Order Qualifiers

This topic contains descriptions of CME Globex order qualifiers. An order qualifier is an order execution instruction and can have have three potential attributes:

duration - required
minimum execution quantity - optional
display quantity - optional

CME Globex supports the following order qualifiers:

Term

Definition

Day Order

Day orders are intended to be active only during that trading day. Day orders automatically expire at the end of the day and do not carry over to the next trade date. CME Globex assumes that all orders are day orders unless otherwise specified.

Good Till Cancel (GTC)

GTC orders remain active in the order book until they are completely executed, canceled or when the instrument expires.

Good Till Date (GTD)

GTD orders remain active on the order book until they are completely executed, expire at the specified date, are canceled, or when the instrument expires.

Fill and Kill (FAK)

FAK orders are immediately executed against resting orders. If the order cannot be fully filled, the remaining balance is canceled. A minimum quantity can be specified. If the specified minimum quantity cannot be filled, the order is canceled. FAK orders are accepted during the Open market state only; they will be rejected during any other market state.

Fill or Kill (FOK)

FOK orders must be fully filled immediately or the entire order is canceled. An FOK order is created by using the FAK qualifier and setting the minimum quantity to the total order quantity. FOK orders are accepted during the Open market state only; they will be rejected during any other market state.

Minimum Quantity

The user can specify a minimum quantity which must be executed for the order immediately on entry. The entire order quantity is exposed to the market.
The following rules apply to Minimum Quantity:

If an order specifies a minimum quantity, then at least the minimum quantity must be filled immediately.
If at least the minimum quantity cannot be filled, then the entire order is cancelled.
If the minimum quantity or more is filled, then the remaining quantity is placed on the book as determined by the Time In Force (TIF) set with the submitted order. See Day Order, Good Til Cancel (GTC), Good Til Date (GTD), Fill and Kill (FAK), and Fill or Kill (FOK) above.

Display Quantity

The display quantity allows you to control the manner in which orders are shown to the market. The display quantity specifies the given quantity of an order shown the market, replenishes the specified quantity when filled, and exposes the entire order to the market gradually until the entire order quantity is depleted.

For example, a user may place a Buy order for 100 and a display quantity of 10. Therefore, no more than Buy 10 is exposed to the market at any time; the remainder are booked but not displayed. Each time the quantity of 10 instruments is filled, the next 10 enter the market as a new order at the bottom of the book.

In Secured Overnight Financing Rate (SOFR) futures products, the maximum display ratio is 1:60.

Available for all products except the following FX and Interest Rate contracts:

Product Group iLink tag 55-Symbol MDP 3.0 tag 1151-SecurityGroup	Description	Future/Option
6A	Australian Dollar	Future
0A, XA		Option
6B	British Pound	Future
YB, 2B		Option
6C	Canadian Dollar	Future
2C, CD		Option
6E	Euro FX	Future
XE, 2E		Option
6J	Japanese Yen	Future
QJ, 2J, 3Y		Option
6S	Swiss Franc	Future
YS, 2S		Option
J1	One-Year Mid-Curve Options on Three-Month SOFR Futures	Option
J1	Weekly One-Year Mid-Curve Options on Three-Month SOFR Futures	Option
J2	Two-Year Mid-Curve Options on Three-Month SOFR Futures	Option
J2	Weekly Two-Year Mid-Curve Options on Three-Month SOFR Futures	Option
J3	Three-Year Mid-Curve Options on Three-Month SOFR Futures	Option
J3	Weekly Three-Year Mid-Curve Options on Three-Month SOFR Futures	Option
J4	Four-Year Mid-Curve Options on Three-Month SOFR Futures	Option
J5	Five-Year Mid-Curve Options on Three-Month SOFR Futures	Option
JT	Three-Month Mid-Curve Options on Three-Month SOFR Futures	Option
J6	Six-Month Mid-Curve Options on Three-Month SOFR Futures	Option
J9	Nine-Month Mid-Curve Options on Three-Month SOFR Futures	Option
JE	Options on Three-Month SOFR Futures	Option

See iLink - Order Qualifiers for examples and message level details.