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.
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 iLink 3 CGW access. Customers must also complete CME AutoCert+ to ensure that the firm specific execution logic is compliant.
The same is true of the CME Globex Font-End Audit Trail certification requirements. These requirements are well specified on the “CME Globex Front End Audit Trail iLink 3 Migration Requirements “ wiki reference pages.
The CME guidelines include different requirements based on the nature of the Vendor/ISV technology being used. As OnixS provides what is categorised as a “Non-Hosted solution” it is the OnixS users who are responsible for the creation and storage of the audit trail and must submit a production sample to the CME Market Regulation team.
To simplify this process, the OnixS CME iLink 3 Audit Trail Generator is a software component (library) that is included in the OnixS directConnect: CME iLink 3 Binary Order Entry SDK C++, .NET and Java distributions.
OnixS directConnect: CME iLink 3 Binary Order Entry Handler SDK distributions (C++, .NET and Java implementations) include Programming Guides and CME Audit Trail Generator library fast-start source code samples to meet these mandatory CME Globex Front-End Audit Trail Requirements.
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 include an out-of-the-box solution with:
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