New Order Cross Enrichment
Starting Sunday, February 22 (trade date Monday, February 23), CME Group will implement the new order cross enrichment for select options products. This enhancement offers customers the choice to enable either Committed Cross (C-Cross) or RFQ+RFC Cross (R-Cross).
Currently, the choice of cross type is not available to the customers. The new implementation will provide customers with increased flexibility in order execution depending on market conditions.
This functionality is subject to Rule 539 of all CME Group Exchanges. For guidance or more information, including the complete list of eligible products and associated crossing protocols, see the CME Group Market Regulation Advisory Notice (“MRAN”) regarding Rule 539: Pre-Execution Communications.
For a comprehensive understanding of each exchange-supported crossing protocol, please review the Cross on CME Globex topic.
Contents
Revision History
Date | Description |
|---|---|
November 12, 2025 | Key Events and Dates - updated “Available in AutoCert+” on Thursday, December 4, 2025. |
November 6, 2025 | Added in Product Availability table:
|
November 5, 2025 | Initial publication of this pending client impact topic. |
Key Events and Dates
Date | Milestone |
|---|---|
Starting Thursday, November 20, 2025 | New Release |
Thursday, December 4, 2025 | Available in AutoCert+ |
Starting Thursday, February 22, 2026 | Production |
Testing and Certification
Certification is required for client systems that want to support the new order cross enrichment.
CME Group strongly encourages all customers and system providers to test the feature thoroughly in New Release before using the feature in Production.
Product Availability
New order cross enrichment will be available for the following options products:
Production Launch Date | Product Class | Market Segment ID | iLink / MDP 3.0 tag 1151-Security Group | Current Cross Type | New Cross Type |
|---|---|---|---|---|---|
February 22, 2026 | CME Agriculture options (except Dairy) | 60 | F0, RR, W3, A2, C0, CQ, K3, KW, OC, OK, OO, OW, Q1, Q3, SQ, W1, W2, Y1, R0, 0H, L0, L2, P8, A6, D8, Z6, U4, N7, Y0, 0O, X1, SV, U3, M1, ML, U1, F1, R6, W4, A3, C3, CX, K4, KX, CY, 1G, O9, WZ, Q2, Q4, PZ, Z2, W6, Y2, RK, 1H, L1, L3, P9, A9, Z7, U5, N8, Y3, OZ, X2, SW, U6, M2, MY, U2 | C-Cross Only | C-Cross or R-Cross |
CBOT Agriculture options | C-Cross Only | C-Cross or R-Cross | |||
CME Dairy options | R-Cross Only | C-Cross or R-Cross | |||
TBD | CME Interest Rate options | 50 | J1, J2, J3, J4, J5, JA, JE, JB, U$ | C-Cross Only | C-Cross or R-Cross |
TBD | CBOT Treasury and Fed Fund options | 58 | C6, C7, CF, 0N, T1, TE, UB, UZ, N2, FO, T$, 2$ | C-Cross Only | C-Cross or R-Cross |
Overview
Customer wishing to specify a cross type must adopt to:
New template for RequestforCross566
New enumerations for customers to specify the CrossType (FiX tag 549) selection in addition to the default cross type (3: Cross)
20: C-Cross
21: R-Cross
The default CrossType will continue to be 3 = Cross
No template changes are required for outbound execution reports
iLink Messaging Impacts
To support simultaneous R-Cross and C-Cross on Globex, there are impacts to the iLink Messaging:
Inbound Message from Client System to CME Globex
This change required the iLink schema update for inbound order messages.
A new message template will be created for the inbound RequestForCross message.
Within this new template, tag 549- CrossType will be modified from a constant to enumerations, allowing clients to specify their choice.
The CrossType field will support the following enumerations:
Enum Value | Description | Notes |
|---|---|---|
3 | Cross | Default Cross Type. |
20 | R-Cross | RFQ+RFC Cross |
21 | C-Cross | Committed Cross |
When clients submit a cross order with the value '3' for tag 549-CrossType, the default cross type configured for that specific product group will be used.
Additional Resources:
Please see the Market Regulation Advisory Notice for a complete description of each exchange-supported crossing protocol.
The list of eligible products and default cross types is available.
Cross type scenarios are available.
To facilitate a smooth transition for all users, the schema changes are designed to be fully backward-compatible. The existing inbound template, NewOrderCross544, will continue to be supported for a TBD period.
Outbound Message from CME Globex to Client System
There are no template changes required for outbound execution reports. The existing CrossType field on these outbound messages is already capable of supporting additional values; 20 (C-Cross) and 21 (R-Cross).
The following iLink outbound messages will have tag 543-CrossType optionally present and may contain new enumerations--20, 21--in addition to a current value 3:
ExecutionReportNew522
ExecutionReportModify531
ExecutionReportCancel534
ExecutionReportReject523
ExecutionReportElimination524
ExecutionReportTradeOutright525
ExecutionReportTradeSpread526
ExecutionReportStatus532
There was no template change required to provide additional values in these messages.
Scenarios
Scenario | Product | Default Cross Type | From Client System to CME Globex | From CME Globex to Client System |
|---|---|---|---|---|
Scenario 1 - Current template NewOrderCross544 with R-Cross product
| RFC eligibility=Y | R-Cross
|
|
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Scenario 2 - Current template NewOrderCross544 with C-Cross product | RFC eligibility=Y | C-Cross
|
|
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Scenario 3 - Current template NewOrderCross544 sent for product not eligible for cross | RFC eligibility=N | N/A |
| ExecutionReportReject with tag 549=3 |
Scenario 4 - New template RequestForCross566 sent for product not eligible for cross
| RFC eligibility=N | N/A |
| ExecutionReportReject with tag549=<inbound value>
|
Scenario 5 - New template RequestForCross566 with CrossType=3 sent for R-Cross default product | RFC eligibility=Y | R-Cross |
|
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Scenario 6 - New template RequestForCross566 with CrossType=20 sent for R-Cross default product |
| RFC eligibility=Y |
|
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Scenario 7 - New template RequestForCross566 with CrossType=21 sent for R-Cross default product | RFC eligibility=Y | R-Cross |
|
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Scenario 8 - New template RequestForCross566 with CrossType=3 sent for C-Cross default product | RFC eligibility=Y | C-Cross |
|
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Scenario 9 - New template RequestForCross566 with CrossType=20 sent for C-Cross default product | RFC eligibility=Y | C-Cross |
|
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Scenario 10 - New template RequestForCross566 with CrossType=21 sent for C-Cross default product | RFC eligibility=Y | C-Cross |
|
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Scenario 11 - New template RequestForCross566 with CrossType=3 sent for R-Cross default product not eligible for the new order cross enrichment | RFC eligibility=Y
| R-Cross |
|
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Scenario 12 - New template RequestForCross566 with CrossType=20 sent for R-Cross default product not eligible for the new order cross enrichment | RFC eligibility=Y
| R-Cross |
|
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Scenario 13 - New template RequestForCross566 with CrossType=21 sent for R-Cross default product not eligible for the new order cross enrichment | RFC eligibility=Y
| R-Cross |
| ExecutionReportReject
|
Scenario 14 - New template RequestForCross566 with CrossType=3 sent for C-Cross default product not eligible for the new order cross enrichment | RFC eligibility=Y
| C-Cross |
|
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Scenario 15 - New template RequestForCross566 with CrossType=20 sent for C-Cross default product not eligible for the new order cross enrichment | RFC eligibility=Y
| C-Cross |
| ExecutionReportReject
|
Scenario 16 - New template RequestForCross56 with CrossType=21 sent for C-Cross default product not eligible for the new order cross enrichment | RFC eligibility=Y
| C-Cross |
|
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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).
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