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Price banding is a similar mechanism which subjects all orders to price validation and rejects orders outside the given band to maintain orderly markets:

• Bands are calculated dynamically for each product based on the last price (TradingReferencePrice), plus or minus a fixed band value (MaxPriceVariation).
• Thus, if markets quickly move in one direction, the price bands dynamically adjust to accommodate new trading ranges.

When populated by the CME, these values are available as the following BodyPassthruFields in SecurityStatus messages:

• TradingReferencePrice
• MaxPriceVariation

More information on this is available at:

• https://www.cmegroup.com/education/courses/introduction-to-futures/price-limits-price-banding.html
• https://www.cmegroup.com/confluence/display/EPICSANDBOX/GCC+Price+Banding
• https://www.cmegroup.com/education/demos-and-tutorials/futures-price-banding.html?redirect=/education/futures-price-banding.html