Effective Friday, December 5, 2025 (trade date Monday, December 8, 2025), CME Group is launching 24/7 trading for new swap-based event contracts. On December 5th, iLink order entry will be available at the start of the 4:01 PM CT open for trade date Monday, December 8. These new, fully-funded contracts provide a straightforward way for clients to take a "yes" or "no" position in a variety of key markets, all with defined risk. Clients can express their views multiple times a day on cryptocurrencies, and key economic indicators including U.S. Gross Domestic Product (GDP) and Consumer Price Index (CPI). With positions starting at just $1, these contracts are a simple and accessible tool for market engagement. Additional products to be listed in the 24/7 segment will be determined in the coming months.

As with all CME Group products, these contracts will be available to market participants through any Futures Commission Merchant (FCM) that chooses to offer them. The new swap-based event contracts are available in New Release for customer testing.

This topic outlines the necessary information for processing new swap-based event contracts and facilitating 24/7 trading.

Contents

Revision History

Key Events and Dates

Testing and Certification

Certification is not required for customer systems already certified to Market Data Platform 3.0 (MDP 3.0), iLink Order Entry, and Drop Copy 4.0.

New release testing is available from Sunday, 5 p.m. Central Time (CT) to Friday, 4 p.m. CT. Weekend testing is not available. Testing is strongly encouraged.

Mock Trading Session

CME Group will offer CME Globex customers an opportunity for mock testing in Production on Saturday, November 22. To help ensure readiness and provide an opportunity to transact via our Production systems, customers are strongly encouraged to sign up and test with us starting at 7:30 a.m. CT.

• To participate in mock trading, clients must register in advance.

• For additional details, review the mock trading script.

Summary of Impacts

• For a summary of CME Group's 24/7 initiatives, see the 24/7 Trading Overview.

• Launch of swap-based event contracts.

• 24/7 Trading - includes holidays, Saturday and Sunday.

• New Market Segment (90).

• New Market Segment Gateway (MSGW) and Drop Copy launch.

• Launch a new MDP 3.0 Market Data - Market by Order (MBO)/Market by Price (MBP) channel, including CME Smart Stream on GCP SBE and CME Market Data Over WebSocket API support.

• Launch a new Settlement and Valuations MDP channel.

• New Straight Through Processing (STP) endpoints.

New 24/7 Event Contracts

Pending completion of all regulatory review periods, the following products will be listed for trading on CME Globex. Clients in permitted foreign jurisdictions will be able to trade these products 24/7; including weekends (Saturday, Sunday) and U.S. holidays. These contracts are listed with, and subject to the rules and regulations of Designated Contract Markets (DCM).

Location Enforcement

To ensure compliance with regulatory frameworks, CME Globex will enforce location-based controls for the new event swap instruments.

Validation Logic

Upon order submission, CME Globex will validate the order originator identifier submitted in iLink tag 9537-Location.

• Pass: If the value in tag 9537 matches a permitted jurisdiction for that specific instrument, the message is processed normally.

• Fail: If the value matches a restricted jurisdiction, the message is immediately rejected.

Rejection Specifications

In the event of a mismatch, CME Globex will send an iLink Business Reject (tag 35-MsgType=j) containing:

• tag 380-BusinessRejectReason=100 (Value is incorrect (out of range) for this tag (for example using a value outside defined range of integer))

• tag 58-Text=Value is incorrect for this tag '9537'

Open

Scope

This validation applies only to the following inbound messages for the new event swap instruments:

• iLink New Order - Single (tag 35-MsgType=D)

• iLink Order Cancel Replace Request (tag 35-MsgType=G)

• iLink Mass Quote (tag 35-MsgType=i)

• iLink New Order Cross (tag 35-MsgType=s)

24/7 Trading

This section describes technical front-end impacts for weekend trading with CME Group.

CME Globex Maintenance Windows and Market Hours

For 24/7 trading CME Globex will initiate the following production system maintenance windows:

24/7 trading will not utilize the current CME Globex Friday through Sunday maintenance window. Only products available for 24/7 trading will follow this schedule.

Extended Maintenance Window Differences

The following table summarizes the similarities and differences between the Saturday and Tuesday maintenance windows.

Saturday Maintenance Window Processing Overview

The following section outlines Saturday maintenance processing for 24/7 trading.

Saturday Shutdown and Startup

Shutdown

At the beginning of the maintenance period, client systems will receive a Close-Not Final security status message. Then CME Globex will send the iLink messages to eliminate orders. Next, client systems will experience MDP multicast, TCP iLink and Drop Copy disconnections. At this point, clients should reset their books. CME Group recommends that clients and vendors restart their applications at this time and go through their own restart processes.

Startup

iLink order entry, Drop Copy and market data sequence numbers reset to 1 during the Saturday startup cycle. Client systems will re-establish connectivity to the MDP multicast groups and receive the following startup messaging: 

1. The Market Data Snapshot Full Refresh (tag 35-MsgType=W) messages on the Market Recovery feed will be deleted for the impacted 24/7 channel. Tag 83-RptSeq for Market by Price (MBP) book updates resets to 1 for each instrument repeating group.

2. CME Globex disseminates incremental real-time market data for that channel and client systems can process the data. A Market Data Incremental Refresh (tag 35-MsgType=X) message will be sent with an empty End of Event indicator if no other information is available.  If session statistics are available, they will be republished via the normal Incremental Refresh messaging:

   1. Current session trade volume

   2. Price levels in the order books

   3. Highest and lowest trade

3. Security Status (35=f) messages containing market states (per instrument group) will be sent for the 24/7 channel. Then any instrument states that are different from the instrument group state are sent (e.g., Forbidden/Halted instruments).

Maintenance Window Cancellation

In the future, CME Group may cancel a 24/7 maintenance window in a given week. A cancellation of a future maintenance window will be communicated via the weekly CME Globex Notices.

24/7 Maintenance and Trading Schedule Examples

This section provides examples for 24/7 trading.

Example 1 - Typical Maintenance and Trading Schedule

The following is a Maintenance and Trading Schedule example for swap-based event contracts. CME Globex communicates the instrument’s open and close messages via the CME MDP 3.0 Security Status message (35=f).

Example 2 - Maintenance Cancellation

In the below example, Tuesday maintenance is canceled for a given week. Therefore, on Tuesday day orders and mass quotes are not eliminated.

Example 3 - Monday Holiday Trading Schedule

In the below example, Monday is a holiday. Therefore, there is no Monday daily maintenance, and the trade date is Tuesday.