On June 2, 2025, BrokerTec on CME Globex introduced the new This topic covers BrokerTec Top of Stack (TOS) priority feature for U.S. Repo instruments. TOS prioritizes the passive managed order of the TOS owner based on the pre-defined TOS requirements.
TOS provides priority to the last trader who has:
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Contents
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Revision History
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Date
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Description
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June 3, 2025
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The Production date was updated from Q2 2025 to June 2, 2025
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March 18, 2025
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The Production date was updated from Q1 to Q2, 2025
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December 11, 2024
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Key Event date change: Production will be Q1, 2025
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October 4, 2024
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Added bullet list under BrokerTec U.S. Repo Managed Order Enrichment#BrokerTec TOS Scenarios.
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September 25, 2024
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Initial publication.
Key Events and Dates
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Date
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Milestone
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Available in New Release.
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June 2, 2025
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Available in Production.
Testing and Certification
This change will be available in the New Release environment for customer testing on Thursday, October 10.
Certification is not required.
Product Availability
Managed Order Enrichment will be available on all BrokerTec U.S. Repo products.
Products | Marker Segment ID | Market Data Channel | Market Identifier Code (MIC CODE) |
|---|---|---|---|
BrokerTec U.S. Repo | 42 | MDP Conflated TCP - 516 | BTEC |
BrokerTec TOS Scenarios
At the end of the workup, the passive managed order will be prioritized as follows:
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|FIXMessage=8=FIX.4.2|9=437|35=8|34=0|49=CME|50=G|52=20240813-02:01:02.000|56=TR1BBBP|57=TR1BBB|129=234568|143=CA|1=TESTACC3|6=0|11=clord3|14=0|17=5027:7|20=0|37=50100004|38=10|39=5|40=2|44=1|48=10700|54=2|55=USR|59=0|60=20240813-02:01:02.000|107=US_REPO|150=5|151=10|167=REPO|204=1|432=20240813|819=1|1028=Y|1031=C|1598=1|1731=GRP|5149=testmemo3|5409=1|5906=P|5979=1723514462000000124|6881=1|9373=N|9702=2|9707=UPp|9708=SX|2668=1|2669=2|2670=12|78=1|79=TESTALLOC3|10=230|
Contact Information
For technical development support, contact Certification Support for Electronic Trading (CSET).
For production requests, please contact the Global Command Center (GCC).
For all other inquiries, please contact Global Account Management (GAM).