This topic describes how exchange-traded products are defined and customers trading on the exchange identified on the CME Globex electronic trading platform.
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The product code identifies the product (asset) upon which the derivative instrument is based. The Product Code may be different for the same underlying asset for futures and options instruments.
Examples
- For the SOFR futures instrument SR1U3, the Product Code is 'SR1'.
- For the SOFR options instrument SR3Q23 P9175 the Product Code is ‘SR3’.
- For the Corn futures instrument ZCZ7, the Product Code is 'ZC'.
- For the Corn options instrument OZC C325, the Product Code is 'OZC'.
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For intercommodity spreads the Product Code will be the value for the first product group of the spread. |
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Product Code is sent in tag 6937-Asset of the market data Security Definition message. |
Instrument
An instrument represents the tradable market on which quotes and orders are submitted and filled. The instrument defines all attributes of that which is traded, i.e., product complex, product group, expiration, strike price, etc. See also Instrument Types Available on CME Globex.
Products traded on CME Globex are constructed according to the following hierarchy.
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The instrument identifier is sent in tag 48-SecurityID of the market data Security Definition message. The external instrument name is sent in MDP tag 55-Symbol and iLink tag 107-SecurityDesc. CME Group does not recommend parsing the external instrument name to determine instrument characteristics. The value is a technical solution for a unique and constant string to identify instruments. |
Customer Model
The Customer Model reflects the way trading actors are identified on the platform as well as the organization of their identifiers and characteristics. The core actors on the trading platforms are clearing member firms, executing trading firms, executing account and operators.
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