BrokerTec support on CME

BrokerTec products are available on their own market segment at CME via dedicated iLink 3 sessions. CME iLink 3 Message Gateway (MSGW) connections use Simple Binary Encoding, which is a FIX standard order-entry protocol for trading futures, options, and BrokerTec products on CME Globex.

Product definitions downloaded to TT from CME for BrokerTec contain a market segment ID. When an order action is submitted for a product, TT routes the order to a Market Segment Gateway (MSGW) based on the market segment ID for that product.

Setting up TT users to trade BrokerTec on CME

As an administrator in Setup, you can configure the connection, account, and user settings needed for new or existing BrokerTec users to trade U.S. Treasuries on CME. You can also set up existing CME users to trade BrokerTec via an iLink 3 session.

For new users trading BrokerTec products on CME, do the following:

• Create a new CME iLink 3 connection dedicated to the BrokerTec market segment using the Connections | Exchanges | CME_BrokerTec tab.
• Create a new user in the Users tab and configure the user settings on the Users | Exchanges | CME_BrokerTec tab.
• Create a new account in the Accounts tab and configure the account settings on the Accounts | Exchanges | CME_BrokerTec tab.

For BrokerTec or CME exchange users that want to trade U.S. Treasuries on CME, do the following:

• Create a new CME iLink 3 connection dedicated to the BrokerTec market segment using the Connections | Exchanges | CME_BrokerTec tab.

  Note: Current CME users on TT can migrate an existing iLink 2 connection to an iLink 3 type in the CME Production Portal.

• Select a user in the Users tab data grid and configure the user settings on the Users | Exchanges | CME_BrokerTec tab.
• Select an account in the Accounts tab data grid and configure the account settings on the Accounts | Exchanges | CME_BrokerTec tab.

CME functionality for BrokerTec

TT supports the following CME functionality for trading BrokerTec products:

• US Treasuries Actives and When Issued
• Self-Match Prevention
• Duplicate Order Check
• Cancel on Disconnect for Day orders. GTC/GTD orders are not cancelled.
• Order Types: Limit, Iceberg only
• Order Qualifiers: Day, FOK and IOC
• Inverted Yield Pricing on When-Issued contracts

The following BrokerTec functionality is not supported by CME:

• The following order types and qualifiers:
  • Market (with Protection)
  • Market Limit
  • Stop Market (with Protection)
  • Stop Limit
  • Good ‘Til Cancel (GTC)
  • Good ‘Til Date (GTD)
• Mass Quote
• Workups
• Hold-In Timer

The following BrokerTec functionality is not supported by TT at this time:

• Curve Ratio Spreads
• Clearing Instruction Enhancement tags

BrokerTec products on CME

All products that were available at the BrokerTec exchange are supported by CME and can be accessed through the U.S. Treasuries market data channel via TT. Subscriptions to market data are enabled using the Users | Exchanges | CME_BrokerTec tab on a per user basis in Setup.

The following table shows the BrokerTec product symbols on TT.

CME trading hours for BrokerTec products

• Standard Time: 6:30pm EST open - 5:30pm EST close.
• Daylight Savings Time: 7:30pm EDT open - 5:30pm EDT close.