Globex Self-Match Prevention (SMP) is optional functionality that allows CME Group listed derivatives, BrokerTec and/or EBS Market participants to prevent the matching of orders for accounts with common ownership, within and across different Globex Firm IDs, clearing firms and venues.

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Clients who opt to leverage Self-Match Prevention functionality will submit tag 7928-SelfMatchPreventionID (for iLink 2) and tag 2362 (for iLink 3) on each quote and order message to prevent trading against an opposite side order with the same SMP ID.

When Globex detects a buy order and a sell order with the same SMP ID at the same executable price level, it automatically cancels the resting or incoming (aggressing) order(s) based on the Self-Match Prevention Instruction. If the Self-Match Prevention Instruction is not submitted, Globex will cancel the resting order(s) by default and continue processing the incoming order.

The unsolicited cancel due to Self-Match Prevention is included in Globex Messaging Efficiency Program with a pre-defined weighting factor equals three.

New or modified SMP IDs will be activated at 4:30 p.m. CT Monday-Thursday and 9:30 a.m. CT Sunday. During these times, Globex will eliminate any resting orders with unregistered SMP IDs. Orders submitted with new or modified SMP IDs before activation will be rejected.

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Globex SMP functionality is available for CME Group listed derivatives, BrokerTec and EBS. There are some differences in SMP functionality between markets.  These differences are highlighted in the following links and questions below. 

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Yes, the same SMP ID can be used for CME Group listed derivatives, BrokerTec and EBS if it has the same Common Beneficial Owner registered in the Firm Admin Dashboard.

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Authorized Firm Administrator Dashboard users can request new or extend existing SMP IDs across multiple Globex Firm ID(s). For CME Group listed derivatives, SMP IDs can work across clearing firms. A Globex Firm is identified in the three-character alpha-numeric value transmitted in positions four through six of iLink tag 49 - SenderCompID on the message to Globex and in iLink tag 56 - TargetCompID on the message from Globex.

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The new FIX tag for the SMP ID is Tag 2362 – SelfMatchPrevention ID.

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The FIX tag for the SMP instructions is Tag 8000-SelfMatchPreventionInstruction for CME Group listed derivatives, BrokerTec and EBS.

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No. All orders submitted to Globex, irrespective of whether they contain a SMP ID, are subject to the same SMP ID check at the trading engine. Therefore, whether a participant employs the functionality has no impact on latency.

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Yes, the order that will be canceled will be the resting order unless instructions to the contrary are contained in Fix Tag 8000 regardless of whether the orders were entered through different sessions.

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SMP functionality does not prevent self-matches where the trade would involve an implied order. The SMP functionality will prevent opposing spread orders at the same executable price level from matching.

For example, if a March-June spread order to buy the spread at 10 is resting and an order with the same SMP ID is entered to sell the same spread at 10, then the resting buy order would be entirely canceled, preventing the self-match. However, if the order to buy the March-June spread creates an implied bid or offer and an outright order with the same SMP ID is entered on the opposite side of the market and at the same executable price level as the implied bid or offer, the SMP functionality will not prevent the trade and the party’s outright order could match against a leg of the party’s spread order.

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Client registration is required for testing in the New Release and Certification environments. Contact your Global Account Manager to obtain registered New Release SMP IDs. New SMP IDs and updates are valid same-day after 8:00 p.m. CT.

Client registration is required for Production use. Registered Firm Administrator Dashboard users may register their Globex Firm IDs and SMP IDs via the Firm Administrator Dashboard (FADB). Market participants who are not registered Firm Administrator Dashboard users should contact their clearing firm for any SMP ID related requests. New SMP IDs and updates are valid same-day after 4:30 p.m. CT Monday-Thursday and 9:30 a.m. CT Sunday.

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There is no fee for the use of SMP functionality.

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Yes. SMP IDs may be used to prevent the matching of orders only if the buy and sell orders are for the same account or for accounts that have common ownership.

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No, the use of SMP functionality is optional. Each firm can tailor its use of SMP in ways that are appropriate for its business provided that the firm adheres to all SMP requirements and relevant exchange rules. Although use of SMP functionality is optional, market participants are reminded that the rules of all CME Group Exchanges prohibit illegal wash trades and firms should carefully review the Market Regulation Advisory for additional guidance regarding prohibited wash trades.

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Yes, the Market Regulation Department will monitor the use of SMP functionality for proper registration and proper usage. Market participants are reminded that the use of SMP functionality for any non-bona fide purpose may constitute a violation of CME Group Exchanges’ rules.

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