CME Globex responds to a Mass Quote with the Quote Acknowledgment notifying the customer of accepted or rejected quotes. In some cases, the response to a Mass Quote is a iLink Business Level Reject.

Mass Quotes - Business Level Reject

CME Globex platform sends a Business Level Reject (tag 35-MsgType=j) message for the mass quote if a repeating group (i.e., tier 2 and 3) within an incoming Mass Quote message contains invalid tags or tags that belong to a different tier according to the FIX 4.2 protocol. The CME Globex platform ignores custom tags and misplaced tags included in tier 1 of the Mass Quote (tag 35-MsgType=i) message.

In such an instance, a Business Level Reject message is sent with tag 380-BusinessRejectReason containing a value from the table below:

Tag	FIX Name	Req	Valid Values	BinaryType	Description

Tag	FIX Name	Req	Valid Values	BinaryType	Description
45	RefSeqNum	N		uInt32NULL	Tag 34-MsgSeqNum of the message being rejected.
372	RefMsgType	Y		String2	Tag 35-MsgType of the message being rejected.
379	BusinessRejectRefID	N		uInt64NULL	Identifier of the message being rejected. Tag 117 - QuoteID if the message is a Mass Quote or Quote Cancel message.
380	BusinessRejectReason	Y	0=Other 1=Unknown ID 2=Unknown security 3=Unsupported message type 4=Application not available 5=Conditionally required field missing 6=Not authorized 7=Delivery to firm not available at this time	uInt16	Code to identify the reason of the rejection:
58	Text	Y		String256)	Additional information on the reject reason.

Y = Required N = Not required

For example, if a mass quote is sent with an invalid tag 107-SecurityDesc in the initial message, the CME Globex platform will reject the message using a Business Level Reject (tag 35-MsgType=j) message with tag 380-BusinessRejectReason=2.

CME Group Client Systems Wiki

Mass Quotes - CME Globex to Client

Mass Quotes - Business Level Reject

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