Chicago Mercantile Exchange (CME) Amends Electronic Audit Trail Requirements
The Chicago Mercantile Exchange (CME) issued a market regulation advisory relating to electronic audit trail requirements for orders entered into the Globex platform through the CME iLink® gateway. Pursuant to the advisory and revised CME Rule 536.B, each entity certified to connect an order routing/front-end system to the Globex platform through the CME iLink gateway is required to create an audit trail for each message entered into Globex. Clearing members guaranteeing connections to Globex are responsible for maintaining electronic audit trails for such systems.
Revised CME Rule 536.B also provides that each electronic audit trail must be complete and accurate and account for every electronic communication received or generated by such system, including any electronic communication received from Globex. The minimum requirement for timing data has also been revised from a hundredth of a second to a thousandth of a second.
CME’s advisory notice is available here.