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Exchange Information

Exchange Background

The Global Markets Exchange Group (GMEX) is authorized and regulated by the UK Financial Conduct Authority (FCA) to operate the GMEX Exchange, which is a London-UK based exchange that lists Interest Rate Swap Futures. The GMEX exchange consists of four exchange segments:

  • London Derivatives Exchange (LDX)
  • Global Securities Exchange (GSX)
  • Global Derivatives Exchange (GDX)
  • Global Commodities Exchange (GCX)

Matching Engine

The GMEX Matching engine is located in London at: Equinix eFX2/LD4, 2 Buckingham Avenue, Slough Trading Estate, Slough SL1 4NB.

Matching Algorithms

GMEX orders are matched solely on a First-In First-Out (FIFO) basis.

Trade Confirmations and Clearing

GMEX requires their trade participants to approve each of their transactions, and uses the Eurex FIXML Clearing Interface to manage and process Trade Confirmations and approvals for each transaction completed at the exchange. To support this requirement, the GMEX Gateway connects directly to the Eurex FIXML Clearing Interface using your FIXML credentials, and automatically approves all Trade Capture reports received for GMEX trades through the FIXML connection.

Supported Products

The GMEX Gateway supports trading of the following products:

  • IRSIA CMF (Interest Rate Swap Index Average Constant Maturity Futures)
  • IRSIA CMI (Interest Rate Swap Index Average Constant Maturity Index) -- Non-tradable. Price updates only.

Supported Exchange Functionality

The following lists exchange functionality that TT currently supports:

  • Asset Classes (Product Types):
    • Futures
    • Indexes
  • Order Types:
    • Market
    • Limit
  • FIX Session Login
  • Order Add: Includes Give Up support
  • Order Cancel
  • Order Replace: Quantity, Price and Order Type (Limit to Market) can be changed.
  • Fill Processing
  • Fill Recovery
  • Request for Quote (RFQ)
  • Block trades (OTC)

Note

All order changes or cancels must originate from the same FIX session as the original order.

Trading Hours

Production trading hours are: Monday through Friday, 7:15 AM to 16:30 PM (GMT). Pre-trade begins at 5:00 AM GMT, and the exchange host shuts down at 17:15 PM GMT.

Simulation trading hours: Monday through Friday, 7:15 AM to 16:30 PM (GMT).

Trading States

The following table maps GMEX exchange states to the market/trading states displayed in X_TRADER® and supported by the GMEX Gateway.

Market States
GMEX StateTT StateDescription
AvailablePRE-TRADE

Order Entry: Traders can connect to the exchange, but no order actions (new, change, delete) are accepted and no matching occurs.

Market Data: The exchange disseminates Open and Close values during start of day before trading starts (the previous session’s Open and Close price).

State Changes: Occurs at the start of the trading day.

Pre-OpenPRE-OPEN

Order Entry: Traders can submit order actions (new, change, delete), but no matching occurs. Market orders are accepted.

Market Data: The Bid and Ask fields are updated in X_TRADER®. The exchange sends updated Open and Close values after the opening auction, and these values appear in the Open and Close fields in X_TRADER®.

State Changes: A market state change message is transmitted by the exchange. Occurs after Pre-Trade and before Open, and marks the beginning of the opening auction.

OpenOPEN

Order Entry: Normal order entry and matching occurs.

Market Data: All filled orders update Last Traded Price and Last Traded Quantity, and opening prices are published by GMEX. In addition, only prices in the Open state affect the High/Low prices for the trading day.

State Changes: A market state change message is transmitted by the exchange. The opening auction ends at a random time 45 minutes (+/- 30s) after Pre-Open. Continuous trading begin and remains open until Close-Auction state prior to Close.

Pre-CloseCLAUC (Close-Auction)

Order Entry: All open orders are automatically carried over into the closing auction, which is used to determine a closing price. Traders can submit order actions (new, change, delete), but no matching occurs. Market orders are accepted.

Market Data: The Bid and Ask fields are updated in X_TRADER®.

State Changes: A market state change message is transmitted by the exchange. The trading period ends with a closing auction before the market moves to Close state.

ReportingPOST

No orders are allowed and no matching or price updates occur. The exchange reports trade activity to the back office for clearing purpose.

State Changes: Occurs about 30 minutes prior to Close.

ConfirmationPOSTNo orders are allowed and no matching or price updates occur. The exchange confirms trade activity for clearing purpose.

State Changes: Occurs about 30 minutes prior to Close

CloseCLSD

Order Entry: At the close of the trading period, the exchange cancels all working orders, and no new orders are accepted.

Market Data: Closing prices are transmitted, and settlement prices are published. The daily closing price is the price at which the greatest possible volume can be matched in the respective contract.

State Changes: A market state change message is transmitted by the exchange. The trading period ends with a closing auction, then moves to Close before the exchange shuts down. Continuous trading ends.

ShutdownFRZ (Freeze)Order Entry: None.Market Data: None.State Changes: The system shuts down and any current Client connections are closed.

Exchange Throttle

There are no TPS (transactions per second) throughput limits defined by the exchange.