13th August 2023

Effective Sunday, August 13  (trade date Monday, August 14), CME Group will implement enhancements to iLink 3 EBS Fill and Kill (FAK) and Fill or Kill (FOK) order behavior where credit is insufficient. With this change, if an FAK/FOK order cannot match due to insufficient bilateral credit, it will be accepted and then cancelled. Currently, if an FAK/FOK order cannot match due to insufficient bilateral credit, the order is accepted and eliminated.

If an FAK/FOK order Should the client submit an order with TimeInForce = IOC/FOK  that EBS cannot match due to insufficient bilateral credit, Whisperer clients will receive EBS will terminate the unfilled order.

• Original behaviour: client receives ExecutionReport with OrdStatus =

• Expired.
• New behaviour: client receives 

• ExecutionReport with OrdStatus = Cancelled with Text = CancelOnGlobexCreditControlsViolation.

Please note that this change cannot be tested in New Release due to theunavailability of credit systems in this environment.Currently, if an FAK/FOK order cannot match due to insufficient bilateral credit, the order is accepted and eliminated.