Starting Sunday, December 3 (trade date Monday, December 4), EBS Market on CME Globex will introduce the new Conditional Price Increments (CPI) functionality for select Spot instruments.

CPI enables submission of “sub-pip” prices in applicable EBS products subject to pre-defined conditions and requirements being satisfied as orders arrive at the matching engine.

EBS CPI is beneficial in that it maintains primary order placement and liquidity consolidation at established EBS Market price points and conditionally allows flexibility when improving Top of Book (TOB), which enhances liquidity and market data quality.

Orders using the CPI sub-pip price increments may be subject to a different Minimum Quote Life (MQL) duration which is defined in the new tag 37739-AltMinQuoteLfe in the MDP 3.0 Security Definition message.

There will be different Minimum Quote Life (MQL) duration for orders that use the Alternate Globex Minimum Tick, as opposed to orders that have the Standard Globex Minimum Tick.