Cross on CME Globex

Crossing functionality allows CME Group customers to submit cross orders that are the result of pre-execution communications pursuant to Rule 539.

Customers can call the CME Global Command Center (GCC) to obtain the Broker Match Guarantee (BMG) percentage for a given product.

Please see the Market Regulation Advisory Notice for a complete description of each exchange-supported crossing protocol.

The list of eligible products and cross types is available here.

CME Globex currently supports four types of Cross orders: Committed Cross (C-Cross), Globex Cross (G-Cross), RFQ + RFC Cross (R-Cross), which have the following attributes:

	C-Cross (Committed Cross)	G-Cross (Globex Cross)	R-Cross (RFQ + RFC Cross)

C-Cross (Committed Cross)

G-Cross (Globex Cross)

R-Cross (RFQ + RFC Cross)

Customer sends RFQ

No

Yes

Customer sends RFC

Yes

No

Yes

Note: To initiate the R-Cross Sequence, the client system submits an iLink Quote Request (tag 35-MsgType=R) message with tag 54-Side=8 (cross) and tag 9943-QuoteType=1 (Tradable).

The client system then submits the Request for Cross (tag 35-MsgType=s) message.

Upon receipt of the Request for Cross (tag 35-MsgType=s) message, CME Globex will automatically publish a market data RFQ (tag 35-MsgType=R) message with tag 54-Side equal to '8' (Cross).

Cross Market State

Yes

Note: The five (5) second period begins when the market data Pre-Cross state (tag 35-MsgType=f, tag-326-SecurityTradingStatus=24) is disseminated.

No

Note: The five (5) second period begins when the first message is entered.

Yes