Versions Compared

Old Version 9

changes.mady.by.user CME Group

Saved on

compared with

New Version Current

changes.mady.by.user CME Group

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.
Comment: Reverted from v. 9

This topic provides information on CME FX Spot+ for EBS client systems connecting to CME Group API services on the CME Globex platform.

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

FX Spot+ uses FX Link and Globex implied functionality to connect liquidity across FX futures, FX Link, and FX Spot+. EBS spot FX participants will be able to access CME FX futures liquidity in OTC spot terms within an open, transparent, central limit order book.

Contents

Table of Contents

...

Testing and Certification

For EBS client systems to support trading FX Spot+ products:

  • iLink 3 certification via AutoCert+ is required. Client systems will need to complete the supplemental test suite.
  • MDP 3.0 certification is not required. However, CME Group strongly recommends client systems to test the FX Spot+ products in New Release before the production launch.
  • CSET will configure credit setup to enable testing.

...

Tradable FX Spot+ Products
Product NameMDP 3.0: tag 55-Symbol
Euro / US Dollar Spot FXEURUSDZ5031
US Dollar / Canadian Dollar Spot FXUSDCADZ5031
British Pound / US Dollar Spot FXGBPUSDZ5031
Australian Dollar / US Dollar Spot FXAUDUSDZ5031
US Dollar / Japanese Yen Spot FXUSDJPYZ5031
US Dollar/Swiss Franc Spot FXUSDCHFZ5031
New Zealand Dollar/US Dollar Spot FXNZDUSDZ5031
US Dollar / Mexican Peso Spot FXUSDMXNZ5031
Info
The U.S. Dollar/South African Rand FX Spotleg is only tradable as part of the CME FX Link spread.

...

Info

The minimum order cancel threshold could be different from the Minimum Order Size.  CME Group reserves the right to change the minimum order cancel threshold at any time.

...

FX Spot+ Currency PairInverted/Non-InvertedTag 15-CurrencyTag 120-Settle Currency
EUR/USDNon-InvertedEURUSD
GBP/USDNon-InvertedGBPUSD
AUD/USDNon-InvertedAUDUSD
NZD/USDNon-InvertedNZDUSD
USD/JPYInvertedUSDJPY
USD/CADInvertedUSDCAD
USD/CHFInvertedUSDCHF
USD/MXNInverted USDMXN
CME FX Spot Leg (non-tradable)
USD/ZARInvertedUSDZAR

Security Exchange

Tag 207-SecurityExchange value "GLBX" is sent for the FX Spot+ instruments in the MDP 3.0 Security Definition (35=d) message.

...

For example, with IFM enabled, if an order for 10 is filled for 2 prior to being replaced with an order for 5, the new order on the book will only be for 3. With IFM disabled, the new order will go on the book as 5.

Info

CME recommends that EBS client systems submit Order Cancel Replace (tag 35-MsgType=G) messages using tag 9768=Y to avoid overflow of cumulative quantity, since the quantity is in notional value.

Matching Priority

FX Spot+ 

...

More information regarding the API Endpoint, Attribute Name, and data types published in the future CME Reference Data Notices.

iLink Order Entry

With the FX Spot+ launch, the order entry messaging impacts include:

...

EBS Order Types / QualifiersFX Spot+ Message Changes
Limit + GFS
  • Supported, but FX Spot+ GFS orders will have the same behavior as a DAY order (i.e. eliminate remaining qty after the market close each day)
    • Allow tag 59-TimeInForce=99 (GFS) in new order or order modifies.
  • Returns value sent by client systems in tag 59 TimeInForce=99 (GFS).
  • EBS FX Spot+ clients would need to use GT qualifiers for order to stay active through the week.
Limit + GFS + Display Quantity
  • Tag 1138-Display Quantity (DQ) order qualifier is not supported for all FX Spot+ instruments.  
  • FX Spot+ orders submitted with tag 1138 instructions will be rejected.  CME Globex will send an Execution Report-Reject (tag 35-MsgType=8, tag 39-OrdStatus=8) message withtag 103-OrdRejReason = 1013  and tag 58-Text = Invalid order qualifier 'Order's group: XX is ineligible for Display Quantity Order'.
Limit + GFS + PD
  • Tag 845-Price Discretion (PD) is not supported for all FX Spot+ instruments. 
  • PD should be set as null, and will be ignored if submitted on the FX Spot+ orders. Tag 845-DiscretionPrice will NOT be returned on execution report, even if customer submit messages with tag 845.
Limit + GFS + Display Quantity + PD
  • DQ and PD are not supported for all FX Spot+ instruments.
    • If DQ and PD orders are submitted to FX Spot+ instruments, these orders will be rejected.  
    • CME Globex will send an Execution Report-Reject (tag 35-MsgType=8, tag 39-OrdStatus=8) message withtag 103-OrdRejReason = 1013  and tag 58-Text = Required Field Missing 'Unsupported value for tag TIME_IN_FORCE(59): '4''.
Limit + FOK
  • The Fill Or Kill (FOK) order qualifier is not supported for all FX Spot+ instruments.
    • If FOK orders (tag 59-TimeInForce=4) are submitted to FX Spot+ instruments, these orders will be rejected.  
    • CME Globex will send a Business Reject (tag 35-MsgType=j) message with  tag 380-BusineeRejectReason=5 and tag 58-Text = Required Field Missing 'Unsupported value for tag TIME_IN_FORCE(59): '4''
  • EBS FX Spot+ clients can submit FOK order by using the FAK (tag 59-TimeInForcequalifier=3) order qualifier and setting the minimum quantity (tag 110-MinQty) to the total order quantity. 
Limit + FAK
  • No changes to Fill and Kill (FAK) orders.

...

Field NameTagRecommended Values
CustOrderCapacity5822 -proprietary accounts of a member firm
ClearingAccountType18161 - Firm
CustOrderHandlingInst1031Y - Electronic
Customer Account1693 (PartyDetailRole=24)
GFID + "FXSPOT"
  • GFID value as in  Executing Firm (tag 1693- PartyDetailRole=1)
  • example: when GFID="ABC2" then Account="ABC2FXSPOT"
Info
EBS clients must populate the account values on FX Spot+ orders. If no value in account party role is submitted, the FX Spot+ orders will be rejected.

...

If CME Global Command Center (GCC) amends or cancels a FX Spot+ trade, GCC will implement the trade correction or cancellation via parties to the transaction, their prime brokers, and the Central FX Prime Broker. EBS client applications willnot receive MDP 3.0 Trade Cancel and  iLink Trade Cancellation/Trade Correction messages.

New Reject Codes/Texts

FX Spot+uses the same reject text and error code as CME Globex futures and options.

...

The new FX Spot+ market data channel will use  Simple Binary Encoding (SBE) order schema version 13. The following templates will be used on the new FX Spot+ market data channel. 

...