Mass Quote Protection Session Linking
In late Q2 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:
CME Globex will automatically cancel the resting quotes for all linked sessions.
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 on MQP is available in the Mass Quote Protections.
Contents
Revision History
Date | Description |
|---|---|
March 18, 2026 | Initial publication of this topic. |
Key Events and Dates
Date | Milestone |
|---|---|
April 2, 2026 | New Release |
Late Q2 2026 | Production |
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.
MQP Session Linking Configuration
Permission to link sessions for MQP functionality in production is coordinated through GAM. Contact Global Account Management (GAM) for setup and further information.
Clients may establish an unlimited number of linked session groups; however, each group is restricted to a maximum of 10 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.
Linked Session | GFID | MQP Group |
|---|---|---|
ABC | 001 | 1 |
BCD | 001 | 1 |
CDE | 001 | 1 |
The update for linking sessions will take effect after the Sunday startup.
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 10 Sessions per Group: Each linked session group, clients can link a maximum of 10 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.
In-Flight Message Handling: If an MQP event is tripped while a Mass Quote message is being processed, CME Globex automatically cancels any quotes already processed and rejects the remainder of the message.
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.
Tag | Name | Req | Format | Values | Description |
|---|---|---|---|---|---|
9775 | UnsolicitedCancelType | N | CharNULL | K | Cancellation has been triggered by Mass Quote Protection on Linked Session. |
When the MQP is triggered across linked sessions, CME Globex will send a Quote Cancel Acknowledgment (tag 35-MsgType=b) message with tag 9775 (UnsolicitedCancelType) to all sessions in that group:
Triggering Session will receive tag 9775 = F (Cancellation has been triggered by Mass Quote Protection).
Associated Linked Sessions will receive tag 9775 =K (Cancellation has been triggered by Mass Quote Protection on Linked Session).
Scenarios
MQP Enforcement Level | Scenario | Description |
|---|---|---|
Product Group
| MQP is triggered at product group level with resting quotes in the same product group on all linked sessions. | |
MQP is triggered at product group level with resting quotes in the same product group on some linked sessions. | ||
MQP is triggered at product group level with no resting quotes in the same product group on linked sessions. | ||
Product Line
| MQP is triggered at product line level with resting quotes in the same product line on all linked sessions. | |
MQP is triggered at the product line level, affecting all resting quotes within that line across linked sessions, but only for selected product groups. | ||
MQP is triggered at product line level with resting quotes in the same product line on some linked sessions. | ||
Scenario 7 - Partial Product Line Enablement (All Linked Sessions) | MQP is triggered at the product line level--affecting resting quotes within the same product line across all linked sessions, even though one session has MQP enabled at the product group level. | |
Scenario 8 - Mixed Group Quotes + Partial Product Line Enablement | MQP is triggered at the product line level, affecting all resting quotes within that line across linked sessions, but only for selected product groups. | |
Scenario 9 - Product Line Cross-Enablement (Trigger Session Product Line Disabled) | MQP is triggered at product line level with resting quotes in the same product line on all linked sessions, but the product line protection is disabled for triggering session. | |
Aggregate Product Line | MQP is triggered at aggregate product line level with resting quotes in the same product line on all linked sessions. |
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).