CME Globex Notices: October 14, 2024

Critical Updates

CME Globex on Google Cloud

CME Group and Google Cloud recently announced a new private Google Cloud Chicago region and co-location facility for CME Group listed derivative markets.

Technical content to support clients throughout the migration is now available. Additional information will be published regularly on this site and announced via the CME Globex Notices.

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. CFTC's final rules remove the 80-character submission standard, replacing it with a FIXML standard. The required FIXML position message includes a large set of instrument characteristics as well as unique contract identifiers, Unique Contract Identifiers must be provided to Reporting Firms by the exchange where the positions are held. 

CME, CBOT, NYMEX, and COMEX (each an "Exchange" and together the "Exchanges") will be providing Reporting Firms files containing Unique Instrument Codes in compliance with Large Trader Reporting requirements. The Exchanges are offering two methods to download this instrument information, as described in the CME Group Client Systems Wiki.

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

CFTC's final rules became effective upon publication in the Federal Register on June 3, 2024. Reporting Firms must comply with the CFTC's final rules regarding Large Trader Reporting Requirements two years after publication in the Federal Register.

 

iLink 3 On-Demand Party Details Changes - October 27

Starting Sunday, October 27 (trade date Monday, October 28), CME Group will implement the iLink 3 messaging changes to on-demand administrative information on Market Segment Gateway (MSGWs) and Convenience Gateways (CGWs) to return critical information currently only sent on the iLink messages from the customer to CME Globex.

Operator

Tag 1691-PartyDetaiID value on the Operator Party Detail Role (tag 1693-PartyDetailRole=118) on the Party Details Definition Request Acknowledgement (PDDRA, tag 35-MsgType=CY) will reflect the values from the Party Details Definition Request (PDDR, tag 35-MsgType=CX).  

Drop Copy will reflect the Operator value from the iLink message in Drop Copy new tag 129-DeliverToSubID.

Memo

Tag 5149-Memo value on the Party Details Definition Request Acknowledgement (PDDRA, tag 35-MsgType=CY) will reflect the party details from an Order Mass Action Request and from an unsuccessful Order Cancel Request. 

There is no change to a successful Order Cancel Request.

On-Demand Order-Cancel Replace

The Party Details Definition Request Acknowledgement (PDDRA, tag 35-MsgType=CY) will reflect the party details from the order cancel-replace request.

More detailed information on Party Details is available in iLink 3 Party Details Definition Messaging.

All of these changes are only applicable to the on-demand administrative information. There is no change to the Pre-Registered Party Detail Definition Request Acknowledgment messages sent from Order Entry Service Gateway to Client System.

Both pre-registered and on-demand administrative information on Drop Copy message payloads are impacted by these changes.

Production Launch Schedule 

iLink 3 CGWs and MSGWs will be phased in as follows: 

Please Note: During the iLink 3 CGWs phased launch, clients can see both current and new behavior until the launch is complete.

The these changes are now available in the New Release.                 

MDP 3.0 SBE Schema Update - November 24

To support future enhancements for futures and options markets, including CME FX Spot+, on CME Globex MDP 3.0 and CME Smart Stream on GCP SBE, the update to Globex MDP SBE core schema version 13 has began and will conclude Sunday, January 12, 2025 (trade date Monday, January 13, 2025). The next scheduled schema update will occur on Sunday, November 24, 2024.

Futures and options channels on CME Globex are currently utilizing core schema version 9. To ease customer development efforts, the new SBE schema files will support template extension for MDP 3.0 messages. For client systems that do not support template extension, the schema update is not backward compatible, and the MDP 3.0 messages sent from CME Globex cannot be decoded.

In conjunction with the core schema futures and options update, the futures and options markets will leverage a new separate schema dedicated to TCP recovery for UDP effective Sunday, November 24, 2024.

Please review the client impact assessment for full technical details and launch schedule.

CME Globex Order Entry Web Service APIs - Q4 2024

Clients now have access to CME Group futures and options on the new Order Entry Suite of APIs - Hosted by Google Cloud.

This solution is accessible over the public internet without the commitment of leased line or co-location investments. RESTful and WebSocket APIs with full order routing and instrument creation functionality deliver real-time trading and market exposure insight. This lightweight product is optimized for the needs of less latency sensitive traders and algorithms, while still offering fulsome functionality and utilizing the full suite of CME Globex risk and credit controls.

The OE APIs are made up of two Web Service APIs: RESTful and WebSocket. These APIs support:

• Order Submission and Modifications
• Strategy Creation (UDS) and Request for Quotes (RFQ) Capabilities
• Order and Trade Status Request

Please review the client impact assessment for full technical details and updated launch schedule.

This solution is currently available in the New Release environment; a production date will be announced in future notices.

UpdateiLink 3 CGW Migration - Deadline December 31

† Denotes update to the article

iLink 3 for CGW has been live in production since January 28, 2024. All customers using the Convenience Gateways (CGW) for order entry must complete their migration to iLink 3 by Tuesday, December 31, including functional certification and session migration as outlined in the client impact assessment. 

†A charge of $1,000 USD per iLink session per week is applied to each session that has not yet migrated to iLink 3. Effective Sunday, February 2, 2025, iLink 2 on CGW will be decommissioned and only iLink 3 CGW sessions will be supported.

†Starting Thursday, October 31, 2024, iLink 2 CGW sessions can no longer be created. Port activation charges (PAC) and market inactivity charges (MIC) for new iLink 3 sessions for CGW will be waived automatically from creation through the end of October 2024.

Update on Order Routing and Front-End Audit Trail Requirements for iLink 3

As part of the iLink 3 migration, the following rules for an audit trail certification apply:

• All customer systems using Audit Trail 2.x CSV or FIX formats will be required to certify for Audit Trail 3.x CSV or FIX formats.
• Any certified Audit Trail 3.x CSV or FIX system that is not adding new functionality will not be required to recertify their audit trail system.
• Any certified Audit Trail 3.x CSV or FIX system that is adding new functionality or changes its Administrative Information Registration (On Demand or Pre-Registered) will be required to recertify their audit trail system.
• A new iLink 3.x CGW Order Entry System can be associated to an existing certified Audit Trail 3.x CSV or FIX system. Please send an email request to Audit Trail.

Only after your Order Entry is certified, please complete the questionnaire so an audit trail profile can be created. Audit Trail Production sample requirements guidelines can be found here.

More information regarding the iLink 3 audit trail test suite can be found at:

• iLink 3 - Minimum Acceptable Audit Trail Elements - Data Definitions and Validation Rules
• AutoCert+ Audit Trail for iLink 3 User Help

Please contact Market Regulation Audit Trail Team if you have any questions.

CME FX Spot+ - March 2025

Effective March 2025, CME Group will launch CME FX Spot Plus (CME FX Spot+), a new tradable spot FX instrument, leveraging CME FX Link liquidity to bring together OTC spot FX and FX futures.

CME FX Spot+ will enable spot FX market participants to tap into CME FX futures liquidity through an open, transparent central limit order book while giving FX futures users broader access to OTC liquidity. This unique liquidity connection will be made possible by implied matching through CME FX Link, a liquid, tradable spread between OTC spot FX and FX futures.

The FX Spot+ products will be available for the following currency pairs:  EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY, USD/CAD, USD/CHF, and USD/MXN.

All of the CME FX Spot+ products will be available in the New Release environment for customer testing on Monday, November 11, 2024.

More information on these new products and the associated messaging and functionality enhancements is available in the CME FX Spot+ client impact assessment. A new CME FX Spot+ Credit Overview is also available with credit features and details for both FX Link and CME FX Spot+. 

CME FX Spot+ Specification Update

The CME FX Spot+ client impact assessment has been updated to reflect the following updates:

• Updated Binary Trading Reporting description for the repeating fields of tag 1795-NoOrderEvents retesting group
• Updated the values of Minimum Order Size for CME FX Spot+ Product Attributes
• Added Reference Data API launch dates, API endpoint, data type and attribute descriptions for CME Reference Data API changes

Decommission of MGEX Markets on CME Globex - Q2 2025

Effective end of Q2 2025, order routing and market data for Minneapolis Grain Exchange (MGEX) products, which includes Hard Red Spring Wheat, will no longer be available via CME Globex. Existing order routing customers to MGEX markets and customers wishing to pursue market access to MGEX should contact futures@miaxglobal.com.

For CME Group specific questions, contact Global Account Management.

New Functionality

CME Cross Currency API - This Week

This Monday, October 21, CME Group will launch the new CME Cross Currency API. This is a complementary REST API to retrieve the existing EUR/USD Cross Currency Basis Index data, which measures the basis point deviation from the covered interest rate parity implied forward FX price.

For additional details, please review CME Cross Currency API client impact assessment.

Product Launches

UpdateSpodumene CIF China (Fastmarkets) Futures - October 27

† Denotes update to the article

Effective Sunday, October 27 (trade date Monday, October 28), pending completion of all regulatory review periods, Spodumene CIF China (Fastmarkets) futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

These Spodumene CIF China (Fastmarkets) futures are currently available for customer testing.       

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

D4 vs. D6 RINs Average Price Option - October 27

Effective Sunday, October 27 (trade date Monday, October 28), pending completion of all regulatory review periods, D4 Biodiesel RINs (OPIS) vs. D6 Ethanol RINs (OPIS) Average Price option will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

This D4 Biodiesel RINs (OPIS) vs. D6 Ethanol RINs (OPIS) Average Price options  are currently available for customer testing in New Release.       

This contract is listed with, and subject to, the rules and regulations of NYMEX.

Micro Nikkei Stock Average Futures - October 27

Effective Sunday, October 27 (trade date Monday, October 28), pending completion of all regulatory review periods, Micro Nikkei Stock Average futures and Micro Yen Denominated Nikkei Stock Average futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

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.

Listing Select Sector Options - October 27

Effective Sunday, October 27 (trade date Monday, October 28), pending completion of all regulatory review periods, Select Sector options will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

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

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

BTIC on Bitcoin Friday Futures - October 27

Effective Sunday, October 27 (trade date Monday, October 28), pending completion of all regulatory review periods, BTIC on Bitcoin Friday futures will be listed for trading on CME Globex and for submission for clearing via CME ClearPort.

These BTIC on Bitcoin Friday futures are currently available for customer testing in New Release.

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

UpdateAdding Offshore Chinese Renminbi to FX Link - November 24

† Denotes update to the article

Effective †Sunday, November 24 (trade date Monday, November 25), the U.S. Dollar/Offshore Chinese Renminbi will be added to CME FX Link on CME Globex. 

Buying the spread will result in buying Leg1 FX Futures and selling Leg2 FX Spot. Selling the spread will result in selling Leg1 FX Futures and buying Leg2 FX Spot.

The U.S. Dollar/Offshore Chinese Renminbi FX Link currency will be available for customer testing in New Release on †Sunday, October 27.

Customer certification is not required.

Bursa Malaysia Derivatives (BMD) USD Used Cooking Oil FOB Straits (Platts) Futures  - December 15

Effective Sunday, December 15 (trade date Monday, December 16), subject to receipt of regulatory approval prior to such date, the Bursa Malaysia Derivatives (BMD) USD Used Cooking Oil FOB Straits (Platts) futures and spreads will be made available for trading on CME Globex.

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

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

Product Changes

Delisting and Removal of BSBY Futures - This Week 

On Monday, October 14, the following BSBY futures were delisted, and effective close of business Friday, October 18, these futures will be removed from CME Globex.

Open interest for these futures is being converted to Three-Month SOFR futures as part of this delisting, please review the Special Executive Report (SER) for additional details.

These futures currently have no open interest.

Trading Hours Changes for BTIC on Nikkei Stock Average Futures and TOPIX Futures - November 5

Effective Tuesday, November 5, the Tokyo Stock Exchange Cash Markets will be extending their trading hours by 30 minutes. To support this change, and pending relevant CFTC Regulatory review periods, the following BTIC (Basis Trade at Cash Close) product trading hours will be extended for the following products. 

This change will be available for customer testing in New Release on Sunday, October 20.

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

Please review the Special Executive Report (SER) for additional details.

Equity Futures Japan Fixing Price Timing Changes - November 5

Effective Tuesday, November 5, the Tokyo Stock Exchange Cash Markets will be extending their trading hours by 30 minutes. To support this change, the fixing price reference time will be extended for the following products.

Fixing Price data blocks are sent in the MDP 3.0 Market Data Incremental Refresh (tag 35-MsgType=X) with the following attributes:

• Tag 279- MDUpdateAction will be set to 0 = New
• Tag 269-MDEntryType will be set to W = Fixing Price
• Tag 5796-Trading Reference will display the date for which the marker price was calculated

This change will be available in New Release for customer testing on Sunday, October 20.

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

Events and Announcements

NewCME STP API on Google Cloud - November 3

CME Group is launching CME STP API services on Google Cloud. This API launch will happen in phases.

As part of phase 1, CME STP FIXML service is now available on Google Cloud and clients may target the new service URL.

Both service URLs will be available in parallel until close of business Friday, November 1. Effective Sunday, November 3 (trade date Monday, November 4)  current service URL will be decommissioned. During the parallel period, same trade data will be available on both services and clients should take steps to avoid double booking trades within their systems.

With this launch,

• Clients can use their currently entitled API IDs to target new service URLs.
• There are no changes to CME STP FIXML API message specifications.

The new service URL for the New Release is now available for customer testing.

Clients are highly encouraged to test their CME STP FIXML implementations against the new service URL.

Additional information is available in the client impact assessment.

Launch dates for CME STP FIX API will be announced in future CME STP Notices.