November 15 (trade date Monday, November 16), a new exchange-defined Implied Equity Index Calendar futures spread will be made available for trading on CME Globex. The spread will use a new strategy type (AQ).

Please review the client impact assessment for technical details.

In conjunction with this new spread, the spread type for this specific set of products will be changing as follows:

Equity Index Futures Calendar Spread
Product Name	MDP 3.0 TAG 6937-Asset	iLink/MDP 3.0 TAG 1151-SecurityGroup	Current MDP 3.0 TAG 762-SecuritySubType	New MDP 3.0 TAG 762-SecuritySubType	MDP 3.0 Market Data Channel
E-mini S&P 500 Equal Weight Futures	EWF	WE	EQ	AQ	318
E-mini Russell 1000 Index Futures	RS1	RL
E-mini Russell 1000 Value Futures	RSV	RV
E-mini Russell 1000 Growth Futures	RSG	RG
E-mini Russell 2000 Value Futures	R2V	RC
E-mini Russell 2000 Growth Futures	R2G	RA

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

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

Port Changes in New Release and Certification Environments - November 15

Effective Sunday, November 15, CME Group will standardize the client-facing port ranges for iLink Market Segment Gateways (MSGW) and Drop Copy for MSGW sessions across futures, options and EBS segments in the New Release and Certification testing environments.

The new ports are currently available in the New Release/Certification Request Center.

Ports for BrokerTec and BrokerTec Chicago sessions will not be affected at this time.

Currently, test session ports reside in the 25001–64000 range. This update will align all affected test sessions to the same port range used in Production, 9000–25000.

Port Changes in New Release and Certification Environments
Services	Impacted by Port Standardization
Listed Derivatives iLink MSGW and Drop Copy for MSGW	Yes
EBS iLink MSGW and Drop Copy for MSGW	Yes
BrokerTec iLink MSGW and Drop Copy	No (Deferred)
ALL Convenience Gateways (CGW) and Drop Copy for CGW	No
Market Data Platform	No
Session IP Addresses	No (IP addresses remain unchanged)

For more information, contact Certification Support for Electronic Trading (CSET) in the U.S. at +1 312 930 2322, Europe at +44 20 3379 3803, and Asia at +65 6593 5593.

Decommission of IKEv1 Client Internet Connections - January 1

Effective Friday, January 1, Internet Key Exchange version 1 (IKEv1) will no longer be supported for all client internet connections. This includes Client Internet Link, CME Certification Virtual Private Network (CERT VPN) and CL2 Cert VPN.

Please view the minimum requirements for CME Group internet connectivity.

An upgrade to Internet Key Exchange version 2 (IKEv2) requires coordination with our network team. Please contact CME Group Global Account Management at CMEDHGroup@cmegroup.com for questions or an IKEv2 upgrade.

24/7 1-Ounce Gold and 100-Ounce Silver Futures Migration to New Market Data Multicast Group Channel ID 328 - January 24

Effective Saturday, January 23, 2027, during the Saturday extended maintenance window, (trade date Monday, January 25, 2027) CME Group will migrate 24/7 Trading 1-Ounce Gold and 100-Ounce Silver futures to new market data multicast group Channel ID 328. The summary of changes is as follows:

• Launch new market data multicast group Market Data Platform (MDP) 3.0 Channel ID 328.
• Migrate 1-Ounce Gold and 100-Ounce Silver futures from MDP 3.0 Channel 329 to new Channel 328.

To view the connection details for Channel ID 328, please use your CME Group Login on the Configuration and Connectivity Details page.

24/7 1-Ounce Gold and 100-Ounce Silver Futures Migration to New Market Data Multicast Group Channel ID 328
Product	MDP 3.0: Tag 6937-Asset	iLink / MDP 3.0: Tag 1151-Security Group	Included Spreads and Combos: Tag 762-SecuritySubType	Current Market Data Channel MDP 3.0 Tag 1180 - APPLID	Future Market Data Channel MDP 3.0 Tag 1180 - APPLID	MDP 3.0: Tag 1300-MarketSegmentID
1-Ounce Gold futures	1OZ	G1	SP	329	328	74
100-Ounce Silver futures	SIC	4S

The New Release configuration file is updated for Channel ID 328 for client connectivity testing availability.  

These futures will be available for customer testing in New Release on Sunday, November 15, 2026.

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

Treasury Link Spreads on CME Globex - Q1 2027

In Q1 2027, pending regulatory review, CME Group will introduce Treasury Link (cash versus futures) spreads for trading on CME Globex.

This offering represents a price differential between BrokerTec U.S. Treasury Actives offered on BrokerTec Chicago and CBOT U.S. Treasury futures, facilitating the simultaneous and atomic execution of both legs within a single transaction, eliminating legging risk. 

Treasury Link spreads will be listed with 1 to 1 Ratio and DV01 Weighted (X:Y) Ratio. For more information, view the Treasury Link Spreads - Product Specifications. 

For technical specifications, launch timelines, connectivity instructions, and revision history of changes since initial publication, review the client impact assessment.

Use your CME Group Login to view market data multicast IP and port details on the Connectivity and Configuration Details page.

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

CME Globex Migration to Google Cloud

As previously announced, CME Group has completed initial performance testing for CME Globex in the cloud, reaching new milestones in the ongoing migration of its markets, including faster round-trip times for trading. As a result, the planned migration of Livestock markets to the Production-Dallas environment is no longer necessary.

The Sandbox-Dallas environment is still available for client testing. To ensure a smooth, trouble-free migration, the Sandbox environments serve as your essential proving ground, allowing clients to de-risk the upcoming migrations and ensure trading operations are ready for launch.

Updated Migration Roadmap

Mid-2027

• Private Google Cloud Chicago Region
  • Sandbox-Chicago: Clients begin Sandbox-Chicago testing via GLink ULL and GLink Premium access from Ultra Low Latency U4C Bare Metal and U4S Virtual Machine instances.

Starting late 2027 and continuing through 2028

• Private Google Cloud Chicago Region
  •  Production-Chicago: CME Group begins moving markets from the current data center to the Google Cloud Chicago region.

End of year 2028

• Physical co-location update
  • CME Group will announce the physical co-location site plans for both GLink Aurora and Customer Hardware Co-location (CHC)

2029

• Private Google Cloud Chicago Region
  • Production-Chicago: After all markets have migrated, clients will migrate to new iLink CGW and Drop Copy for CGW instances on Google Cloud Chicago region.

2029

• Private zones of the Google Cloud Dallas Region
  • Disaster Recovery-Dallas: Disaster Recovery for Globex markets migrates to private zones of the Google Cloud Dallas region. The current Disaster Recovery environment in New Jersey will be decommissioned.

Listed Derivative markets on the CME Globex platform are migrating to Google Cloud’s Ultra Low Latency (ULL) Solution to deliver a more flexible, scalable, and resilient trading ecosystem for clients. By combining Google Cloud’s ULL infrastructure with industry-leading Globex execution capabilities, this transition will unlock expanded co-location options, real-time data analytics, and enhanced operational efficiency to better support your needs.

Maintaining market integrity and operational continuity remains our highest priority; we are dedicated to supporting you throughout every phase of this migration with robust testing sandboxes, transparent roadmaps, and dedicated support to deliver a reliable transition.

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.

Since October 2024, CME Group has offered methods to retrieve its instrument listing containing the Unique Instrument Code (UIC) and other instrument data elements in compliance with the amended rule.

Starting March 10, 2025, CME Group began accepting test files in the new Position Message FIXML format via SFTP. For details regarding submitting the new FIXML Position Message, file management, field validations, and example scenarios, please refer to the information in the CME Group Client Systems Wiki.

CFTC's final rules became effective upon publication in the Federal Register on June 3, 2024. Subject to the conditions of the January 27, 2026, no-action letter, reporting firms must comply with these CFTC regulations by July 26, 2027.

A test environment for Large Trader Reporting is now available within the Firm Regulatory Portal (FRP UT). Users can access the testing portal at: https://frp.uat.cmegroup.com.

A brief video demonstration is available to highlight the new look and functionality of the FRP UT.

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

Support Contacts

• To request access to FRP UT, please contact the Enterprise Application & System Entitlements (EASE) team.
• For questions or comments regarding FRP UT, please contact LTR_Part17_Alerts@cmegroup.com.
• For questions about trade practice rules, please contact MarketReg.Outreach@cmegroup.com.

New Functionality

Drop Copy Enhancements - November 22

Effective Sunday, November 22 (trade date Monday, November 23), to provide more actionable insight on the Drop Copy feed, the following iLink tags will be published on the corresponding Drop Copy for Market Segment Gateways messages.

FIX tag 48-SecurityID will be added to Drop Copy encapsulated Order Mass Action Report messages when present on the source iLink message.

FIX tag 2807-CancelText will be added to Drop Copy encapsulated Execution Report - Cancel messages when present on the source iLink message.

The enhancements will subsequently be applied to BrokerTec, EBS Market, and Drop Copy for Convenience Gateway sessions. The full launch schedule will be announced in future CME Globex Notices.

These changes are currently available for customer testing on all listed derivatives markets in New Release.

Product Launches

Nikkei Basis Trade at Cash Open - November 15

Effective Sunday, November 15 (trade date Monday, November 16), pending completion of all regulatory review periods, Nikkei Basis Trade at Cash Open (TACO) will be listed on CME Globex. These products will be available for trading on Wednesdays and Fridays Japan Standard Time, starting Wednesday, November 18.

For details on the trading hours and listing cycle, review the client impact assessment.

Nikkei Basis Trade at Cash Open
PRODUCT	MDP 3.0: TAG 6937-ASSET	iLink/MDP 3.0 Tag 1151 - Security Group	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
TACO on Nikkei (JPY) Futures	NIQ	NY	318
TACO on Nikkei (USD) Futures	NKQ

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

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

Gasoline Decade Futures - November 22

Effective Sunday, November 22 (trade date Monday, November 23), pending completion of all regulatory review periods, Gasoline Decade futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

Gasoline Decade Futures
PRODUCT	MDP 3.0: TAG 6937-ASSET	iLink/MDP 3.0 Tag 1151 - Security Group	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
NY Harbor RBOB Gasoline (Argus) Decade (10-Day) Futures	RBD	RF	382
Gulf Coast CBOB Gasoline A2 (Platts) Decade (10-Day) Futures	CRD	RF
Gulf Coast CBOB Gasoline A2 (Platts) vs. RBOB Gasoline Decade (10-Day) Futures	CGD	RF

These futures will be available for customer testing in New Release on Sunday, November 15.

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

European Dairy Futures and Options - November 22

Effective Sunday, November 22 (trade date Monday, November 23), pending completion of all regulatory review periods, European Dairy futures and options will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

European Dairy Futures and Options
PRODUCT	MDP 3.0: TAG 6937-ASSET	iLink/MDP 3.0 Tag 1151 - Security Group	Included Spreads and Combos - Tag 762- SecuritySubType	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
European Butter Futures	EBT	G5	SP - Standard Calendar Spread SA - Average Price Strip IS - Inter-Commodity XS - Inter-Commodity Strip	316
Options on European Butter Futures	EBT	Outrights: V5; UDS: V7	-	317
European Skimmed Milk Powder Futures	ESP	G6	SP - Standard Calendar Spread SA - Average Price Strip IS - Inter-Commodity XS - Inter-Commodity Strip	316
Options on European Skimmed Milk Powder Futures	ESP	Outrights: V8; UDS: V9	-	317
European Whey Powder Futures	EWP	G7	SP - Standard Calendar Spread SA - Average Price Strip IS - Inter-Commodity XS - Inter-Commodity Strip	316
Options on European Whey Powder Futures	EWP	Outrights: 3V; UDS: 4V	-	317
European Liquid Milk Futures	EMK	G8	SP - Standard Calendar Spread SA - Average Price Strip IS - Inter-Commodity XS - Inter-Commodity Strip	316
Options on European Liquid Milk Futures	EMK	Outrights: 6V; UDS: 7V	-	317

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

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

NewTungsten APT Rotterdam/Baltimore (Fastmarkets) Futures - December 6

Effective Sunday, December 6 (trade date Monday, December 7), pending completion of all regulatory review periods, Tungsten APT Rotterdam/Baltimore (Fastmarkets) futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

Tungsten APT Rotterdam/Baltimore (Fastmarkets) Futures
PRODUCT	MDP 3.0: TAG 6937-ASSET	iLink/MDP 3.0 Tag 1151 - Security Group	MARKET DATA CHANNEL MDP 3.0 TAG 1180 - APPLID
Tungsten APT Rotterdam/Baltimore (Fastmarkets) Futures	TUG	GG	360

These futures will be available for customer testing in New Release on this Sunday, November 8.

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

Product Changes

NewChange to Strike Price Listing for S&P 500 Month-End Options - November 22

Effective Sunday, November 22 (trade date Monday, November 23), the strike price listing rule will be changed for S&P 500 Month-End options and will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

Change to Strike Price Listing for S&P 500 Month-End Options
Product	MDP 3.0: tag 6937-Asset	iLink/MDP 3.0 Tag 1151 - Security Group	Current Strike Price Listing	New Strike Price Listing
S&P 500 Month-End Options	SME	S5	Strikes listed for 40% above the at-the-money strike and 80% below the at-the-money strike at 200 index point increment. Additional strikes listed for 20% above the at-the-money strike and 40% below the at-the-money strike at 100 index point increment plus dynamic strikes at 5 index point increment. When less than 750 days remain until expiration (DTE), additional strikes listed for 15% above the at-the-money strike and 30% below the at-the-money strike at 50 index point increment. When less than 96 days remain until expiration (DTE), additional strikes listed for 10% above the at-the-money strike and 20% below the at-the-money strike at 25 index point increment. When less than 30 days remain until expiration (DTE), additional strikes listed for 5% above the at-the-money strike and 10% below the at-the-money strike at 10 index point increment. When less than 10 days remain until expiration (DTE), additional strikes listed for 5% above the at-the-money strike and 10% below the at-the-money strike at 5 index point increment.	Strikes listed for 40% above the at-the-money strike and 80% below the at-the-money strike at 200 index point increment. Additional strikes listed for 20% above the at-the-money strike and 40% below the at-the-money strike at 100 index point increment plus dynamic strikes at 5 index point increment. When less than 750 days remain until expiration (DTE), additional strikes listed for 15% above the at-the-money strike and 30% below the at-the-money strike at 50 index point increment. When less than 105 days remain until expiration (DTE), additional strikes listed for 15% above the at-the-money strike and 30% below the at-the-money strike at 25 index point increment, 10% above and 25% below at 10 index point increment, and 10% above and 10% below at 5 index point increment. When less than 30 days remain until expiration (DTE), additional strikes listed for 5% above the at-the-money strike and 10% below the at-the-money strike at 10 index point increment. When less than 10 days remain until expiration (DTE), additional strikes listed for 5% above the at-the-money strike and 10% below the at-the-money strike at 5 index point increment.

These changes will be available for customer testing in New Release on Sunday, November 15.

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

Post-Trade

NewUnit of Measure Update to Support Tungsten Futures - December 6

Effective Sunday, December 6 (trade date Monday, December 7), the following new value will be added to the Unit of Measure fields in CME STP FIXML and FIX, to support the launch of Tungsten futures.

Unit of Measure update to support Tungsten Futures
FIX tag-Name	FIXML Abbr	Enumerations
996-UnitOfMeasure	TrdCaptRpt/Instrmt/@UOM	MTU (Metric Ton Units)
999-LegUnitOfMeasure	TrdCaptRpt/TrdLeg/Leg/@UOM
1191-PriceUnitOfMeasure	TrdCaptRpt/Instrmt/@PxUOM
2644-CommissionUnitOfMeasure	TrdCaptRpt/RptSide/CommData/@UOM
41309-StreamNotionalUnitOfMeasure	TrdCaptRpt/Instrmt/Strm/@NotlUOM
41311-StreamTotalNotionalUnitOfMeasure	TrdCaptRpt/Instrmt/Strm/@TotNotlUOM
42022-UnderlyingStreamNotionalUnitOfMeasure	TrdCaptRpt/Undly/Strm/@NotlUOM
42024-UnderlyingStreamTotalNotionalUnitOfMeasure	TrdCaptRpt/Undly/Strm/@TotNotlUOM

The CME STP FIX Data dictionary has been updated to support this additional enumerated value.

This change will be available for customer testing in New Release on this Sunday, November 8.

Events and Announcements

CME Group and Google Market App Building Workshop in London - November 11

On Wednesday, November 11, join CME Group and Google in London for “CME x Google: The Builders Lab,” an exclusive in-person interactive coding workshop designed exclusively for developers and quants to harness our premium futures and options data to build a real-world analytics application of your choice.

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