This topic provides information on CME FX Spot Plus (CME FX Spot+) for futures markets.

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+. CME FX participants will be able to expand access to OTC spot liquidity within an open, transparent, central limit order book.

Contents

Table of Contents

Revision History

...

This topic provides information on CME FX Spot Plus (CME FX Spot+) for futures markets.

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+. CME FX participants will be able to expand access to OTC spot liquidity within an open, transparent, central limit order book.

Contents

Table of Contents

Revision History

Date	Description
November 1, 2024	From New CME FX Spot+ MDP UDP Channel, removed info box "With this launch, the non-tradable FX Spot leg (tag 1151-SecurityGroup=01, 10) will move from MDP 3.0 channel 314 to 330." In Security Group table, added columns Existing MDP 3.0 Channel and New MDP 3.0 Channel. Additional Consideration table Futures Product Code CNH updated Futures Group Code and Link Spread Group Code to "RM."
October 31, 2024	Updated note below Product: "The USD/South African Rand and USD/Offshore Chinese Renminbi FX Spot leg are only tradable as part of the CME FX Link spread."
October 30, 2024	Added note "New Release customers will have the ability to test 3-deep implied book for FX Spot+ in February 2025. Currently, only 2-deep implied book is supported in New Release." Added note "With this launch, the non-tradable FX Spot leg (tag 1151-SecurityGroup=01, 10) will move from MDP 3.0 channel 314 to 330." Changed Security Group for 6E and 6C to 01. Updated Display Factor table with 3 additional rows at bottom. Added section New CME FX Spot+ MBO/MBP UDP Channel.
October 25, 2024	Added FX Spot+ Product Code USDCNH. Added FX Spot+ Currency Pair USD/CNH. Added Futures Product Code 6Z and CNH.
October 9, 2024	Modified descriptions for Tags 1795, 1802, 1800, 5542, and 5971. Added new table under CME Reference Data API Changes. Under Product Attributes, numbers changed for Min Order Cancel Threshold columns.
October 7, 2024	Changed value Max Order Size for FX Spot+ Product Code NZDUSD from 5,000,000 to 3,000,000.
July 17, 2024	Initial publication of topic.

Key Events and Dates

Date

Milestone

November 11, 2024

Available in New Release

For the complete release schedule, please see CME FX Spot Plus Launch Schedule in New Release.

March 2025

Available in Production

Testing and Certification

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

iLink 3 certification via AutoCert+ is not required. However, CME Group strongly recommends futures client systems to test FX Spot+ trading in notional quantity.
MDP 3.0. certification is required. Client systems who want to trade the FX Spot+ product will need to complete the supplemental test suite.
CSET will configure credit setup to enable testing.

Overview

The new FX Spot+ instruments will be separate from the EBS Spot instruments:

...

FX Spot+ Overview

CLOB Instrument

Order Entry Quantity Value

Order Entry Accessibility

Market Data

Market Data Accessibility

FX Spot+

Notional

iLink 3 Market Segment Gateway (MSGW)

iLink 3 Convenience Gateway (CGW)

New CME MDP UDP Channel

Real-time Market by Order - Full Depth (MBOFD)
Real-time Market by Price (MBP)
Implied Book Processing

Available over existing CME network gateways

Connectivity and Access Model

FX Spot+ connectivity and access for order entry and market data will be accessible via the standard CME network gateways and connectivity options. CME futures customers can choose to access FX Spot+ markets through the MSGW or CGWs, which route through the MSGWs.

Convenience Gateway

CME customers will be able to leverage the existing CME CGWs for trading the FX Spot+ instruments.

Market Segment Gateway

MSGW provided the fastest route for order entry access to the FX Spot+ matching engine, only available over CME networks.

Client system messaging must specify the market segment for order entry routing. Market Segment ID 88 is defined in tag 1300-MarketSegmentID in the MDP Security Definition message for each FX Spot+ instrument.

Order Entry Service Gateway

CME customers can use an existing Order Entry Service Gateway (OESGW) to register administrative information:

...

For MSGW session, use OESGW "12" to pre-register for FX Spot+ market.

<marketsegment id="12" label="Order Entry Service Gateway ">

New CME FX Spot+ MDP UDP Channel

New CME FX Spot+ MBO/MBP Real-time Market Data Channel:

Market	Channel ID	Market Data Group	Description
FX	330	FX Spot+	CME FX Spot+ MDP UDP

Supported over existing CME network gateways and connectivity circuited access.
FX Spot+ market

...

<marketsegment id="12" label="Order Entry Service Gateway ">

New CME FX SPOT+MDP UDP Channel

New CME FX Spot+ MBO/MBP Real-time Market Data Channel:

...

CME FX Spot+ MDP UDP

Supported over existing CME network gateways and connectivity circuited access.
FX Spot+ market data disseminated in notional terms.
The market data info will follow futures-style market data except where noted in the MDP 3.0 Market Data sectiondata disseminated in notional terms.
The market data info will follow futures-style market data except where noted in the MDP 3.0 Market Data section.

New CME FX Spot+ MBO/MBP UDP Channel

The market data configuration information for the CME FX Spot+ channel will be added as follows:

FTP:https://www.cmegroup.com

SFTP: sftpng.cmegroup.com

Channel ID

Channel Label

Directory Location

New Release

Production

330

CME Globex FX Spot+

/SBEFix/NRCert/Configuration

November 3, 2024

TBD

For additional information on accessing the configuration file, please review the MDP 3.0 - Support services page on the Client System Wiki.

Product

The FX Spot+ tradable instruments will be available for select currency spreads.

Tradable FX Spot+ Products
Product Name	MDP 3.0: tag 55-Symbol
Euro / US Dollar Spot FX	EURUSDZ5031
US Dollar / Canadian Dollar Spot FX	USDCADZ5031
British Pound / US Dollar Spot FX	GBPUSDZ5031
Australian Dollar / US Dollar Spot FX	AUDUSDZ5031
US Dollar / Japanese Yen Spot FX	USDJPYZ5031
US Dollar/Swiss Franc Spot FX	USDCHFZ5031
New Zealand Dollar/US Dollar Spot FX	NZDUSDZ5031
US Dollar / Mexican Peso Spot FX	USDMXNZ5031

Info
The U.S. DollarUSD/South African Rand and USD/Offshore Chinese Renminbi FX Spot leg is are only tradable tradable as part of the CME FX Link spread.

Product Attributes

USDZARF5102

FX Spot+ Product Code	FX Spot+ Symbol	Contract Size	Inverted Link Spread	Min Order Size	Min Order Incr. Increment	Max Order QtySize	Min Order Cancel Threshold	Min Tick FX Spot+ Leg (FX Link to FX Link Fills)	Min Tick FX Spot+ Traded as Outright / Implied	Price Example Outright / Implied
EURUSD	EURUSDZ5031	1 EUR	No	125250,000	125,000	5,000,000	125,000	0.000005	0.00001	1.09481
GBPUSD	GBPUSDZ5031	1 GBP	No	62250,500000	62,500	5,000,000	62,500	0.00001	0.00001	1.37251
AUDUSD	AUDUSDZ5031	1 AUD	No	100200,000	100,000	5,000,000	100,000	0.00001	0.00001	0.72161
NZDUSD	NZDUSDZ5031	1 NZD	No	100200,000	100,000	53,000,000	100,000	0.00001	0.00001	0.68963
USDCAD	USDCADZ5031	1 USD	Yes	100200,000	100,000	5,000,000	100,000	0.000001	0.00001	1.26551
USDJPY	USDJPYZ5031	1 USD	Yes	100200,000	100,000	5,000,000	100,000	0.0001	0.001	109.688
USDCHF	USDCHFZ5031	1 USD	Yes	250,000	250,000	3,000,000	250,000	0.000001	0.00001	0.91237
USDMXN	USDMXNZ5031	1 USD	Yes	50100,000	50,000	3,000,000	50,000	0.00001	0.0005	13.3919
CME FX Spot Leg (non-tradable)											USDZAR	tradable)
USDZAR	USDZARF5102	1 USD	Yes	50,000	50,000	3,000,000	50,000	0.00001	0.0001	18.4445
USDCNH	USDCNHF5102	1 USD	YesNo	50100,00050	100,000	3,000,000	50100,000	0.00001	0.0001	187.44451471

Symbol

With this launch, the FX Spot+ instrument name (MDP 3.0 tag 55-Symbol) remains the same as the current FX Link Spot leg instrument name.

Contract Size

The FX Spot+ contract size (MDP 3.0 tag 1147-UnitOfMeasureQty) will be modified to "1" to reflect the change to notional quantity.

Currently, tag 1147 values are suppressed in the FX Link Spot leg Security Definition.

Minimum Order Size/Minimum Order Increment

The FX Spot+ Minimum Order Sizes (MDP 3.0 tag 562-MinTradeVol) and Minimum Order Increments (MDP 3.0 tag 1231-MinLotSize & tag 1093-LotType = 5) will be specified in notional terms.

An FX Spot+ order or order modification submitted with a quantity less than the minimum order size will be rejected with a reason code indicating the required minimum order size was not met, and specifying the minimum order size.

Maximum Order Size

The FX Spot+ Maximum Order Size (MDP 3.0 tag1140-MaxTradeVol) will vary by product, but will be set lower than the EBS Spot Max Order Sizes.

Minimum Order Cancel Threshold

With this launch, a new order cancel threshold notional value will be established and initially equal to the minimum order size per increment per each FX Spot+ instrument.

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

In the event of a partial fill with remaining quantity less than the auto-cancel threshold notional, CME Globex cancels the remainder. Upon cancellation, CME Globex sends an unsolicited Order Cancel Acknowledgment message (tag 35-MsgType=8, tag 39-OrdStatus=4) with tag 378-ExecRestatementReason=108 (Cancel due to resting order quantity less than minimum order size)

The auto-cancel threshold attributes are added to CME Reference Data API Version 3.

Minimum Price Increment

With this launch, there will be differences in the FX Spot+ minimum tick used in FX Link spread to FX Link spread trades, and the minimum tick in FX Spot+ outright and implied trading.

Minimum Tick FX Spot+ traded as Outright/Implied Trading will be sent in tag 969-MinPriceIncrement in the MDP 3.0 Security Definition (35=d) message.
Minimum Tick for FX Spot+ leg from FX Link Spread Trading will be added to CME Reference Data API Version 3.

Price Precision

With this launch, tag 2349 - PricePrecision will be sent in the MDP3 Security Definition (35=d) message to specify price decimal precision for FX Spot+ instruments.

Currently, tag 2349 values are suppressed in the FX Link Spot leg Security Definition.

Display Factor

Tag 9787-DisplayFactor will be set equal to 1 in the MDP3 Security Definition (35=d) message for FX Spot+ instrument to use the real economic price in CME Globex.

EURUSD0000050001.05101561101561GBPUSD121411121411AUDUSD00001.0000016959169591NZDUSD000010000163121USDCAD0.00001128241128241USDJPY0001001.1001001134123134123USDCHF0000010000010000100001096103096103

	Current			New			Sample Price
FX Spot+ Product Code	FX Spot+ Tick	Display Factor	Globex Tick	FX FX Spot+ Tick	Display Factor	Globex Tick	Economic Price	Globex Price
EURUSD	0.000005	0.0001	0.05	0.00001	1	0.00001	1.01561	1.01561
GBPUSD	0.00001	0.00001	1.0	0.00001	1	0.00001	1.21411	1.21411
AUDUSD	0.	00001	0.	00001	1.0		0.00001	1	0.00001	0.	69591	0.	69591
NZDUSD	0.00001	0.00001	1.0	0.00001	1	0.00001	0.	63121	0.	63121
USDCNH	0.00001	0.	0001	0.1		0.00001	1	0.	0001	7.1416	7.1416
USDCAD	0.	000001	0.	00001	0.1	0.00001	1	0.00001	1.28241	1.28241
USDJPY	0.0001	0.	001	0.1	0.	001	1	0.	0.63121	001	134.123	134.123
USDCHF	0.000001		0.000001	1.0	0.00001	1	0.00001	0.	96103	0.	96103
USDMXN	0.	00001	0.	00001	1.0		0.	0005	1	0.	0005	20.	4586	20.	4586
USDZAR	0.	00001	0.	00001	1.0	0.	0001	1	0.	0001	18.	5181	18.	5181

Additional Considerations

Notional Quantity

FX Spot+ instruments on CME Globex trade in notional terms. iLink 3 Order entry, MDP 3.0 Market Data, and Product and Instrument records on Reference Data API v3 reflect notional terms for all quantity fields and attributes.

Base and Settlement Currency

With this launch, the values for FX Spot+ tag 15-Currency and tag 120-SettlCurrency in the MDP 3.0 Security Definition (35=d) message will be switched to be consistent with EBS FX Spot.

FX Spot+ Currency Pair	Inverted/Non-Inverted	Tag 15-Currency	Tag 120-Settle Currency
EUR/USD	Non-Inverted	EUR	USD
GBP/USD	Non-Inverted	GBP	USD
AUD/USD	Non-Inverted	AUD	USD
NZD/USD	Non-Inverted	NZD	USD
USD/JPY	Inverted	USD	JPY
USD/CAD	Inverted	USD	CAD
USD/CHF	Inverted	USD	CHF
USD/MXN	Inverted	USD	MXN
CME FX Spot Leg (non-tradable)
USD/ZAR	Inverted	USD	ZAR
USD/CNH	Non-inverted	USD	CNH

Info
Tag 15 and tag 120 values for U.S. Dollar/South African Rand Spot FX (non-tradable) will remain unchanged.

Security Exchange

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

Tag 167-SecurityType value "FXSPOT" for the FX Spot+ instruments is populated for iLink and MDP 3.0 Security Definition (35=d) messages.

Security Group

Each FX Spot+ tradable instrument is populated with a new group code (MDP 3.0 tag 1151-SecurityGroup).

Futures Product Code	Futures Pair	Futures Group Code	Link Spread Group Code	Existing FX Spot + Leg Group Code	Existing MDP 3.0 Channel	New FX Spot+ Group Code	New MDP 3.0 Channel
6A	AUD/USD	6A	6A	01	314	5A	330
6E	EUR/USD	6E	6E	02	5E01	314	5E	330
6B	GBP/USD	6B	6B	01	314	5B	330
6N	NZD/USD	6N	6F	10	314	5N	330
6C	USD/CAD	6C	6C	01	314	5C	330
6S	USD/CHF	6S	6S	01	314	5S	330
6J	USD	6C	6C	02	5C
6S	CHF/USD	6S	6S	01	5S
6J	JPY/USD	6J	6J	01	5J
6M	MXN/USD	6M	6M	01	5M
/JPY	6J	6J	01	314	5J	330
6M	USD/MXN	6M	6M	01	314	5M	330
CME FX Spot Leg (non-tradable)
6Z	USD/ZAR	6Z	6Z	01	314	01	330
CNH	USD/CNH	RM	RM	01	314	01	330

Info
With this launch, the existing FX Spot Leg (tag 1151-SecurityGroup=01, 10) will move from MDP 3.0 channel 314 to 330.

Trading Schedules

The FX Spot+ Trading Schedules will be as follow, except the New Zealand Dollar/US Dollar (NZD/USD).

Info
ZDNZD/USD closes at 7:00 a.m. Auckland time on Fridays, and remain closed until the reopen on Sunday.

...

SUNDAY - FRIDAY
MARKET	STATE	TIME	TIME ZONE CITY
FX Spot+	Open	17:00	Chicago
FX Spot+	Close	16:00	Chicago

FX Spot+ Matching

Match Algorithm

A FIFO algorithm will be applied for matching occurring within FX Spot+ order books. There will be no change to the existing match algorithm of the FX Link spread and FX futures books.

Central Limit Order Book (CLOB)

FX Spot+ CLOB orders can directly match against each other. Liquidity across order books is supported by implied functionality.

FX Spot+ implied orders are created by related liquidity from FX futures customer orders and FX Link customer orders.

Self-Match Prevention

Standard CME Globex Self-Match Prevention (SMP) is available for FX Spot+ instruments.

See also the SMP Frequently Asked Questions section.

Matching Priority

FX Futures

With this launch, FX futures implied OUTs will be sourced from two different implied trading units:

...

1st matching = all customer resting FX futures orders
2nd matching = all implied orders generated from customer orders in FX futures and FX Calendar spreads
3rd matching = all implied orders generated from customer orders in FX Link Spread and FX Spot+ orders

FX Spot+

For FX Spot+ outright trades, the match quantities must be in notional amounts to the dollar in Base Quantities regardless whether currency pair is inverted or non-inverted.

...

Non-Inverted currency pair
Base Notional = contract unit * contract qty
Quote Notional = Base Notional * FX Spot+ price
Non-Inverted FX Spot+ example
Buy 5 EUR/USD FX Spot+ contract equivalents @ $1.23401 from an implied match
1 EUR/USD futures contract unit = 125,000 Euro
FX Spot+ Base Notional = 625,000 EUR (or 125,000 Euro contract unit * 5 contract qty)
FX Spot+ Quote Notional = $771,256.25 (or 625,000 Euro * $1.23401)
Inverted currency pair
Quote Notional = contract unit * contract qty
Base Notional = Quote Notional / FX Spot+ price
Inverted FX Spot+ example
Buy 10 USD/CAD contract equivalents @ C$1.259031 from an implied match
1 CAD/USD futures contract unit = 100,000 Canadian dollars
Quote Notional = 1,000,000 Canadian dollars (or 100,000 Canadian dollars * 10 contract unit)
Base Notional = $794,261.62 (or 1,000,000 Canadian dollars / $1.259031) - See next section on rounding

FX Spot+ Execution Report

When FX Spot+ is traded as outright or implied, iLink 3 Fill Quantity and Remaining Quantity will be disseminated in notional terms, not in contracts.

...

FX Spot+ Fill Execution Reports will also include trade date/value (settlement) date information.

FX Spot+ Implied Functionality

Implied functionality provides liquidity between FX Spot+, FX Link Spread, and the related FX futures market. An instrument is implied-eligible if the market data Security Definition message (tag 35-MsgType=d) contains tag 872-InstAttribValue bit 19-Implied Matching Eligible=1.

...

FX Spot+ implied order = FX futures customer order + FX Link customer order (blue arrow in below diagram)
FX Link implied order = FX futures customer order + FX Spot+ customer order (green arrow in below diagram)
FX futures implied order = FX Spot+ customer order + FX Link customer order (red arrow in below diagram)

Gliffy

macroId	1b190e55-d9e2-4f52-9989-ebc305f50e8a
displayName	Example: 4 or 5 FX Futures
name	Ex-4or5FXFutures
pagePin	4

...

Implied Quantity

FX Spot+ Instruments

FX Spot+ instruments only trade in notional quantity terms.

The implied notional value will always be rounded-up to the closest single unit notional value (always "1" unit).
A FX Spot+ implied order will only be created if its implied notional value is equal to or greater than the FX Spot+ instrument's minimum order size, which is defined as a notional value.
For Example:
FX Spot+ Minimum Order Size = 200,000 notional
FX Spot+ implied order only created when its notional value is > or = 200,000

FX Futures and FX Link Instruments

FX futures and FX Link instruments only trade in contract quantity terms.

The implied contract quantity will always be rounded down to a positive contract integer increment.
The implied contract quantity can be less than the contract's standard order minimum size.

Implied OUT Notional Rounding for Inverted

As the quantity fields in MDP are integers, the MDP FX Spot+ Implied out notional quantity from the spread must be rounded. To ensure enough quantity is available to match, the notional quantity on implied orders out from the inverted FX link spreads for the FX Spot+ leg must always be rounded up to the nearest whole integer (1 USD, EUR, etc.).

...

10 Contracts implied out USD/CAD FX Link Spread, FX Spot+ implied price 1.31002
10 Contracts = 1,000,000 CAD at price 1.31002 must be converted to USD Notional
1,000,000 / 1.31002 = 763,347.12
Round up Implied Out Notional Quantity = 763,348 USD

Implied CLOB Price Rounding

The calculated Implied IN or OUT can be off-tick due to differing product tick granularity and/or converting contracts to notional or vice versa.

...

Off-tick bid prices are rounded down and published to the nearest on-tick value.
Off-tick ask prices are rounded up and published to the nearest on-tick value.
MDP 3.0 Trade Summary is always published on-tick.

Implied Spread Price Improvement

There will be a match event price improvement when an aggressing order matches against a rounded implied price.
FX Link Spread will receive price improvement.

...

Gliffy

size	900
displayName	Match Event Price Benefit
name	FX Future
pagePin	14

FX Spot+ API and Message Impacts

CME Reference Data API Changes

To support the FX Spot+, the following attributes are added to CME Reference Data API Version 3:

...

New Attributes
API Endpoint	Attribute Name	Description	Type
Product	roundingTick	Minimum Tick

...

for FX Spot+ spread Leg on FX Link to FX Link spread trade

...

.	NUMBER
autoCancelThreshold	NUMBER	Minimum Order cancel threshold notional value established for each FX Spot+ instrument.

iLink Order Entry

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

Supported Order Types & Order Qualifiers

The following order types and order type qualifiers are supported:

...

The following fields are required for FX Spot+ orders:

tag 1693-PartyDetailRole=24 (Customer Account)
tag 582-CTI Code
tag 1816-ClearingAccountType
tag 1031-CustOrderHandlingInst
tag 9537-Location

Binary Trade Reporting

To reconcile the order entry iLink 3 trade messages to the corresponding STP Trade Capture Report messages, FX Spot+ trades will support binary trade reporting (i.e. child trades) on the following messages:

...

TBD

(under anaysis)

Tag	Name	Req	Binary Type	Binary Length	Description	Value
1795	NoOrderEvents	N	groupSize	3	Number of fills which comprise fill quantity	. This tag value is always set to ‘1’ to indicate a single fill.
→1799	OrderEventPx	Y	PRICE9	8	Refers to the fill price; same as tag 31-LastPx.
→1802	OrderEventText	N	String5	5	Will be populated with the XXXX of the opposite order for ‘FXS+’ for CME FX Spot+ trades.
→1797	OrderEventExecID	Y	uInt32	4	This is a unique ID which that ties together a specific fill between two orders; . It will be unique per instrument per dayglobally unique across all FXS+ instruments.
→1800	OrderEventQTY	Y	uInt32	4	Refers to the specific fill quantity between this order and the opposite order; same as tag 32-LastQty.
→1796	OrderEventType	Y	OrderEventTye	1	The type of event affecting an order. 4=Partially Filled 5=Filled
→1798	OrderEventReason	Y	uInt8	1	Action that caused the event to occurto occur. 100=Binary Trade Reporting.
→ 5542→5542	ContraGrossTradeAmt	N	Decimal64NULL	9	Amount traded (in notional) in base currency for the Spot with this counterparty→ 5971; same as tag 381-GrossTradeAmt.
→5971	ContraCalculatedCcyLastQty	N	Decimal64NULL	9	Amount traded (in notional) in counter currency for the Spot with this counterparty; same as tag 1056- CalculatedCcyLastQty.

Trade Cancellation and Trade Correction

FX Spot+ supports Trade Cancellation and Trade Correction.

...

Info
There are no changes to FX futures and FX Link spread trade cancelation and Trade correction. Client applications can still receive iLink Trade Cancellation and Trade Correction messages for FX futures and FX Link spread.

Not Supported Functionalities

The following functionality will not be supported for FX Spot+:

Security Definition Request
Mass Quote and Quote Cancel
Cancel on-behalf
Display Quantity Orders

MDP 3.0 Market Data

A new Simple Binary Encoding (SBE) incremental schema version 13 will be used on the new FX Spot+ market data channels. More information regarding the MDP 3.0 - futures and options V13 SBE schema updates are now available.

...

Market data messaging for FX Spot+ products are standard CME market data except where noted.

Security Definition

The following changes will be added to the security definition (35=d) template in the new SBE schema version 13.

...

Info
FX Link Spread Security Definitions will continue to list the spread ratio as 1:1, even though the actual ratio will be 1 contract : X Notional Value (e.g. 125,000).

Market States

With the exception of the pre-open state, the market schedules will be synchronized across FX futures, FX Spot+ and FX Link spreads for most currency pairs, except the New Zealand Dollar/US Dollar schedule.

...

Tag	Open	Pause	Close (Not-Final)	Close (Final)	Implied Matching status ON/OFF
StateDescription	Start of continuous trading phase. Order matching begins.	Interruption of continuous trading and the period during which only order cancellation is allowed and order matching is not allowed	Not final close for the date. This state allows a mid-session pre-open to be initiated.	Final close for the session. GFS orders are eliminated.	Implied matching statuses sent for implied product codes
60 TransactTime	X	X	X	X	X
75 TradeDate	X	X	X	X	X
1151 SecurityGroup	5E	5E	5E	5E	5E
6937 Asset	-	-	-	-	EURUSD
48 SecurityID	-	-	-	-	-
326 SecurityTradingStatus	17= Ready to trade	2 = Trading halt	18= Not available for trading	4 = Close	103= N/A
327 HaltReason	0 (schedule)1 (GCC)	0 (schedule)1 (GCC)	0 (schedule)1 (GCC)	0 (schedule)1 (GCC)	0 (schedule)1 (GCC)
1174 SecurityTradingEvent	0 (no event)4 (reset stats)	0 (no event)	0 (no event)	0 (no event)	5 (implied ON)6 (Implied OFF)

Order Book Dissemination

FX Spot+ will support Market By OrderOrder (MBO) and 10-Deep Market by Price (MBP) via the Market Data Incremental Refresh (tag 35-MsgType =X) message with tag 269=0 (Bid) or 1 (Offer).

Only 23-deep book are is disseminated for FX Spot+ Implied books via the Market Data Incremental (tag 35=X) message with tag 269=E (Implied Bid) or F (Implied Offer). Implied book depth is designated on the Security Definition Message (tag 35-MsgType=d) via tag 1022-MDFeedType=GBI.

	Customer Order Book Publication	Implied Book Publication
FX Spot+	10-deep	23-deep
FX Futures	10-deep	2-deep
FXS Link	10-deep	2-deep

Note

Info
title	New Release customers will have the ability to test 3-deep implied book for FX Spot+ in February 2025. Currently, only 2-deep implied book is supported in New Release.

Info
Tag 264-MarketDepth in the Security Definition (Tag 35-MsgType=d) message must be referenced to obtain the book depth per instrument.

Trade Summary

With this launch, FX Spot+ trade quantity (tag271=MDEntrySize) in the Trade Summary market data entry (tag 269-MDEntryType=2) will be sent in notional terms on the new CME MDP TCP Channel 330.

Summary Level repeating groups(1st repeating group)
Trade price,
Trade quantity
Number of orders
Aggressor side
Trade reference id
Order Detail repeating group(2nd repeating group)
Order Id
Quantity filled

Electronic Trade Volume

The updates to FX Spot+ electronic volume will be disseminated on the new CME FX Spot+ MDP TCP channel 330.

Electronic Volume (in notional Term)

Session Statistics

FX Spot+ Session Statistics will support:

Daily Statistics

The following Daily Statistics will not be supported:

...

Page Comparison

Versions Compared

Old Version 6

New Version Current

Key

Revision History

Revision History

Key Events and Dates

Testing and Certification

Overview

Connectivity and Access Model

Convenience Gateway

Market Segment Gateway

Order Entry Service Gateway

New CME FX Spot+ MDP UDP Channel

New CME FX SPOT+MDP UDP Channel

New CME FX Spot+ MBO/MBP UDP Channel

Product

Product Attributes

Symbol

Contract Size

Minimum Order Size/Minimum Order Increment

Maximum Order Size

Minimum Order Cancel Threshold

Minimum Price Increment

Price Precision

Display Factor

Additional Considerations

Notional Quantity

Base and Settlement Currency

Security Exchange

Security Group

Trading Schedules

FX Spot+ Matching

Match Algorithm

Central Limit Order Book (CLOB)

Self-Match Prevention

Matching Priority

FX Futures

FX Spot+

FX Spot+ Execution Report

FX Spot+ Implied Functionality

Implied Quantity

FX Spot+ Instruments

FX Futures and FX Link Instruments

Implied OUT Notional Rounding for Inverted

Implied CLOB Price Rounding

Implied Spread Price Improvement

FX Spot+ API and Message Impacts

CME Reference Data API Changes

iLink Order Entry

Supported Order Types & Order Qualifiers

Binary Trade Reporting

Trade Cancellation and Trade Correction

Not Supported Functionalities

MDP 3.0 Market Data

Security Definition

Market States

Order Book Dissemination

Trade Summary

Electronic Trade Volume

Session Statistics

Daily Statistics