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- Simple Binary Encoding (SBE) - optimized for low latency of encoding and decoding
- FIX Performance (FIXP) protocol - supports simple session layer management; no session-level information (e.g. headers) required
- Optimized order entry on the CME Globex platform for futures, options, and BrokerTec markets
- Lean messages move administrative information out of order entry business message
- Standard message size, fixed positions, and fixed length fields
- Consistent encoding method for market data and order entry
- XML schema and templates for order entry as with MDP 33
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All iLink 3 MSGW sessions are Cancel on Disconnect (CoD) mandatory, except iLink 3 CGW sessions for futures and options markets. |
Use this search bar to search topics within iLink 3 Binary Order Entry.
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Video Overview
View the video for the iLink Order Entry module of CME Globex 101.
iLink 3 Gateway Considerations
iLink 3 launch has the following considerations for Convenience Gateway (CGW), Market Segment Gateway (MSGW), and Drop Copy Gateway (DCGW) customers:
| CGW | MSGW | DCGW | |
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If an iLink 2 message is received on an iLink 3 session, the session will be terminated immediately. |
Market Integrity Controls
Automated Port Closure
CME Globex will automatically terminate and close both the primary and backup ports for any iLink 3 session on the 5th invalid negotiate and establish attempts in 60 seconds.
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Primary and secondary clearing firm administrators must contact the Global Command Center directly to have a port re-opened.
Messaging Controls
Messaging Controls prevent violation of the maximum Transactions per Second (TPS) rule. Messaging Controls measure Transactions per Second (TPS) and are enforced at the iLink session level.
iLink 3 will have the same messaging controls as iLink 2 except for the changes described below.
Application Messaging Controls
Module | Messaging Controls |
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Common | New Order (D) Cancel-Replace (G) Status Request (H) Security Definition (c) Mass Status Request (AF) Quote Request (R) New Order Cross (s) Party Details Definition Request (CX) Party Details List Request (CF) |
Cancel | Cancel (F) Mass Cancel (CA) |
Mass Quote | Mass Quote (i) Mass Quote Cancel (Z) |
Application Messaging Thresholds
Messages submitted by the client system on an iLink 3 session are monitored by the number of messages sent over a pre-defined time interval. The time interval begins with the first message processed. At the end of the interval, if no violation has occurred, the message count and interval reset pending the next message processed.
If an iLink 3 session exceeds one or more of the Reject thresholds, subsequent messages are rejected via a BusinessLevel Reject (tag 35-MsgType=j) message until the messages per second (MPS) rate falls below the threshold. Exceeding the larger Terminate threshold will result in a Termination of the offending iLink session.
Message Types | Enforcement Schedule | Reject Threshold | Terminate Threshold | Interval |
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Cancel Request (tag 35-MsgType=F) Order Mass Action Request (tag 35-MsgType=CA) | Continuous | 1000 | 1500 | Three-second window |
New Order (tag 35-MsgType=D) Order Cancel/Replace (tag 35-MsgType=G) Order Status Request (tag 35-MsgType=H) Request for Quote (tag 35-MsgType=R) New Order Cross (tag 35-MsgType=s) Security Definition Request (tag 35-MsgType=c) Order Mass Status Request (tag 35-MsgType=AF) Application messages that fail business validation | All other hours | 500 | 750 |
Administrative Message Controls
The thresholds are in place for the following Administrative message types:
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Messaging Thresholds | Action Type | Message Type | Error Code |
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Exceeding Reject Threshold | Reject subsequent messages until the TPS rate falls below the threshold. | Business Reject (tag 35-MsgType=j) | Tag 380-BusinessRejectReason=8 |
Exceeding Terminate Threshold | Terminate the offending iLink 3 session | Terminate (35=Terminate) | Tag 39012- ErrorCodes=9 |
Party Details Messages
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Messages | MSGWs | OESGW |
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PartyDetailsDefinitionRequest messages with PartyDetailsListRequestID≠0 | Administrative Message Controls | Common Module |
PartyDetailsDefinitionRequest messages with PartyDetailsListRequestID=0 | Common Module *Regardless of whether the PartyDetailsDefinitionRequest message is sent on-demand directly preceding each New Order-Single, Order Cancel Replace Request , Order Cancel Request, etc. | Administrative Message Controls |
PartyDetailsListRequest | Administrative Message Controls | Common Module |
Developing from iLink 2 to iLink 3
The following table summarizes the considerations for client systems developing to iLink 3 and outlines the differences from iLink 2 to iLink 3.
| Layer | Feature | iLink 2 | iLink 3 |
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| Presentation | Message encoding | Tag value ASCII encoding | Simple Binary Encoding |
| Session | Authentication, Recovery | FIX Transport (FIXT) | FIX Performance Session Layer (FIXP) |
| Application | Business logic | FIX semantics | Improved FIX semantics |
| Transport | End-to-end delivery | TCP | TCP – No change |
| Network | Virtual Circuits, Routing | IP | IP – No change |
System Architecture
This diagram provides an overview of iLink order entry architecture.
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Order Entry Service Gateway (OESGW) - SFTP Site Information
The OESGW configuration information (i.e. market segments and IPs) will be added to the MSGW config file via an SFTP site (sftpng.cmegroup.com), accessed via a CME Globex network direct connection. This SFTP site contains the configuration files for all environments. The SFTP site is a secure site that requires a user name and password for access.
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More details on the SFTP site is available on SFTP - MSGW Configuration.