CME Globex responds to a Mass Quote with the Quote Acknowledgment notifying the customer of accepted or rejected quotes. In some cases, the response to a Mass Quote is a iLink 2 Business Level Reject.
Mass Quotes - Business Level Reject
CME Globex platform sends a Business Level Reject (tag 35-MsgType=j) message for the mass quote if a repeating group (i.e., tier 2 and 3) within an incoming Mass Quote message contains invalid tags or tags that belong to a different tier according to the FIX 4.2 protocol. The CME Globex platform ignores custom tags and misplaced tags included in tier 1 of the Mass Quote (tag 35-MsgType=i) message.
In such an instance, a Business Level Reject message is sent with tag 380-BusinessRejectReason containing a value from the table below:
Tag | FIX Name | Req | Valid Values | Type | Description |
|---|---|---|---|---|---|
45 | RefSeqNum | N |
| SeqNum (10) | Tag 34-MsgSeqNum of the message being rejected. |
372 | RefMsgType | Y |
| String (2) | Tag 35-MsgType of the message being rejected. |
379 | BusinessRejectRefID | N |
| String (32) | Identifier of the message being rejected. |
380 | BusinessRejectReason | Y* | 0=Other | Int (2) | Code to identify the reason of the rejection: |
58 | Text | Y* |
| String (80) | Additional information on the reject reason. |
Y = FIX required Y* = CME Group required N = Not required
For example, if a mass quote is sent with an invalid tag 107-SecurityDesc in the initial message, the CME Globex platform will reject the message using a Business Level Reject (tag 35-MsgType=j) message with tag 380-BusinessRejectReason=2.
Useful Information
If the submitted Mass Quote message does not conform to FIX session-level rules, the message is rejected with a Session Level Reject.(tag 35-MsgType=3) message.