Basics

The evolution of technology has brought many opportunities to streamline trading operations. The Chicago Mercantile Exchange (CME) is providing trading and support tools that capture these opportunities.

The CME created the CME FIX API (Application Programming Interface) to provide a mechanism to connect firm order management systems to exchange order routing services. In its initial phase, the CME FIX API will provide access to both GLOBEX2 and exchange floor operations through TOPS and CUBS2. The CME FIX API will replace the Order Routing API (ORAPI) and has been designed to overcome the current limitations of the ORAPI interface as well as replace the TOPS process for all order flow directed to the GLOBEX2 electronic trading system and the CUBS2 electronic broker desk management system.

The CME FIX API sends messages to GLOBEX2 and exchange floor systems in an extended FIX protocol. FIX is a communications protocol for message standards that was initially developed to facilitate the electronic exchange of data related to securities transactions. The CME FIX API allows firms'/ISVs' systems to communicate with the CME's order routing and order matching systems without having to reprogram their message structures into a FIX format.

For more information on how BESTDirect Online Trading handles orders for electronic markets, click here.