Getting Started

Mass Quote Protection (MQP) is a post-trade evaluation function for clearing firm administrators to manage over-exposure risk by setting intra-day mass quote thresholds at Product Group, Product LineA set of related Group Codes as configured by the CME Global Command Center (GCC)., Aggregate Product Line levels that can automatically cancel resting quotes and force a Mass Quote submission time-out within a Group CodeA set of related option products, specified by the GCC or related Group Codes.

MQP is available for CME Globex options on futures, subject to business rules for option asset classes, and applies to quotes (not order trades).

When a Mass Quote is traded, submitted quotes are evaluated during an exchange defined time interval (one-second) against customer configured MQP thresholds.

• If no thresholds are exceeded during the time interval, MQP tallies are reset after the time interval.
• If a traded quote triggers a MQP threshold value, the MQP functionality will execute:
• CME Globex cancels the customer’s resting quotes.
• CME Globex rejects subsequent Mass Quote messages.
• The customer must send a Mass Quote message with a reset (tag 9773-MMProtectionReset=Y) instruction.

Resting Quotes

A resting quote and / or an aggressing (arriving) quote that trades may cause the customer’s MQP(s) to tally.

If a resting quote causes the customer’s MQP tally to trigger their MQP threshold value, then the customer’s resting quotes will be canceled.

If an aggressing quote causes the customer’s MQP tally to trigger their MQP threshold value, then the customer’s resting quotes including the remaining unprocessed quotes in the inbound Mass Quote message will be canceled.

Video

For an overview of mass quote protections, watch this video.

Available functions:

• For a given Execution Firm / Trader ID / Sender Comp ID, view current MQP protected products.
• Download / Export the configuration to a .csv file.
• Modify / delete protections.

Enable MQP

Permission to view MQP and protected products is available to clearing / executing firms and coordinated through Global Account Management.

Clearing Firm Administrators at eligible clearing firms must also enable iLink Order Entry session(s) for MQP.

To request access, trading firm administrators and other users should contact their Clearing Member Firm Administrator.

 

CME Group Login

CME Group Login is a self-managed, centralized user profile service that authenticates access to Mass Quote Protections (MQP) and other applications and services.

• Create a new CME Group Login user ID and profile: Prior to accessing, all users must have an active login profile.

• Review the CME Group Login User Guide: Access guidance and instructions: register, retrieve forgotten user ID, reset password, update profile and manage other services.

• Update a CME Group Login User ID and profile: Login privileges are retained even if users change firms, email address, registration information, User ID or password. Some instances may require access and entitlements update.

Logging In

 

1. To login to Mass Quote Protections (MQP):

1. Navigate to cmegroup.com, select the Login / Profile icon (), then select CME Customer Center (single sign on).

2. On the page that appears, enter the CME Group Login ID and Password, then select Login.

Note: To register for a CME Group Login ID, view CME Group Login Registration.

3. From the Portfolio & Risk tab, select Mass Quote Protections.

Note: For issues logging in or accessing MQP, view CME Group Login or contact Enterprise Application & System Entitlements (EASE).