Port Closure - Frequently Asked Questions

• What is the purpose of the CME Globex Port Closure Policy?
• What are some examples of detrimental behavior that can cause the CME Global Command Center (“GCC”) to close an iLink/Drop Copy session?
• What steps can market participants take to avoid the closing of an iLink/Drop Copy session port?
• When will the GCC take action on an iLink/Drop Copy session that is exhibiting detrimental behavior?
• Is there a fee associated with an iLink/Drop Copy session port closure?
• Who is assessed the charge for iLink/Drop Copy session port closures?
• Is a waiver policy in place which allows impacted participants to request reconsideration of the CME Globex port closure fee?
• Will an iLink session's port be closed if there are working orders?
• What is the impact of a port closure to an iLink session's working orders?
• Once an iLink session's ports have been closed, how can I cancel working orders if tag 49, SenderCompID, has not been Cancel on Disconnect enabled?
• What will be the time limit given to firms to address detrimental behavior before the GCC closes an iLink/Drop Copy session's port?
• When can an iLink/Drop Copy session's port be reopened?
• Who has the authority to request an iLink/Drop Copy session port reopening?
• Who should be contacted to reopen an iLink/Drop Copy session port?
• How long does it take the GCC to reopen an iLink/Drop Copy session port?

What is the purpose of the CME Globex Port Closure Policy?

To protect CME Group markets and systems from potentially detrimental behavior.

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What are some examples of detrimental behavior that can cause the CME Global Command Center (“GCC”) to close an iLink/Drop Copy session?

• Repeated incorrect login attempts
• Repeated login attempts due to frequent disconnects
• Repeated invalid order submissions (bad price/qty and etc.), modifications, or cancels
• Repeated resend requests

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What steps can market participants take to avoid the closing of an iLink/Drop Copy session port?

It is recommended that trading entities properly monitor administrative and business level reject messages to ensure that order entry systems have proper order reject handling capabilities. Likewise, trading entities should also monitor the behavior of Drop Copy sessions to insure they connect properly, and stay connected properly. It should be noted however that CME Group expects electronic activity to be monitored constantly while operating.

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When will the GCC take action on an iLink/Drop Copy session that is exhibiting detrimental behavior?

If the GCC detects behavior, either iLink, Drop Copy, or Network based, that may be potentially detrimental to CME Group Globex markets or systems, and this behavior is not corrected in a timely manner, the GCC will act by either closing the port for the applicable iLink / Dropcopy session, or blocking problematic IP ranges. Please note, all such actions are subject to regulatory review.

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Is there a fee associated with an iLink/Drop Copy session port closure?

Firms will incur a $1,000 port closure fee, for each event, per session, per day (up to $10,000 per registered entity per incident) for behavior which results in the closure of an iLink / Drop Copy session ports, or IP range blockage by CME Group.

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Who is assessed the charge for iLink/Drop Copy session port closures?

The CME Registered Entity that is the administrative owner of the GFID/iLink session or Drop Copy target session causing the detrimental behavior. This charge will appear as "Port Closure Fee" on the Registered Entity's monthly statements under the Description column. However, if a Registered Entity is not associated with the Drop Copy target session the charge will be sent to the subscriber that the Site ID is assigned to.

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Is a waiver policy in place which allows impacted participants to request reconsideration of the CME Globex port closure fee?

CME Group will consider Port Closure Waiver (PCW) requests if non-repeat customers can demonstrate real-time monitoring and prompt corrective measures have been implemented and the behavior is not repeated.

PCW requests must be submitted no later than three calendar months following the date of the port closure occurrence (Ex. A port closed in September can only be requested to be waived up through December).

A PCW cannot be submitted on a port that is still closed.

CME Group will carefully consider well justified PCWs and will subsequently reply to the sender notifying them of CME Group’s decision.

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Will an iLink session's port be closed if there are working orders?

Yes, an iLink session’s port will be closed regardless of whether there are working orders or not.

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What is the impact of a port closure to an iLink session's working orders?

All day orders will be cancelled if tag 49, SenderCompID, has been enabled with Cancel on Disconnect.

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Once an iLink session’s ports have been closed, how can I cancel working orders if tag 49, SenderCompID, has not been Cancel on Disconnect enabled?

After the execution of a port closure or IP range blockage, trading entities that do not employ the COD functionality will have the ability to cancel working orders by using Kill Switch, FirmSoft, or by having a registered contact call GCC.

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What will be the time limit given to firms to address detrimental behavior before the GCC closes an iLink/Drop Copy session’s port?

The GCC may take immediate action in addressing potentially detrimental behavior. This action may not allow time for prior customer contact.

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When can an iLink/Drop Copy session's port be reopened?

iLink/Drop Copy session ports will be reopened only if GCC determines the detrimental behavior has been corrected. The GCC will require a written explanation ensuring the customer has complete understanding of the system failure. In addition to the explanation, the GCC will require detailed information as to what mitigating and programmatic steps the customer will put in place to ensure the offending activity does not occur again.

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Who has the authority to request an iLink/Drop Copy session port reopening?

Only registered Clearing firm or Risk administrators have the authority to request the reopening of an iLink / Drop Copy session port. In the event that the Drop Copy session is owned by an entity that is not a Clearing Firm of the Exchange, an officer of the entity must provide authorization.

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Who should be contacted to reopen an iLink/Drop Copy session port?

Clearing firm primary or secondary administrators should contact the GCC in 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 and choose option 2.

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How long does it take the GCC to reopen an iLink/Drop Copy session port?

The process usually takes the GCC 5 to 15 minutes.

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