iLink 3 STP Reconciliation

For BrokerTec products participating in workup (US Repo), customer can  leverage a common workup ID to link each trade execution across CME Globex and through Clearing as follows:

• iLink tag 820-TradeLinkID

• CME STP and CME STP FIX tag 820-LinkID 

For non-workup products ( i.e. US Treasury Actives, EGBs, and EU Repo), iLink 3 tag1797-OrderEventExecID supports a unique identifier that associates CME STP cleared trades and order execution messaging. This tag allows BrokerTec customers to follow an order from CME Globex execution through clearing.

The following example shows how to reconcile the Execution Report - Trade tag 1795-NoOrderEvents repeating groups with the corresponding STP Trade Capture Report messages.

When the incoming aggressor order matches with two resting orders, each counterparty receives:

Trader A receives: Qty traded=28

• One iLink 3 Execution Report – Trade message

• Two STP Trade Capture Reports (TCRs) with different trade numbers

•  

  • Each of these trades will have a unique value of tag 2490-TradeNumber which corresponds to iLink 3 tag1797-OrderEventExecutionID. 

Trader B receives: Qty traded=8

• One iLink 3 Execution Report – Trade message

• One STP Trade Capture Reports (TCR)

Trader C receives: Qty traded=20

• One iLink 3 Execution Report – Trade message

• One STP Trade Capture Reports (TCR)