CME Group to expand Globex Excessive Messaging Threshold
To further encourage responsible messaging practices during all trading hours in which the Globex platform is available, CME Group is expanding its Excessive Messaging Threshold (EMT) to include all futures and options product groups. The changes are set to be effective May 2, 2021.
The Excessive Messaging Threshold (EMT) is separate from the regular Messaging Program and thresholds are as follows:
- Any Globex Firm ID which exceeds a Raw Message Count of 10 million for a Globex trade date and a Volume Ratio >500:1 in a specific product group may be subject to a $10,000 surcharge as well as other escalations.
- Any iLink Session ID which exceeds a Raw Message Count of 1 million for a Globex trade date and a Volume Ratio >500:1 in a specific product group may be subject to a $10,000 surcharge as well as other escalations.
To allow for broad market participation and accommodate the launch of Micro Bitcoin beginning Sunday, May 2 (trade date Monday, May 3), Micro Bitcoin will be exempt from the EMT for the month of May 2021.
Market participants are reminded that both Micro Bitcoin and the existing Bitcoin contract are included in the BF product group and CME recommends making any necessary technical adjustments in order to refrain from exceeding EMT Thresholds at either the Globex Firm ID or iLink Session ID levels.
Additional information about the CME Globex Messaging Efficiency Program may be found here.