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December 5, 2024
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The clock is ticking for developers to support the CME Exchange 31st December 2024 deadline for the transition to the CME iLink 3 API for CGW access.

Edit 5th Dec 2024: 
CME Group has extended the deadline for iLink CGW migration to Saturday, March 1, 2025. All customers using the Convenience Gateways (CGW) for order entry must complete their migration to iLink 3 by Saturday, March 1, 2025. Effective Sunday, April 6, 2025, iLink 2 on CGW will be decommissioned and only iLink 3 CGW sessions will be supported.

So the same mandated migration but a little more time.

 

Supporting the CME iLink 3 API: Why it matters

 

All CME market participants using the CME Globex Convenience Gateways (CGW) iLink 2 interface for order entry must complete their migration to iLink 3 by the 31st December 2024. This includes functional certification which is a mandatory prerequisite to using iLink 3 in production.


Effective the week of the 2nd February 2025, iLink 2 on CGW will be decommissioned and all CGW sessions must support iLink 3.


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.

 

Key steps to support the CME iLink 3 API

 

Beyond the necessary technical integration development and testing work for trading application frameworks, 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
  • Certification for iLink 3 Binary Order Entry audit trail
  • Consideration of CME iLink 2 to iLink 3 Binary Order Entry CGW CME Drop Copy encapsulated message payload impacts.

By this time firms should have completed the above and be good to go.

Or, at the least, there should be a timeline for the migration process, keeping in mind the 31st December 2024 deadline and navigating around end of year change freeze periods. And most will not be keen on having to work on such updates through Christmas and New Year periods.

 

Not ready yet? Build or buy?

 

When it comes to supporting the CME iLink 3 API, organisations face/faced a critical decision: should they build the necessary infrastructure in-house or purchase third-party solutions? Each approach has its merits and potential drawbacks.

Building in-house allows for greater control over the development process and customisation to meet specific business needs. However, it requires significant up front and ongoing investment in terms of time, resources, and expertise. On the other hand, purchasing third-party solutions can expedite the migration process and provide access to tested, proven, and supported technologies.

OnixS provide such tested, proven, and supports CME iLink 3 SDK solutions.

The OnixS directConnect: CME iLink 3 Binary Order Entry Handler SDK implementations provide out-of-the-box C++, .NET, and Java solutions with:

  • OnixS iLink 3 SDK library including SBE encoder/decoder and FIXP protocol support
  • Programming Guide Documentation
  • Fast-start trading client reference implementation source code samples
  • CME Audit Trail Generator library and samples

If you are not ready yet, time is now very tight. OnixS can help.

Register to download an OnixS directConnect: CME iLink 3 Binary Order Entry Handler SDK evaluation.