MDP 3.0 - Bilateral Trade Relationship Processing for BrokerTec
Bilateral trading relationships for certain EU Repo products will be supported on CME Globex. Bilateral trading allows permissioned firms to trade with other permissioned firms for the given bilateral product. Bilateral relationships are managed internal to CME Group and market data for these products is supported with Conflated CME MDP TCP for Market by Price (MBP) books.
Bilateral Product Market Data
The following market data messages and tags support bilateral product trading.
Market Data Incremental Refresh (35=X)
tag 37719-TradeableSize is the MBP quantity of a bilateral product's total tradeable quantity available to a specific firm.
Security Definition Message (35=d)
tag 37722-MarketSet identifies the Market Set. Each product is associated to a single MarketSet.
Bilateral Product Trading Relationship Restrictions
Bilateral product trading relationships are managed internally by CME Group across eligible firms and eligible products. These products are identified by Market Set.
Bilateral relationships between firms can be updated intra-day.
The table below shows and example of bilateral trading restrictions across firms per Market Set:
| Firm1 | Firm2 | Firm3 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Firm1 |
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Firm2 |
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Firm3 |
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where Market Sets are:
MkSet1 | MkSet2 | MkSet3 |
|---|---|---|
SecurityID=1111 SecurityID=1112 SecurityID=1113 SecurityID=1114 SecurityID=2222 SecurityID=2223 | SecurityID=2224 SecurityID=2225 SecurityID=3333 SecurityID=3334 SecurityID=3335 SecurityID=3336 | SecurityID=4444 SecurityID=4445 |
Bilateral Product Tradeable Quantity Example
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