In this example, during the Pre-Cross instrument state, no orders are submitted that match with the RFC orders. Therefore, CME Globex platform matches the RFC Buy side against the RFC Sell side at the 60 percent BMG and sends the corresponding Execution Report and market data messages. At the end of the Cross instrument state, the remaining 40 of the RFC order matches.
The following diagram illustrates CME Globex messaging for an accepted RFC order that does not match with any order or quotes. In this example, the BMG is 60% and the duration of the states is configured by CME Group.
