Mass Quotes - CME Globex to Client

CME Globex responds to a Mass Quote with the Quote Acknowledgment notifying the customer of accepted or rejected quotes. In some cases, the response to a Mass Quote is a iLink 2 Business Level Reject.

Mass Quotes - Business Level Reject

CME Globex platform sends a Business Level Reject (tag 35-MsgType=j) message for the mass quote if a repeating group (i.e., tier 2 and 3) within an incoming Mass Quote message contains invalid tags or tags that belong to a different tier according to the FIX 4.2 protocol. The CME Globex platform ignores custom tags and misplaced tags included in tier 1 of the Mass Quote (tag 35-MsgType=i) message.

In such an instance, a Business Level Reject message is sent with tag 380-BusinessRejectReason containing a value from the table below:

Tag	FIX Name	Req	Valid Values	Type	Description

Tag	FIX Name	Req	Valid Values	Type	Description
45	RefSeqNum	N		SeqNum (10)	Tag 34-MsgSeqNum of the message being rejected.
372	RefMsgType	Y		String (2)	Tag 35-MsgType of the message being rejected.
379	BusinessRejectRefID	N		String (32)	Identifier of the message being rejected. Tag 117 - QuoteID if the message is a Mass Quote or Quote Cancel message.
380	BusinessRejectReason	Y*	0=Other 1=Unknown ID 2=Unknown security 3=Unsupported message type 4=Application not available 5=Conditionally required field missing 6=Not authorized 7=Delivery to firm not available at this time	Int (2)	Code to identify the reason of the rejection:
58	Text	Y*		String (80)	Additional information on the reject reason.

Y = FIX required Y* = CME Group required N = Not required

For example, if a mass quote is sent with an invalid tag 107-SecurityDesc in the initial message, the CME Globex platform will reject the message using a Business Level Reject (tag 35-MsgType=j) message with tag 380-BusinessRejectReason=2.

Useful Information

If the submitted Mass Quote message does not conform to FIX session-level rules, the message is rejected with a Session Level Reject.(tag 35-MsgType=3) message.