On trade date 29th January 2024 the CME Group launched the CME iLink 3 Binary Order Entry Protocol access to the Convenience Gateway (CGW) for trading futures and options on futures on the CME Globex platform.
Access to CME Globex using the FIX based iLink 2 and the SBE based iLink 3 for CGW will run in parallel until the 31st of December 2024 after which time iLink 2 order entry access will be decommissioned.
This is a mandated migration meaning that all CME Globex market participants connected via iLink 2 to the Convenience Gateway (CGW) will need to migrate to iLink 3 during this extended parallel run period. The CME is encouraging firms to move sooner rather than later.
This is a significant protocol change: The CME iLink 2 access is based on FIX Engine implementations while the iLink 3 protocol uses FIX Simple Binary Encoding (SBE) and uses the FIX Performance (FIXP) session layer protocol. From a direct market access (DMA) SDK code perspective, it’s a rewrite rather than an update.
Beyond the necessary technical implementation and integration development work required, there are some key additional stages that need to be completed.
Mandatory CME AutoCert+ for CME iLink 3 Binary Order Entry CGW access:
Completion of CME AutoCert+ certification is mandatory for all client systems using iLink 3 for CGW access. The OnixS directConnect: CME iLink 3 Binary Order Entry Handler SDK implementations have completed CME AutoCert+ for both iLink 3 MSGW and iLink3 CGW access.
Certification for iLink 3 Binary Order Entry audit trail:
CME iLink 3 Binary Order Entry Order Routing Front-End Audit Trail requirements for certification are based on the following criteria:
- All customer systems using iLink 2 Audit Trail 2.x CSV or FIX formats will be required to certify for iLink 3 Audit Trail 3.x CSV or FIX formats.
- Any certified iLink 3 Audit Trail 3.x CSV or FIX system that is not adding new functionality will not be required to recertify their audit trail.
- Any certified iLink 3 Audit Trail 3.x CSV or FIX system that is adding new functionality or changes will be required to recertify the audit trail.
- A new iLink 3.x CGW Order Entry System can be associated to an existing certified Audit Trail 3.x CSV or FIX system.
OnixS complies with and has completed the CME iLink 3 Binary Order Entry (BOE) Order Routing and Front-End Audit Trail certification.
CME iLink 2 to iLink 3 Binary Order Entry CGW CME Drop Copy impacts:
- The CME Drop Copy encapsulated XML Non-Fix (tag 35-MsgType=n) message payload sent from iLink 3 source sessions will be in iLink 3 format.
- Upon requesting a CME iLink 3 source session for CGW access, a new Drop Copy CGW target session may be automatically created.
- When iLink 2 is decommissioned on the 31st December 2024, any Drop Copy target sessions with iLink 2 sessions will be removed.
- AutoCert+ Certification: Certification is not required for existing Drop Copy CGW session users.
Build? Or buy?
All users of the current CME iLink 2 FIX based API accessing the CME Globex Convenience Gateway (CGW) sessions will need to migrate to the new CME iLink 3 Binary Order Entry Protocol SBE based API. Firms may achieve this by investing time and money in an internal development project or use a professionally supported CME iLink 3 SDK solution.
The OnixS directConnect: CME iLink 3 Binary Order Entry Handler SDK implementations provide an out-of-the-box solution.
The OnixS directConnect: CME iLink 3 Binary Order Entry Handler SDK implementations include:
- OnixS iLink 3 SDK library including SBE encoder/decoder and FIXP protocol support
- Programming Guide Documentation
- Fast-start trading client reference implementation source code samples
You can read more about the OnixS directConnect: CME iLink 3 Binary Order Entry Handler SDK along with access to the C++, .NET, and Java Programming Guides for technical reference here.
For OnixS directConnect: CME SDK Release Note updates see https://www.onixs.biz/release-notes/tag/cme
