BrokerTec EU and BrokerTec US Markets Are Now Live on CME Globex

Written by Admin | Feb 3, 2021 12:31:00 PM

After the CME Group acquisition of NEX in November 2018, BrokerTec EU and BrokerTec US Markets are now live on the CME Globex platform.

The 1st February 2021 was a big day for BrokerTec EU and BrokerTec US Markets.

On Monday the 18th January 2021, BrokerTec EU markets went production-live for trading on the CME Globex platform.

On Monday 1st February 2021, BrokerTec US markets went production-live for trading on the CME Globex platform.

This represented a milestone on the long road from the 2nd November 2018 when the CME Group completed the acquisition of NEX Markets, to the BrokerTec EU and US Markets being successfully migrated to trade on the CME Globex platform.

What This Means for Direct Market Access APIs Connecting to CME Globex

This has been a complex project with a large number of moving parts and changes impacting a range of CME Globex platform APIs.

But what does this mean when we look through the lense of Direct Market Access APIs connecting to the CME Globex platform? What updates and requisite SDKs are required to support BrokerTec U.S. Treasuries and Repo, European Government Bonds and Repo market’s migration to the CME Globex trading platform?

For those using OnixS directConnect: CME SDKs:

The OnixS directConnect: CME SDK product offerings have been updated to support the BrokerTec EU and BrokerTec US markets migration. OnixS standard maintenance service level commitment ensures that our Direct Market Access SDKs are kept up to date with any venue connectivity and API protocol change, plus any updates and requisite SDKs required to support BrokerTec U.S. Treasuries and Repo, European Government Bonds and Repo markets migration to the CME Globex trading platform.

For those using (the now legacy) BrokerTec ITCH or OMNet APIs:

This change means that users should migrate to the CME Globex platform APIs. OnixS can support this, and where applicable, this migration can be achieved within the scope of an existing OnixS license. To be clear – this simply means ‘turn one off, and change to the new one’, with no additional licensing or support cost.

Save Time and Resource With OnixS Easy to Integrate SDKs

There is clearly still integration development, test and UAT work required. But OnixS SDKs save time and development bandwidth dealing with the lower level session-level protocols with easy to integrate application level APIs.

CME Group provides two testing environments: Certification and New Release. In the New Release environment, there are CME AutoCert+ BrokerTec specific test suites for iLink 3 Binary Order Entry API, Market Data Protocol (MDP) 3.0 API, Drop Copy API, and Straight Through Processing (STP) API. Completion of these test suites is mandatory for validating client application logic conformance to specifications prior to connecting to, and transacting on, CME Group platforms.

As with the CME iLink 3 Binary Order Entry MSGW introduction, OnixS provides guidance on navigating the CME AutoCert+ BrokerTec specific test cases.This is based on our own experience doing so, and the standard OnixS reference implementation source code samples that are included within the OnixS directConnect: CME SDK software distributions.

What's Next?

The focus of the CME integration of the NEX Markets trading activities now shifts to the migration of the EBS Markets Central Limit Order Book and eFIX Matching Service onto the CME Globex platform in Q4 2021.

You can find out more about OnixS directConnect CME BrokerTec Direct Market Access SDKs, and access a free evaluation SDK download distribution; specific to your target venue and code base here.

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