iLink 3 Binary Order Entry

Abstract

Main Changes:

• iLink2 Tag value ASCII encoding FIX Transport (FIXT)

• iLink3 Simple Binary Encoding FIX Performance Session Layer (FIXP)

No Changes on TCP/IP

Overview

iLink 3 introduces a new order entry protocol on CME Globex that provides the following:

• Simple Binary Encoding (SBE) - optimized for low latency of encoding and decoding
• FIX Performance (FIXP) protocol - supports simple session layer management; no session-level information (e.g. headers) required
• Optimized order entry on the CME Globex platform for futures, options, and BrokerTec markets
• Lean messages move administrative information out of order entry business message
• Standard message size, fixed positions, and fixed length fields
• Consistent encoding method for market data and order entry
• XML schema and templates for order entry as with MDP 3

This diagram shows the final state of iLink order entry architecture following the complete migration to the iLink 3 messaging protocol in Q4 2020.

Modules

New Order (D) Cancel-Replace (G) Status Request (H) Security Definition (c) Mass Status Request (AF) Quote Request (R) New Order Cross (s) Party Details Definition Request (CX) Party Details List Request (CF)

Administrative Message Controls

The thresholds are in place for the following Administrative message types:

Negotiate Establish Terminate Sequence Retransmit Request