Implied Functionality by Market
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Implied functionality varies by market. Their dissemination rules may be different than their matching rules. The exchanges may also give priority in matching to different generations. This document is intended to describe implied pricing functionality differences by exchange, including…
- What the exchange imply
- Generations they imply
- Matching priority
Exchange rules continually change based upon market demand. In this section, we will describe how exchanges handle implied functionality based upon our knowledge at this time. This document will be periodically updated as we become aware of changes in exchange rules. Except where noted in the table below, implieds are give lower matching priority than direct orders.
Implied Pricing Functionality
CME, CBOT, NYMEX, COMEX, Green Exchange (GreenX), Kansas City Board of Trade (KCBT), Minneapolis Grain Exchange (MGEX), Bursa Malaysia (BMD), Dubai Mercantile Exchange (DME)
Currently X_TRADER does not calculate implieds for these markets.
|Eurex European Climate Exchange (ECX)|
|ICE has may implication rules. The following are our assumptions as of this publication. TT recommends that you contact the exchange for additional details.|
The following describes the expected behavior for ICE energy products when the enhanced implied matching engine is fully enabled at ICE:
|ICE Futures US|
ICE employs different rules for ICE Futures US products.
|ICE Futures Canada|
|Montreal Exchange (MX)|
|NYSE Liffe NYSE Liffe US|
|Singapore Exchange (SGX)|
Note: The only product for implieds is the Euroyen TIBOR Calendar Spread (EY).
|Sydney Futures Exchange (SFE)|
|Tokyo Commodity Exchange (TOCOM)|
|Tokyo Financial Exchange (TFX)|
|Tokyo Stock Exchange (TSE)|
Exchanges that do not Support Implieds
Some exchanges do not support implied functionality, including...
- BM&FBOVESPA (BVMF)
- CBOE Futures Exchange
- London Metal Exchange
- Mercado Español de Futuros Financieros (MEFF)
- Tokyo Grain Exchange (TGE)