CME Globex Notices: May 22, 2023

For the latest roadmap of CME Group technology initiatives:
See the Development Launch Schedule.

Critical Updates

iLink Cancel Reason Enhancements - June 25

Effective Sunday, June 25 (trade date Monday, June 26), CME Group will implement enhancements to iLink cancel reason to accurately identify origin of the order cancel. These enhancements will be reflected in tag 378-ExecRestatementReason on the Execution Reports for order cancels (tag 35-MsgType=8, tag 39-OrdStatus=4) messages.

iLink Cancel Reason enhancements will apply to both iLink 2 and iLink 3 customers. 

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

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UpdatePostponed - CME Benchmark Administration Premium SBE Schema and RFR Benchmark Launch

† Denotes update to the article

† The CME Benchmark Administration Premium SBE Schema and RFR Benchmark Launch for New Release and Production has been postponed. Revised dates will be communicated in upcoming CME Globex Notices.

Please review the Client Impact Assessment for full technical details.

Please contact Certification Support for Electronic Trading with any questions in the U.S. at +1 312 930 2322, in Europe at +44 20 3379 3803 or in Asia at +65 6593 5593.

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NewNew - New Release Source IP Historical Replay Update - August 11

Effective close of business Friday, August 11, CME Group will change source IPs MDP for TCP historical replay as follows:

A new config.xml file will be available for customer download Sunday, July 16.

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GLink Network Infrastructure Upgrade in Aurora - Q3 2023

In 2023, CME Group is upgrading its GLink network infrastructure at the CME Co-Location Facility in Aurora, IL. This network upgrade consists of:

• Replacement of the existing end of life (EOL) Juniper switches with new Arista switches which will utilize new customer ports and new CME IPs
• Introduction of a new GLink Demarc Cable providing customers with equidistant connectivity to any rack unit (RU) in their cabinet

The new GLink switches will also expand capacity to support future growth while the new GLink Demarc Cable will allow customers to optimize their CME Co-location Licensed Space.  The new GLink infrastructure is anticipated to be ready in Q3 2023 with customer testing and cutover to the new network taking place during Q3/Q4 2023. Further details will be communicated during Q2 2023.

Please see the Client System Impact for details and an enhanced FAQ.

Any immediate questions can be directed to Global Account Management.

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Mandatory Migration - iLink3 Binary Order Entry Protocol for CGW  - Q1 2024

CME Group is introducing iLink 3 on Convenience Gateways (CGW) for trading futures and options on CME Globex. The iLink 3 protocol will launch on the existing CGWs beginning Q1 2024. All customers connected via CGW will need to migrate to iLink 3 by Q4 2024.

iLink 3 includes:

• Simple Binary Encoding (SBE) for faster message encoding and decoding
• A simple, lightweight, point-to-point session layer protocol using FIX Performance (FIXP)
• More efficient iLink FIX messaging
• Standard message size, fixed positions, and fixed length fields
• A consistent encoding method for order entry and market data

The Client Impact Assessment is available and provides detailed functionality and messaging information.

iLink 3 on CGW is currently available in New Release for customer testing.

AutoCert+ certification is required for all client systems using CGWs.

• May 8, 2023 – iLink 3 CGW functionality available in New Release and AutoCert+ certification for On-Demand administrative information
• September 25,  2023 – iLink 3 CGW functionality available in New Release and AutoCert+ certification for Pre-registered administrative information
• February 4,  2024 –  Production launch of iLink 3 on CGW
• December 2024 – Deadline for customer migration

Further information on the production launch deployment schedule, and mock trading sessions will be published in upcoming CME Globex Notices.

Please contact your Global Account Manager for additional information.

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Drop Copy Impacts - Mandatory iLink 3 Binary Order Entry Protocol for Convenience Gateway Sessions - Q1 2024

In Q1 2024, CME Group will launch iLink 3 Convenience Gateway for trading futures and options on CME Globex. All customers connected via Convenient Gateway (CGW) are encouraged to migrate to iLink 3 as early as possible prior to the iLink 2 decommission, key events and dates are listed here.

Impacts of mandatory iLink3 Binary Order Entry protocol for Convenience Gateway on Drop Copy Convenience Gateway target sessions.

• Message encoding: The Drop Copy encapsulated XML Non-Fix (tag 35-MsgType=n) Message payload sent from iLink 3 source sessions will be in ASCII format.
  •  Message payload mapping conforming to the iLink 3 formats and encoding will feature deprecated message tags, additional tags and enumerations for order entry, clearing and regulatory compliance messaging specifications.
  • A summary of ASCII encoded tags with their equivalent values in Simple Binary Encoding tags and enumerations is available here.
• Target Session: Current Drop Copy CGW target session users do not need to request new target sessions although upon requesting the mandatory iLink 3 source session, a new target session may be automatically created to accommodate iLink order entry infrastructure load balancing and optimization considerations. Customers are requested to check for new automatically generated Drop Copy CGW target sessions.
• Parallel period: During the parallel period which runs until Q4 2024, CME Globex will support Drop Copy target sessions connected to both iLink 2 and iLink 3 CGW sessions. When iLink 2 is decommissioned in Q4 2024, any Drop Copy target sessions with iLink 2 sessions only will be removed from the platform.
• AutoCert+ Certification: Certification is not required for existing Drop Copy CGW session users.

Please review Mandatory iLink 3 Binary Order Entry Protocol for CGW for additional details.

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Product Launches

NewNew - Listing Cycle Expansion of Argus Eurobob Oxy Gasoline Related Futures - June 4

Effective Sunday, June 4, (trade date Monday, June 5), the listing cycle for the following Argus Eurobob Oxy Gasoline related futures contracts will be expanded on CME Globex.

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

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European Union Allowance Futures and Options - June 4

Effective Sunday, June 4 (trade date Monday, June 5), pending completion of all regulatory review periods, European Union Allowance (EUA) futures and options will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

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

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

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Product Changes

Delisting and Removal of NYMEX EUA Futures and Options  - June 5

On Monday, June 5, the following NYMEX EUA futures and options will be delisted, and effective close of business Friday, June 9 these futures and options will be removed from CME Globex.

These products currently have no open interest.

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NewNew - Enable Implied Functionality for CME FX Futures - June 11

Effective Sunday, June 11 (trade date Monday, June 12), pending completion of all regulatory review periods, implied functionality for the following CME FX futures will be enabled for all outright contracts and calendar spread combinations for the first 12 consecutive contract months on CME Globex.

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 changes will be available for customer testing in New Release on Monday June 5.

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

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Events and Announcements

SPAN 2 Approximation Files Available Now - September 8

As previously announced, the SPAN 2 framework will be rolled out for specific product groupings in a phased multi-year approach after extensive testing, starting with major NYMEX energy futures and options on futures. 

SPAN 2 Approximation Files will go live over four weekends:

• July 21
• August 11
• August 25
• September 8

All customers are encouraged to adopt the Approximation Files by Friday, September 8.

To help clients prepare for this launch, CME Group is offering the following services:

• Tools for replicating SPAN 2 margin requirements through software and API solutions for post-trade processes.
• New SPAN 2 approximation file to help firms estimate SPAN 2 margins in low latency margin calculation scenarios for pre-trade margin approximation processes.

Please contact PostTradeServices@cmegroup.com now to get ready for this critical migration.

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