Beginning Sunday, December 3 (commerce date Monday, December 4), EBS Market on CME Globex will introduce the brand new Conditional Worth Increments (CPI) performance for choose Spot devices.
CPI permits submission of “sub-pip” costs in relevant EBS merchandise topic to pre-defined circumstances and necessities being happy as orders arrive on the matching engine.
EBS CPI is helpful in that it maintains main order placement and liquidity consolidation at established EBS Market worth factors and conditionally permits flexibility when bettering High of Guide (TOB), which boosts liquidity and market knowledge high quality.
Orders utilizing the CPI sub-pip worth increments could also be topic to a distinct Minimal Quote Life (MQL) period which is outlined within the new tag 37739-AltMinQuoteLfe within the MDP 3.0 Safety Definition message.
There shall be totally different Minimal Quote Life (MQL) period for orders that use the Alternate Globex Minimal Tick, versus orders which have the Commonplace Globex Minimal Tick.