CME Cross Trades
You can use the Wholesale Order window to make cross trades on CME when connected to CME Gateway 7.17.45 or higher.
CME requires that members send a "quote request for cross" message prior to performing a cross trade. This message is broadcast to all market participants and is visible in the Quote Audit Trail.
- At CME, certain products may be eligible for cross trades but not eligible for “quote request for cross” (RFQ). If not eligible for RFQ, you’ll get a reject message from the exchange; however, the cross order can still be submitted for the product. Contact the exchange to ensure that your product is eligible for “quote request for cross”.
- Users cannot modify (Change or CancelReplace) a sitting cross order. The CME Gateway rejects the Change action with a message "Unsupported order_restrict code". For CancelReplace, the order will be deleted, but the Add is rejected by the gateway with the same message. The only actions permitted by the gateway for a sitting Cross order are "Inquire" and "Cancel".In X_TRADER®, order passing for cross orders is not permitted.
Before You Begin
Before submitting a cross trade, do the following:
- Ensure that wholesale trading is enabled for your username in TT User Setup.
- Enable RFQ in the Market Grid and open the Quote Audit Trail to view “quote request for cross” messages, which only appear in the Quote Audit Trail.
- Contact the exchange to ensure that your products are eligible for RFQ.
- If you plan to use Auto RFQ in the Wholesale Order window to set your own time interval between RFQ and submitting the order (RFC), contact the exchange or refer to the exchange rules for the correct time interval for your product.
Submitting CME Cross Trades
To submit a CME Cross Trade:
- Open the product you wish to trade in a Market Grid window.
- In the Market Grid, right-click
the row containing the product and select Wholesale Orders from
the context menu.
Note: The Wholesale Orders options is grayed-out if:
- Your administrator has not enabled wholesale trades in TT User Setup.
- The CME Gateway version does not support wholesale trades.
- Select Cross in the Order Types pane and set the quantity and
price for the trade.
Note: the Quantity field is highlighted and in focus when the window is launched. Pressing the asterisk as a hotkey adds three zeros to the end of an order quantity.
- Complete the remaining fields for both sides of the trade
as listed below:
CME Cross Trade
CustomerA drop-down list of available Customers.
Only customers selected in the X_TRADER Customer Defaults window appear in the Customer field list. This is an optional field.
When a customer selection is made, the Account Number field is populated with the customer’s account number.
Note: Any changes to customer defaults (e.g., select another customer) requires a relaunch of the Wholesale Order window to pick up the most recent changes.
Account NumberExecuting account number/name as agreed between the broker and clearing member firm.Required for cross trades. The account field is seeded with the account present in the Order Pane.
A1 = 1st Agent
G1 = 1st Giveup
G2 = 2nd Giveup
M1 = 1st Market MakerM2 = 2nd Market MakerP1 = 1st ProprietaryP2 = 2nd ProprietaryU1 = Unallocated
Sets the account type for the CTI/Origin code mapping for the submitted order. Account type-to-CTI/Origin mappings are defined on the CME Gateway, but the account type is submitted via the Wholesale Order window.
Exchange-provided member identification
Sets exchange member ID of the Giveup firm. This field is optional.
Customer specific information
Sets the customer specific information. This field is optional.
Click the RFQ button or the Auto RFQ checkbox to use the timer before submitting the order.
The two features work independently. The RFQ button sends a “quote request for cross” immediately. Auto RFQ sends a “quote request for cross” after you click Send, then submits the cross order when the timer expires. Both “RFQ” functions are for wholesale orders and work differently than the “RFQ” (request for quote) functionality in the Market Grid.
- Click Send.
If Auto RFQ is checked, the “quote request for cross” is sent and the timer counts down. When the timer expires, the cross order is submitted.
Review the Confirm Order window and click Yes to submit the order.