In Q3 2026, CME Globex will introduce Mass Quote Protection (MQP) Session Linking. This risk management enhancement allows firms to link multiple iLink sessions under the same CME Globex Firm ID (GFID). When an MQP trigger occurs in any linked session, the following actions will be executed across all associated sessions:

1. CME Globex will automatically cancel the resting quotes for all linked sessions.

2. CME Globex will reject any newly submitted Mass Quote messages from all linked sessions.

Subsequent submitted Mass Quote messages will be processed after each linked session sends a Mass Quote message with a “reset” instruction.

This topic provides detailed information on the implementation of MQP session linking. More information is available from: Mass Quote Protections.

Contents

Revision History

Key Events and Dates

Testing and Certification

Permission to link sessions for MQP functionality in New Release is coordinated through CSET. Contact Certification Support for Electronic Trading (CSET) for setup and further information.

Certification in Autocert+ is not required for client systems that support the new MQP session linking functionality.

Production Launch Schedule

MQP Session Linking Configuration

Permission to link sessions for MQP functionality in production is coordinated through GAM. For setup and further information, contact Global Account Management (GAM).

Weekly Submission Deadlines

To ensure configurations or amendments to your Linked Sessions are processed for the upcoming week, please adhere to the following weekly deadlines:

• Production Environment: Thursday at 12:00 p.m. Central Time (CT).

• New Release Environment: Monday at 12:00 p.m. Central Time (CT).

Group Restriction and Session Limits

Clients may establish an unlimited number of linked session groups; however, each group is restricted to a maximum of 5 sessions under a single GFID. Additionally, a session can maintain membership in only one linked session group at any given time.

The following table illustrates the mapping of multiple iLink sessions to a single MQP group within a GFID.

MQP linked session group interaction rules within a GFID:

• Unlimited Groups per GFID: A firm (GFID) can create as many linked session groups as necessary.

• Max 5 Sessions per Group: For each linked session group, clients can link a maximum of 5 iLink sessions under the same GFID.

• Exclusive Membership: A single iLink session ID (e.g., Session 1) can maintain membership in only one linked session group at any given time.

MQP Enforcement Levels

All MQP types are available at the Product Group and Product Line levels. See also: MQP Enforcement Levels.

Enforcement levels are determined by the triggering session for all associated sessions, overriding any individual linked session settings. See also: Scenario 9 - Product Line Cross-Enablement (Trigger Session Product Line Disabled)

• A Product Line level enforcement on the triggering session enforces the same level across all linked sessions.

• A Product Group level enforcement on the triggering session limits all linked sessions to the product group level, even if they have product line protection enabled.

MQP Trigger

Once an MQP is triggered within a linked session group, the functionality executes as follows:  

Mass Quote Cancellation

CME Globex immediately cancels all resting quotes across the entire linked session group. Cancellations are applied at the same level (i.e., Product Group or Product Line) as the MQP trigger on the triggering session.

• Sessions with Resting Quotes: CME Globex sends Quote Cancel Acknowledgement messages (35=b) only to the linked sessions that had active resting quotes at the time of the MQP trigger.

• Sessions without Resting Quotes: If a linked session has no active resting quotes at the time of the trigger, a Quote Cancel Acknowledgment message will not be generated. However, mass quote protections are still enforced on that session to provide comprehensive risk mitigation. Consequently, subsequent mass quote messages are rejected pending submission of the MQP Reset. See also: Scenario 3 - No Resting Quotes on Linked Sessions.

Mass Quote Rejection

Once the MQP is triggered, the protection state is enforced across all sessions within the linked group by default. CME Globex rejects all subsequent Mass Quote messages across all sessions in the linked group, regardless of whether a specific session had active quotes to cancel.

MQP Reset

To resume quoting, every session within the linked group—including those that had no active quotes to cancel and received no Quote Cancel Acknowledgement messages—must independently send a Mass Quote message (35=i) with an MQP reset instruction (tag 9773-MMProtectionReset=1).

MQP Resets must be performed at the same level (Product Group or Product Line) as the initial MQP trigger.

See also: MQP Session Linking Scenarios.

Message Impact

New Values for Unsolicited Cancel Type Indicator

New tag 9775-UnsolicitedCancelType value “K” will be added to the Quote Cancel Acknowledgement (tag 35-MsgType=b) message to identify quote cancellations initiated via MQP session linking.

Scenarios

Contact Information

For permission to link MQP sessions in New Release and technical development support, contact Certification Support for Electronic Trading (CSET).

For production requests, please contact the Global Command Center (GCC).

For permission to link MQP sessions in production and all other inquiries, please contact Global Account Management (GAM).