• CME Globex Notices: December 22, 2008

      • To
      • CME Globex Customers
      • From
      • CME Globex Account Management
      • #
      • 20081224
      • Notice Date
      • 24 December 2008
    • Topics in this issue include:
      Critical System Updates
      New Functionality
      Product Launches
      Product Changes
      Events and Announcements
      Critical System Updates

      iLink and FIX/FAST Message Enhancements
      Effective Sunday, February 1, 2009, CME Group is launching a number of messaging enhancements to both iLink order entry and FIX/FAST market data. These enhancements include new tags to provide additional order information, and changes to existing tags to make inbound and outbound messaging more FIX-compliant and consistent.

      Certification is not required for these iLink or Market Data Platform FIX/FAST enhancements. Complete testing in the iLink test suite of AutoCert is strongly recommended.

      Complete information on these messaging enhancements is detailed in the   FIX/FAST and iLink Message Enhancements Client Impact Assessment.

      These messaging enhancements are currently available for customer testing in New Release.
      New Functionality

      FX Futures Enhancements
      Effective Sunday, February 8, 2009 (trade date Monday, February 9), a number of enhancements will be introduced for FX futures and future spreads on CME Globex. The messaging and functionality impacts are documented  online.

      This launch will also result in significantly reduced message response times. Already among the fastest in the industry, this upgrade is expected to reduce response times by an average of 40-50%.

      As a result of the reduced message response times, bandwidth utilization in these futures markets is expected to ultimately increase by as much as 20%.

      Please note: all Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders will be deleted from CME Globex prior to the open on February 8. To allow customers a chance to re-enter GTC and GTD orders, the FX futures markets will pre-open early on Sunday, February 8, at 3:00 p.m. Central time.

      We recommend all system providers supporting FX futures test these changes thoroughly in New Release. These enhancements are currently available in New Release for customer testing.
      Product Launches

      Hardwood Pulp Futures and Options
      Effective Sunday, January 11, 2009 (trade date Monday, January 12), Hardwood Pulp futures and options will be available for trading on the CME Globex platform. Full User-Defined Spreads functionality will be available upon launch for Hardwood Pulp options.

      These contracts are designed to help pulp and paper producers manage risk. Hardwood Pulp futures and options provide a way to:

      • Trade cash-settled contracts based on the FOEX PIX BHKP Europe Index
      • Reduce counterparty risk with safety and security of CME Clearing
      • Trade virtually 24 hours a day on CME Globex

      Hardwood Pulp Futures and Options

      Product Symbol SecurityGroup SecuritySubType
      Hardwood Pulp futures HD HWP —
      Hardwood Pulp futures calendar spreads SP
      Hardwood Pulp options H3 —
      Hardwood Pulp options verticals H4 VT

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

      DME Products and Mock Trading Session
      The DME Oman Crude Oil and Oman Crude Oil Financial futures and future spreads are now available for customer testing in the CME Globex New Release environment.

      CME Globex product specifications are available  online now.

      A mock trading session in the CME Globex production environment will be held Saturday, January 24. More information on the session will be published next week in the CME Globex Notices.

      DME products are scheduled to launch for trading on CME Globex in Q1 2009.

      Please note: all currently connected customers may begin front-end testing with these new instruments upon New Release launch. However, to complete end-to-end testing through clearing, customers must be permissioned to trade DME products via the CME Connection Agreement Schedule 6, Clearing Firm Guarantee. The Schedule 6 is available at  www.cmegroup.com/connectionagreement.

      Turkish Lira Futures
      Effective Sunday, January 25, 2009 (trade date Monday, January 26), Turkish Lira futures will be launched on the CME Globex platform, denominated in both U.S. dollars (USD/TRY) as well as euros (EUR/TRY).

      Turkish lira pricing is typically not as tightly arbitraged as other currencies, and as such can present opportunities for profit. Since the introduction of the New Turkish Lira in 2004, the lira has seen unprecedented growth, even rising against the U.S. dollar and euro in recent years. With a growing industrial sector, Turkey has been repeatedly cited as a country with an emerging market for upcoming years.

      USD/TRY and EUR/TRY Futures and Options

      Product Symbol SecurityGroup SecuritySubType
      USD/TRY futures CZ TRY —
      USD/TRY futures calendar spreads FX
      EUR/TRY futures TRE —
      EUR/TRY futures calendar spreads FX

      These products will be available for customer testing in the New Release environment Monday, January 12.

      Product Changes

      NYMEX and COMEX Options Strategies
      Effective Sunday, January 11, 2009, all exchange-defined strategies for NYMEX and COMEX options contracts will be removed from the CME Globex platform.

      Full User-Defined Spreads functionality will continue to be available, including the ability to create custom options-only Combos and options-and-futures Covereds.

      All exchanged-defined options strategies for NYMEX and COMEX have been removed from New Release.

      FX Futures Schedule Change
      Effective Sunday, February 8, 2009 (trade date Monday, February 9), at customers’ request, the Sunday open for all FX futures and future spreads on CME Globex will be updated. FX futures markets will open on Sunday at 5:00 p.m. Central time (CT). Currently, these markets open at 3:00 p.m. CT.
      Events & Announcements

      FIX/FAST Migration Updates
      Migration & the Elimination of RLC Format
      As previously announced, the legacy RLC-format market data will be eliminated in production at end of day Friday, December 26, 2008. All customers should exclusively use the FIX/FAST market data format effective Sunday, December 28.

      RLC-format market data has already been retired in Certification and New Release.

      Please note that we cannot extend RLC broadcast beyond the December deadline due to internal system dependencies.

      This elimination does not impact ITC-format market data distributed via the Market Data Platform.

      Contact your  CME Globex Account Manager with any questions or concerns at 312.634.8700; or in Europe at 44.20.7796.7100, or in Asia at 852.3101.7696.

      Surcharges will continue to be assessed per week, per site† for customers who continue to pull RLC-format market data until the decommission as follows:

      • $6,000 per week in December

      The legacy RLC-format market data will be eliminated in production on December 26, 2008. RLC-format market data has been retired in Certification and New Release.

      Please note that we cannot extend RLC broadcast beyond the December deadline, due to internal system dependencies. The FIX/FAST Software Development Kit, including Market Data Platform channel definitions and reference code, is available  online.

      The mandatory certification for FIX/FAST can be completed through AutoCert+ in Certification. More information is available in the  AutoCert+ User Guide. FIX/FAST is currently available for customer testing in the New Release and Certification environments.

      †A site is defined as a primary and backup network connection pulling market data directly from CME Globex.

      Saturday FIX/FAST Testing
      CME Group will replay production-speed market data in the production environment for FIX/FAST and RLC formats. The final replay window will occur on Saturday, December 20, 11:30 a.m. - 12:30 p.m. CT.

      The data disseminated during Saturday's replay window was captured during the prior mid-week trading.

      CME Group recommends all system providers purge and reload their instrument databases every week. To support testing during these replay windows, the FIX/FAST Security Definition (tag 35=d) and RLC Instrument Creation (MO) messages from the prior week will be available on the instrument definition channels each Saturday morning starting at 10:00 a.m.

      Support will be available; customers may call 312.715.6003 with any questions during the replay windows.

      The  attached market data channels for FIX/FAST- and RLC- formats will be available.

      Please contact your  CME Globex Account Manager with any questions at 312.634.8700; in Europe at +44.20.7796.7100; or in Asia at +852.3101.7696.

CME Group is the world’s leading derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). 
Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

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