Overview
Information on market events, error trades, trade corrections, holiday notices, disciplinary actions, Rulebook amendments, market surveillance, technology notices and other regulatory items
related to IMX Health's markets.
Regulatory
Contact the Regulatory Division
IMX Health's Regulatory Division is responsible for monitoring trading activity on the Exchange, and enforcing the Rules of the Exchange and the CFTC. Please contact the Regulatory Division at regulatory@imxhealth.com if you are aware of circumstances that could be indicative of a Rule violation.
In order for the Exchange to be able to identify and respond to your concern, please be prepared to provide the following information:
- Date of the incident
- Approximate time
- The market including the contract month and year
- Known facts and circumstances, including any specific and identifying information regarding the potentially violative activity
The information obtained is confidential and will generally not be shared with anyone outside the Regulatory Division, except as required by Exchange Rules and federal regulations, in which case such information may require to be disclosed to the CFTC or other regulatory bodies pursuant to existing information-sharing agreement or regulatory requests for information and documents. More information on what constitutes a violation of the Exchange's Rules can be found in the Exchange Rulebook.
Rulebook
IMX is a CFTC registered Designated Contract Market with self-regulatory responsibilities and maintains its own set of rules.
The Rulebook was established to provide for a fair and equitable marketplace, and it is important for all Members and Participants to understand and comply with Exchange Rules.
Please review the Rulebook here via the following link: (IMX Rulebook)
Contact the Regulatory Division at regulatory@imxhealth.com for any further inquiries or clarifications in regards to the IMX Rulebook.
Please review the Rulebook here via the following link: (IMX Rulebook)
Contact the Regulatory Division at regulatory@imxhealth.com for any further inquiries or clarifications in regards to the IMX Rulebook.
Exchange Notices
2024
[RF-2024-001] Exchange Notice.pdf
Date
Description
Jan 05 2024
Jul 29 2024
IMX Error Trade Policy
In the event an error trade is executed on the IMX trading platform:
IMX requires any instance(s) by a Participant or Clearing Member invoking the Error Trade Policy to inform the Exchange as soon as possible and no later than 10 minutes after the instance with a phone call, email or other form of communication method deemed acceptable by the Exchange explaining the circumstances and any steps being taken to resolve the matter. Furthermore, the responsibility falls on both named counterparties to provide direct confirmation to the Exchange in each instance.
As stated in IMX Rule 523 (a) - Errors and Omissions in Handling Orders If a Participant or Clearing Member discovers an error in the handling of an Order for a Customer after the relevant Trade is executed, and the Order cannot be executed in the market at a price which is better than or equal to that which the Order should have received, the Participant or Clearing Member shall re-execute the Order in the market and compensate the Customer for the difference if the price is worse than that which the Customer should have originally received.
This Rule shall not be construed to permit a Participant or Clearing Member to contravene or disregard instructions received from a Customer but shall be construed to permit execution of Orders under the conditions described herein without prior instructions from the Customer.
Futhermore, IMX Rule 523(b) states - No Participant or Clearing Member shall compensate a Customer in respect of a price discrepancy claim arising from an Order of such Customer executed on the Exchange, except in accordance with IMX Rule 531.
The Exchange may determine to review a Trade based on analysis of market activity or at the request of a Participant or Clearing Member. In making the determination, the Exchange may consider all relevant factors, including but not limited to; the last Trade price, a better bid or offer price, and a more recent price in a different Contract month.
Note: The Non-Reviewable Range is submitted for each IMX Futures Contract as required by rule and can be found within each product’s specs.
Failure to resolve the issue in a timely manner, may result in IMX sending Inquiry Letters to each named Counterparty for further clarification and if needed, opening an investigation into the circumstances regarding the matter.
In the event an error trade is executed on the IMX trading platform:
The following is the IMX Health, LLC ("IMX") Holiday schedule for 2023/2024.
Thursday,
November 23, 2023
Thanksgiving Day
Exchange Holiday
Monday,
December 25, 2023
Christmas Day
Exchange Holiday
Monday,
January 1, 2024
New Year's Day
Exchange Holiday
Monday,
January 15, 2024
Martin Luther King Day
Exchange Holiday
Monday,
February 19, 2024
Presidents Day
Exchange Holiday
Friday,
March 29, 2024
Good Friday
Exchange Holiday
Monday,
May 27, 2024
Memorial Day
Exchange Holiday
Wednesday,
June 19, 2024
Juneteenth Day
Exchange Holiday
Thursday,
July 4, 2024
Independence Day
Exchange Holiday
Monday,
September 2, 2024
Labor Day
Exchange Holiday
Thursday
November 28, 2024
Thanksgiving Day
Exchange Holiday
Wednesday,
December 25, 2024
Christmas Day
Exchange Holiday
Wednesday,
January 1, 2025
New Year's Day
Exchange Holiday
IMX Market States
The market state will define the accepted order types and processing, as well as market data distribution logic for a Futures contract. Market states are managed by IMX and disseminated over market data. Trading states for each Futures contract's session on IMX uses the following logic for order processing:
State
Order Matching
Accepted Orders
Closed
No order matching, no trades occur.
No orders are accepted; all inbound orders are rejected.
Pre-Open
No order matching, no trades occur. Orders on opposite sides may cross.
Limit, Stop, and Stop-Limit order types are accepted with a time in force of GTC or Day. These orders can also be canceled or replaced. Market, FOK, and IOC orders are rejected.
Pre-Open
/No Cancel
No order matching, no trades occur. Orders on opposite sides may cross.
Limit, Stop, and Stop-Limit order types are accepted with a time in force of GTC or Day. Cancel and replace requests will not be accepted. Market, FOK, and IOC orders are rejected.
Open
Regular price-time priority matching.
All supported orders are accepted.
Paused
No order matching, no trades occur.
Only order cancelation is allowed. New and replace orders are rejected.
Halted
No order matching, no trades occur.
No orders are accepted, all inbound orders are rejected.
IMX Matching Engine
Market Mechanism
Currently, IMX uses one (1) market mechanism that Connamara Technologies’ EP3 matching engine supports:
What Order Types and Time-In-Force durations are supported?
IMX Types of Order Entry and Order Duration
Limit (LMT) - A limit order has a specified price that represents the maximum price to buy or sell a contract. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
The CLOB is as follows:
Bid Quantity
Bid Price
Ask Price
Ask Quantity
50
22500
22600
50
10
22400
22700
10
5
22300
22800
5
1
22200
22900
1
If a market bid order is submitted for 60 contracts, the best price to match the buy order is 22600. The first 50 contracts will match at the price of 10 and the balance remaining of 10 contracts will match at the next best price of 22700. Therefore, the CLOB will change to:
Bid Quantity
Bid Price
Ask Price
Ask Quantity
50
22500
22800
5
10
22400
22900
1
5
22300
—
—
1
22200
—
—
Stop Limit (STL) - While a stop-limit order can help you control the price at which you enter or exit a trade, there is no guarantee that the order will be filled. Because a stop-limit order becomes a limit order once the stop price is reached, it will only be executed at the limit price or better. Therefore, if the market moves quickly and the price never reaches the specified limit price again, the order may not be executed at all. This can be especially problematic in fast-moving markets where prices can fluctuate rapidly. Conversely, a stop-limit order offers price protection as it specifies a limit price at which the trader is willing to buy or sell. This allows a trader to have greater control over the execution price.
Stop (STP) - A stop order, also referred to as a stop-loss order is an order to buy or sell a security once the price of the security reaches the specified price, known as the stop price. When the stop price is reached, a stop order becomes a market order and is filled at the best available market price, which may be different from the Stop price.
A Buy Stop or Stop Limit order is entered at a stop price above the current market price and is triggered by a trade at a price equal to or above the order’s stop price. Investors generally use a buy stop order to limit a loss or protect a profit on a security that they have sold short.
A Sell Stop or Stop Limit order is entered at a stop price below the current market price and id triggered by a trade at a price equal to or below the order’s stop price. Investors generally use a sell stop order to limit a loss or protect a profit on a security they own.
Types of Order Duration (Time in Force)
Day - A Day order is a stipulation placed on an order (to a trader) to execute a trade at a specific price that expires at the end of the trading day if it is not completed. A day order can be a limit order to buy or sell a security, but its duration is limited to the remainder of that trading day.
Good-Til-Canceled (GTC) - A GTC order is an order to buy or sell a security that lasts until the order is completed or canceled. Firms typically limit the length of time an investor can leave a GTC order open.
Good-Til-Date/Time (GTD) - The GTD time in force lets you select an expiration date and time up until which an order will continue to work.
Day Good-Til-Time (GTT) - A GTT order with a selected time stipulation placed on when the order is suspended as a working order on the platform within the trading day. As such, a Day order to execute a trade at a specific price that is suspended at a specific time during the trading day rather than expiring at the end of the trading day if it is not executed. Note: Once suspended the order will be reflected in “Working Orders” as “Suspended” and can be re-activated for the remainder of the day if the trader chooses to do so.
Fill or Kill (FOK) - FOK is a conditional type of time-in-force order used in securities trading that instructs a trader to execute a transaction immediately and completely (no partial fills) or not at all. The FOK qualifier is accepted for limit orders only.
Immediate or Cancel (IOC) - IOC is a conditional type of time-in-force order used in securities trading that instructs a trader to execute a transaction immediately, either partially or completely. Any remaining quantity of the order that cannot be immediately filled is canceled. The IOC qualifier is accepted for limit orders only.
How does EP3 handle order cancellations and modification requests?
Cancels are removed from the CLOB. Modifications will lose the place in price-time priority if liquidity is increased. If liquidity is decreased the order retains its position. Any changes to price will result in a price-time priority reset.
Transparency
What is the level of transparency provided to the users in terms of order execution and trade confirmation?
As with orders, participants receive only execution data anonymously.
What is the level of transparency provided to the users in terms of market data and CLOB depth?
Participants receive anonymized data – without any identifying information regarding the source of an order. IMX, as the Exchange, can see user/firm/account information for all orders and trades in the system.
Note: Any IMX regulatory inquiries or investigative matters would maintain that anonymity between Exchange participants throughout the duration of the matter.
IMX Order Statuses
Every order processed by the Matching Engine will receive a status to facilitate order management workflows for FIX. The table below provides a list of all applicable statuses and their descriptions.
Status
Description
New/Working
New and replace orders will have a "New" status when they are successfully placed into a CLOB. New orders can be treated as "Working." When a replaced order has a new status, this also means that the original order has successfully been replaced. Working orders can be modified or canceled at any time before being filled.
Pending
Stop and Stop-Limit orders have a "Pending" status while waiting for a trigger. After the Stop order is triggered, it moves to a "New" status.
Partially Filled
An order is "Partially Filled" when a portion of the order is filled by some quantity and some quantity is not filled and is still working.
Filled
The order has been "Filled." No modifications or cancelations can be made after an order has been filled.
Canceled
Orders that have been "Canceled" and are no longer working. No modifications or cancelations can be made after an order has been canceled.
Rejected
Orders that have not been accepted by the Matching Engine will receive a "Rejected" status. Orders can be rejected for several reasons.
Expired
Order quantities that were not filled or canceled prior to the close of their specified TIF trading session will have an "Expired" status. This will also apply to working orders when a particular contract is expired.
IMX Price Assignment
Regular
This method is used when a contract's market is open. When there are multiple orders, the inbound aggressor order will always receive the best price.
Example
There is a resting order to sell @ 22000 and an inbound aggressor order enters the market to buy @ 22100. The resulting trade produced for the orders will have a price of 22000, which is the best price available when the aggressor order is processed. Any remaining quantity from the aggressor order will be placed in the CLOB using the priority of its price and time.
Indicative Opening Price
This pricing method is used when a contract's market state is in pre-open. The indicative opening price provides market participants with a probable price and quantity at which the market will open. This price is calculated based on all direct limit orders; bid and offers may cross but no matches occur until the contract's market switches to open. Stop orders are excluded from this calculation and implied orders are not generated during pre-open. The indicative opening price will be generated and disseminated in the market data at the price level with the largest matching quantity of bids and offers. Since this is based on the current book and order activity, the indicative opening price may change according to activity and, conversely, if there are not any matching orders, an indicative opening price will not be generated.
Opening Price
The opening price is calculated using an algorithm that considers the total number of matching buy and sell orders:
Buy and sell orders are totaled at each price level.
The price level with the largest number of matching orders on the buy and sell side will be the opening price.
If there are several price levels with the same matching quantity, the price closest to the previous day’s settlement will be the opening price.
If there are not any crossing buy and sell orders the opening price will be the first traded price after the opening.
Example
Previous day settlement = 21950
The price 21900 is chosen as the Opening as the price is closer to the previous day settlement of 21950.
Cum. bid qty
Bid qty
Price
Offer qty
Cum. Offer qty
Match /Non Calc.
2
2
22400
6
40
matching qty= 2
2
2
22150
10
34
matching qty = 7
15
8
21900
9
24
matching qty = 15
25
10
21600
8
15
matching qty = 15
45
20
21400
5
7
matching qty = 7
50
5
21150
2
2
matching qty = 2
Transition to Open
When the market transitions to open, the following steps are performed as a single, atomic transaction in the matching engine:
The opening price is calculated based on all direct limit orders for the contract's CLOB. This is only done if there has not been any published opening price for the contract on that trading day.
All direct crossing bid and offer orders are matched, and related trades are produced.
All changes to the market during the opening are distributed over market data for the contract.
After the initial opening price is calculated and disseminated, any eligible stop orders will become active.
Implied matching and pricing is enabled for the contract.
IMX Quarterly Futures Contracts and Symbols
IMX has four (4) quarterly contract Delivery Months available for trading at any one time: The March (H) quarterly contract of any given year is followed by the June (M), September (U), and December (Z) quarterly contracts of that year (see Month Codes below).
Using the Reference Index for IMX-Morningstar US Healthcare Index, the first quarterly futures contract of a given year would use the symbol “MHST” followed by the March month code “H” and the last digit of the maturity year “4” (2024).
Once the current (shortest) quarter's IMX futures contract expires (i.e., MHSTH4, the new MHSTH5 IMX futures contract begins trading the trading day after expiration and becomes the longest IMX futures contract). The new current quarter’s IMX futures contract would then be MHST June 2024 (MHSTM4).
Month Codes
January
F
February
G
March
H
April
J
May
K
June
M
July
N
August
Q
September
U
Octomber
V
November
X
December
Z
IMX Settlement
Lead Quarter Futures Contract
Whichever IMX Futures quarterly contract is the current lead month (March, June, September, or December), is the anchor leg for settlements and is the Futures contract expected to be the most active.
Tier 1: If the lead quarterly contract trades within the “settlement period” (between 14:45:00 and 15:00:00 Central Time (CT)), then the lead month contract settles to the Volume-Weighted Average Price (“VWAP”) of the trade(s) during this period.
Tier 2: If no trades in the lead month contract occur within the settlement period, then the lead month contract settles to the midpoint of the Bid/Ask spread between 14:45:00 and 15:00:00 CT.
Tier 3: If a Bid/Ask spread midpoint is not available during the closing settlement period, then the cash index will be used in the following Carry calculation to derive a settlement price.
Index price + [(Days to expiration/ 365) x Interest rate x Index price)]
Back Quarterly Futures Contracts
IMX Futures quarterly contracts that are not the current lead month are considered the back months. To derive settlements for the 3 remaining back months, the same Carry calculation will be used to derive settlement prices.
Index price + [(Days to expiration/ 365) x Interest rate x Index price)]
Consent to Terms and Conditions
You have accessed the website of IMX Health, LLC ("IMX HEALTH"). IMX Health, along with its parent, IMX, LLC. ("IMX"), and any affiliates or subsidiaries, is referred to herein collectively as the "Company". In addition, the terms "we," "us," and "our" refer to the Company. This Terms and Conditions Agreement (the "Agreement") is a legal contract between you and IMX and applies to your use of this website (the "Website"), including any information and materials therein and any software that IMX makes available that allows you to access the website from a mobile device ("App"). Unless otherwise noted, all references to "Website" shall include any App and any information and materials available via the Website or an App. By accessing all or any part of this Website, you fully accept and agree to comply with all of the terms and conditions set out in this Agreement. You may not use this Website except as expressly provided in this Agreement. Your use of the Website signifies that you are agreeing to be legally bound to and accept all of our terms and conditions and privacy policies described herein, as amended from time to time, or otherwise contained on or referenced in this Website. If you do not agree with the terms of this Agreement, you are not authorized to access and use the Website or any of the data (the "Data") contained therein.
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Privacy Policy
This website is operated by IMX Health, LLC. and its subsidiaries, including IMX Health, LLC, (collectively, "IMX Health"). At IMX Health we are committed to protecting the privacy of the persons who visit or use our website (the "Website"). By submitting any information about you to this Website, you consent to the use of such information as set forth in this Privacy Statement. Please therefore take the time to read the entire Privacy Statement carefully.
You have accessed the website of IMX Health, LLC ("IMX HEALTH"). IMX Health, along with its parent, IMX, LLC. ("IMX"), and any affiliates or subsidiaries, is referred to herein collectively as the "Company". In addition, the terms "we," "us," and "our" refer to the Company. This Terms and Conditions Agreement (the "Agreement") is a legal contract between you and IMX and applies to your use of this website (the "Website"), including any information and materials therein and any software that IMX makes available that allows you to access the website from a mobile device ("App"). Unless otherwise noted, all references to "Website" shall include any App and any information and materials available via the Website or an App. By accessing all or any part of this Website, you fully accept and agree to comply with all of the terms and conditions set out in this Agreement. You may not use this Website except as expressly provided in this Agreement. Your use of the Website signifies that you are agreeing to be legally bound to and accept all of our terms and conditions and privacy policies described herein, as amended from time to time, or otherwise contained on or referenced in this Website. If you do not agree with the terms of this Agreement, you are not authorized to access and use the Website or any of the data (the "Data") contained therein.
The Company reserves the right to modify this Agreement at any time without prior notice to you. You should review this Agreement whenever you use the Website. You may print and keep a copy of this Agreement at any time. Notwithstanding the foregoing, your use of the Website following any modification to this Agreement will irrespectively constitute your acceptance of the Agreement, as amended. By use of this Website and/or the Data contained therein, you hereby represent, warrant and covenant that: (i) you have read, understand and agree to be bound by this Agreement; (ii) you acknowledge and consent to the Privacy Policy for the Website contained on the Website; (iii) you have the power, competence and authority to accept this Agreement; (iv) you are at least eighteen (18) years old; (v) you shall not use any rights granted hereunder for any unlawful purpose; and (vi) you shall use the Website only as set forth in this Agreement and for your own personal and non-commercial use; (vii) your use of the Website is subject to all applicable international, federal, state, and local laws governing such use; and (viii) you will neither interfere with nor disrupt the Website and/or the networks connected to the Website.
This Website and the Data contained therein is for informational and educational purposes only. None of the information contained in this Website constitutes a solicitation, offer, opinion or recommendation by the Company to buy or sell any securities or other financial instruments or to provide legal, tax, accounting or investment advice or services regarding the suitability or profitability of any security or investment. The Company has not made any recommendations regarding the merit of any corporate entity identified on the Website, made any recommendation regarding the purchase or sale of any security, or endorsed or sponsored any corporate entity identified on the Website. We strongly advise that you seek advice regarding these matters from your financial advisor or from a qualified securities professional. This Website, as well as the design of, content including Data, text, all real-time and other information, including the Dow Jones Indexes Data, any software programs available on or through the Website, photographs, images, audio and video, graphics contained on the Website (`Materials") is protected by copyright, trademark, service mark, patent, trade secret and other proprietary rights and laws of the United States and other countries as applicable.
You acknowledge and agree to comply with all applicable intellectual property laws and other local, state, federal and/or international laws, as well as any additional notices or restrictions contained on the Website. Unauthorized use of this Website and the Materials contained in this Website may violate applicable copyright, trademark, patent or other intellectual property laws or other local, state, federal or international laws. The copyrights, trademarks, service marks and any other proprietary Material displayed in this Website may be registered and common law copyrights, trademarks, service marks apply to proprietary material of the Company and various third parties. Nothing contained in this Website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any of the Materials or proprietary material without the express written consent of the Company or such other party as may own the proprietary rights.
Rule Filings
2024
Date
Jan 30 2024
Regulatory
Contact the Regulatory Department
IMX Health's Regulatory Department is responsible for monitoring trading activity on the Exchange, and enforcing the Rules of the Exchange and the CFTC. Please contact the Regulatory Department at regulatory@imxhealth.com if you are aware of circumstances that could be indicative of a Rule violation.
In order for the Exchange to be able to identify and respond to your concern, please be prepared to provide the following information:
- date of the incident;
- approximate time;
- the market including the contract month and year; and
- known facts and circumstances, including any specific and identifying information regarding the potentially violative activity
The information obtained is confidential and will generally not be shared with anyone outside the Regulatory Department, except as required by Exchange Rules and federal regulations, in which case such information may require to be disclosed to the CFTC or other regulatory bodies pursuant to existing information-sharing agreement or regulatory requests for information and documents. More information on what constitutes a violation of the Exchange's Rules can be found in the Exchange Rulebook.
Rulebook
IMX is a CFTC registered Designated Contract Market with self-regulatory responsibilities and maintains its own set of rules.
The Rulebook was established to provide for a fair and equitable marketplace, and it is important for all Members and Participants to understand and comply with Exchange Rules.
Please review the Rulebook here via the following link: (IMX Rulebook)
Contact the Regulatory Division at regulatory@imxhealth.com for any further inquiries or clarifications in regards to the IMX Rulebook.
Please review the Rulebook here via the following link: (IMX Rulebook)
Contact the Regulatory Division at regulatory@imxhealth.com for any further inquiries or clarifications in regards to the IMX Rulebook.
Exchange Notices
2024
Date
Description
Jan 05 2024
Jul 29 2024
Rule Filings
2024
Date
Description
Jan 05 2024
Jul 29 2024
Exhibit J -- MHST Full Holdings.xlsx
IMX Error Trade Policy
In the event an error trade is executed on the IMX trading platform:
IMX requires any instance(s) by a Participant or Clearing Member invoking the Error Trade Policy to inform the Exchange as soon as possible and no later than 10 minutes after the instance with a phone call, email or other form of communication method deemed acceptable by the Exchange explaining the circumstances and any steps being taken to resolve the matter. Furthermore, the responsibility falls on both named counterparties to provide direct confirmation to the Exchange in each instance.
As stated in IMX Rule 523 (a) - Errors and Omissions in Handling Orders If a Participant or Clearing Member discovers an error in the handling of an Order for a Customer after the relevant Trade is executed, and the Order cannot be executed in the market at a price which is better than or equal to that which the Order should have received, the Participant or Clearing Member shall re-execute the Order in the market and compensate the Customer for the difference if the price is worse than that which the Customer should have originally received.
This Rule shall not be construed to permit a Participant or Clearing Member to contravene or disregard instructions received from a Customer but shall be construed to permit execution of Orders under the conditions described herein without prior instructions from the Customer.
Futhermore, IMX Rule 523(b) states - No Participant or Clearing Member shall compensate a Customer in respect of a price discrepancy claim arising from an Order of such Customer executed on the Exchange, except in accordance with IMX Rule 531.
The Exchange may determine to review a Trade based on analysis of market activity or at the request of a Participant or Clearing Member. In making the determination, the Exchange may consider all relevant factors, including but not limited to; the last Trade price, a better bid or offer price, and a more recent price in a different Contract month.
Note: The Non-Reviewable Range is submitted for each IMX Futures Contract as required by rule and can be found within each product’s specs.
Failure to resolve the issue in a timely manner, may result in IMX sending Inquiry Letters to each named Counterparty for further clarification and if needed, opening an investigation into the circumstances regarding the matter.
In the event an error trade is executed on the IMX trading platform:
The following is the IMX Health, LLC ("IMX") Holiday schedule for 2023/2024.
Thursday,
November 23, 2023
Thanksgiving Day
Exchange Holiday
Monday,
December 25, 2023
Christmas Day
Exchange Holiday
Monday,
January 1, 2024
New Year's Day
Exchange Holiday
Monday,
January 15, 2024
Martin Luther
King Day
Exchange Holiday
Monday,
February 19, 2024
Presidents Day
Exchange Holiday
Friday,
March 29, 2024
Good Friday
Exchange Holiday
Monday,
May 27, 2024
Memorial Day
Exchange Holiday
Wednesday,
June 19, 2024
Juneteenth Day
Exchange Holiday
Thursday,
July 4, 2024
Independence Day
Exchange Holiday
Monday,
September 2, 2024
Labor Day
Exchange Holiday
Thursday
November 28, 2024
Thanksgiving Day
Exchange Holiday
Wednesday,
December 25, 2024
Christmas Day
Exchange Holiday
Wednesday,
January 1, 2025
New Year's Day
Exchange Holiday
IMX Market States
The market state will define the accepted order types and processing, as well as market data distribution logic for a Futures contract. Market states are managed by IMX and disseminated over market data. Trading states for each Futures contract's session on IMX uses the following logic for order processing:
State
Order Matching
Accepted Orders
Closed
No order matching, no trades occur.
No orders are accepted; all inbound orders are rejected.
Pre-Open
No order matching, no trades occur. Orders on opposite sides may cross.
Limit, Stop, and Stop-Limit order types are accepted with a time in force of GTC or Day. These orders can also be canceled or replaced. Market, FOK, and IOC orders are rejected.
Pre-Open
/No Cancel
No order matching, no trades occur. Orders on opposite sides may cross.
Limit, Stop, and Stop-Limit order types are accepted with a time in force of GTC or Day. Cancel and replace requests will not be accepted. Market, FOK, and IOC orders are rejected.
Open
Regular price-time priority matching.
All supported orders are accepted.
Paused
No order matching, no trades occur.
Only order cancelation is allowed. New and replace orders are rejected.
Halted
No order matching, no trades occur.
No orders are accepted, all inbound orders are rejected.
State:
Closed
Order Matching
No order matching, no trades occur.
Accepted Orders
No orders are accepted; all inbound orders are rejected.
State:
Pre-Open
Order Matching
No order matching, no trades occur. Orders on opposite sides may cross.
Accepted Orders
Limit, Stop, and Stop-Limit order types are accepted with a time in force of GTC or Day. These orders can also be canceled or replaced. Market, FOK, and IOC orders are rejected.
State:
Pre-Open/No Cancel
Order Matching
No order matching, no trades occur. Orders on opposite sides may cross.
Accepted Orders
Limit, Stop, and Stop-Limit order types are accepted with a time in force of GTC or Day. Cancel and replace requests will not be accepted. Market, FOK, and IOC orders are rejected.
State:
Open
Order Matching
Regular price-time priority matching.
Accepted Orders
All supported orders are accepted.
State:
Paused
Order Matching
No order matching, no trades occur.
Accepted Orders
Only order cancelation is allowed. New and replace orders are rejected.
State:
Halted
Order Matching
No order matching, no trades occur.
Accepted Orders
No orders are accepted, all inbound orders are rejected.
IMX Matching Engine
Market Mechanism
Currently, IMX uses one (1) market mechanism that Connamara Technologies’ EP3 matching engine supports:
What Order Types and Time-In-Force durations are supported?
IMX Types of Order Entry and Order Duration
Limit (LMT) - A limit order has a specified price that represents the maximum price to buy or sell a contract. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.
The CLOB is as follows:
Bid Quantity
Bid Price
Ask Price
Ask Quantity
50
22500
22600
50
10
22400
22700
10
5
22300
22800
5
1
22200
22900
1
Bid Quantity:
50
Bid Price
22500
Ask Price
22600
Ask Quantity
50
Bid Quantity:
10
Bid Price
22400
Ask Price
22700
Ask Quantity
10
Bid Quantity:
5
Bid Price
22300
Ask Price
22800
Ask Quantity
5
Bid Quantity:
1
Bid Price
22200
Ask Price
22900
Ask Quantity
1
If a market bid order is submitted for 60 contracts, the best price to match the buy order is 22600. The first 50 contracts will match at the price of 10 and the balance remaining of 10 contracts will match at the next best price of 22700. Therefore, the CLOB will change to:
Bid Quantity:
50
Bid Price
22500
Ask Price
22800
Ask Quantity
50
Bid Quantity:
10
Bid Price
22400
Ask Price
22900
Ask Quantity
10
Bid Quantity:
5
Bid Price
22300
Ask Price
22800
Ask Quantity
5
Bid Quantity:
1
Bid Price
22200
Ask Price
22900
Ask Quantity
1
Bid Quantity
Bid Price
Ask Price
Ask Quantity
50
22500
22800
5
10
22400
22900
1
5
22300
—
—
1
22200
—
—
Stop Limit (STL) - While a stop-limit order can help you control the price at which you enter or exit a trade, there is no guarantee that the order will be filled. Because a stop-limit order becomes a limit order once the stop price is reached, it will only be executed at the limit price or better. Therefore, if the market moves quickly and the price never reaches the specified limit price again, the order may not be executed at all. This can be especially problematic in fast-moving markets where prices can fluctuate rapidly. Conversely, a stop-limit order offers price protection as it specifies a limit price at which the trader is willing to buy or sell. This allows a trader to have greater control over the execution price.
Stop (STP) - A stop order, also referred to as a stop-loss order is an order to buy or sell a security once the price of the security reaches the specified price, known as the stop price. When the stop price is reached, a stop order becomes a market order and is filled at the best available market price, which may be different from the Stop price.
A Buy Stop or Stop Limit order is entered at a stop price above the current market price and is triggered by a trade at a price equal to or above the order’s stop price. Investors generally use a buy stop order to limit a loss or protect a profit on a security that they have sold short.
A Sell Stop or Stop Limit order is entered at a stop price below the current market price and id triggered by a trade at a price equal to or below the order’s stop price. Investors generally use a sell stop order to limit a loss or protect a profit on a security they own.
Types of Order Duration (Time in Force)
Day - A Day order is a stipulation placed on an order (to a trader) to execute a trade at a specific price that expires at the end of the trading day if it is not completed. A day order can be a limit order to buy or sell a security, but its duration is limited to the remainder of that trading day.
Good-Til-Canceled (GTC) - A GTC order is an order to buy or sell a security that lasts until the order is completed or canceled. Firms typically limit the length of time an investor can leave a GTC order open.
Good-Til-Date/Time (GTD) - The GTD time in force lets you select an expiration date and time up until which an order will continue to work.
Day Good-Til-Time (GTT) - A GTT order with a selected time stipulation placed on when the order is suspended as a working order on the platform within the trading day. As such, a Day order to execute a trade at a specific price that is suspended at a specific time during the trading day rather than expiring at the end of the trading day if it is not executed. Note: Once suspended the order will be reflected in “Working Orders” as “Suspended” and can be re-activated for the remainder of the day if the trader chooses to do so.
Fill or Kill (FOK) - FOK is a conditional type of time-in-force order used in securities trading that instructs a trader to execute a transaction immediately and completely (no partial fills) or not at all. The FOK qualifier is accepted for limit orders only.
Immediate or Cancel (IOC) - IOC is a conditional type of time-in-force order used in securities trading that instructs a trader to execute a transaction immediately, either partially or completely. Any remaining quantity of the order that cannot be immediately filled is canceled. The IOC qualifier is accepted for limit orders only.
How does EP3 handle order cancellations and modification requests?
Cancels are removed from the CLOB. Modifications will lose the place in price-time priority if liquidity is increased. If liquidity is decreased the order retains its position. Any changes to price will result in a price-time priority reset.
Transparency
What is the level of transparency provided to the users in terms of order execution and trade confirmation?
As with orders, participants receive only execution data anonymously.
What is the level of transparency provided to the users in terms of market data and CLOB depth?
Participants receive anonymized data – without any identifying information regarding the source of an order. IMX, as the Exchange, can see user/firm/account information for all orders and trades in the system.
Note: Any IMX regulatory inquiries or investigative matters would maintain that anonymity between Exchange participants throughout the duration of the matter.
IMX Order Statuses
Every order processed by the Matching Engine will receive a status to facilitate order management workflows for FIX. The table below provides a list of all applicable statuses and their descriptions.
Status
Description
New/Working
New and replace orders will have a "New" status when they are successfully placed into a CLOB. New orders can be treated as "Working." When a replaced order has a new status, this also means that the original order has successfully been replaced. Working orders can be modified or canceled at any time before being filled.
Pending
Stop and Stop-Limit orders have a "Pending" status while waiting for a trigger. After the Stop order is triggered, it moves to a "New" status.
Partially Filled
An order is "Partially Filled" when a portion of the order is filled by some quantity and some quantity is not filled and is still working.
Filled
The order has been "Filled." No modifications or cancelations can be made after an order has been filled.
Canceled
Orders that have been "Canceled" and are no longer working. No modifications or cancelations can be made after an order has been canceled.
Rejected
Orders that have not been accepted by the Matching Engine will receive a "Rejected" status. Orders can be rejected for several reasons.
Expired
Order quantities that were not filled or canceled prior to the close of their specified TIF trading session will have an "Expired" status. This will also apply to working orders when a particular contract is expired.
Status:
New/Working
Description
New and replace orders will have a "New" status when they are successfully placed into a CLOB. New orders can be treated as "Working." When a replaced order has a new status, this also means that the original order has successfully been replaced. Working orders can be modified or canceled at any time before being filled.
Status:
Pending
Description
Stop and Stop-Limit orders have a "Pending" status while waiting for a trigger. After the Stop order is triggered, it moves to a "New" status.
Status:
Partially Filled
Description
An order is "Partially Filled" when a portion of the order is filled by some quantity and some quantity is not filled and is still working.
Status:
Filled
Description
The order has been "Filled." No modifications or cancelations can be made after an order has been filled.
Status:
Canceled
Description
Orders that have been "Canceled" and are no longer working. No modifications or cancelations can be made after an order has been canceled.
Status:
Rejected
Description
Orders that have not been accepted by the Matching Engine will receive a "Rejected" status. Orders can be rejected for several reasons.
Status:
Expired
Description
Order quantities that were not filled or canceled prior to the close of their specified TIF trading session will have an "Expired" status. This will also apply to working orders when a particular contract is expired.
IMX Price Assignment
Regular
This method is used when a contract's market is open. When there are multiple orders, the inbound aggressor order will always receive the best price.
Example
There is a resting order to sell @ 22000 and an inbound aggressor order enters the market to buy @ 22100. The resulting trade produced for the orders will have a price of 22000, which is the best price available when the aggressor order is processed. Any remaining quantity from the aggressor order will be placed in the CLOB using the priority of its price and time.
Indicative Opening Price
This pricing method is used when a contract's market state is in pre-open. The indicative opening price provides market participants with a probable price and quantity at which the market will open. This price is calculated based on all direct limit orders; bid and offers may cross but no matches occur until the contract's market switches to open. Stop orders are excluded from this calculation and implied orders are not generated during pre-open. The indicative opening price will be generated and disseminated in the market data at the price level with the largest matching quantity of bids and offers. Since this is based on the current book and order activity, the indicative opening price may change according to activity and, conversely, if there are not any matching orders, an indicative opening price will not be generated.
Opening Price
The opening price is calculated using an algorithm that considers the total number of matching buy and sell orders:
Buy and sell orders are totaled at each price level.
The price level with the largest number of matching orders on the buy and sell side will be the opening price.
If there are several price levels with the same matching quantity, the price closest to the previous day’s settlement will be the opening price.
If there are not any crossing buy and sell orders the opening price will be the first traded price after the opening.
Example
Previous day settlement = 21950
The price 21900 is chosen as the Opening as the price is closer to the previous day settlement of 21950.
Cum. bid qty
Bid qty
Price
Offer qty
Cum. Offer qty
Match /Non Calc.
2
2
22400
6
40
matching qty= 2
2
2
22150
10
34
matching qty = 7
15
8
21900
9
24
matching qty = 15
25
10
21600
8
15
matching qty = 15
45
20
21400
5
7
matching qty = 7
50
5
21150
2
2
matching qty = 2
Cum. bid qty
2
Bid qty
2
Price
22400
Offer qty
6
Cum. Offer qty
40
Match /Non Calc.
matching qty= 2
Cum. bid qty
2
Bid qty
2
Price
22150
Offer qty
10
Cum. Offer qty
34
Match /Non Calc.
matching qty= 7
Cum. bid qty
15
Bid qty
8
Price
21900
Offer qty
9
Cum. Offer qty
24
Match /Non Calc.
matching qty= 15
Cum. bid qty
25
Bid qty
10
Price
21600
Offer qty
8
Cum. Offer qty
15
Match /Non Calc.
matching qty= 15
Cum. bid qty
45
Bid qty
20
Price
21400
Offer qty
5
Cum. Offer qty
7
Match /Non Calc.
matching qty= 7
Cum. bid qty
50
Bid qty
5
Price
21150
Offer qty
2
Cum. Offer qty
2
Match /Non Calc.
matching qty= 2
Transition to Open
When the market transitions to open, the following steps are performed as a single, atomic transaction in the matching engine:
The opening price is calculated based on all direct limit orders for the contract's CLOB. This is only done if there has not been any published opening price for the contract on that trading day.
All direct crossing bid and offer orders are matched, and related trades are produced.
All changes to the market during the opening are distributed over market data for the contract.
After the initial opening price is calculated and disseminated, any eligible stop orders will become active.
Implied matching and pricing is enabled for the contract.
IMX Quarterly Futures Contracts and Symbols
IMX has four (4) quarterly contract Delivery Months available for trading at any one time: The March (H) quarterly contract of any given year is followed by the June (M), September (U), and December (Z) quarterly contracts of that year (see Month Codes below).
Using the Reference Index for IMX-Morningstar US Healthcare Index, the first quarterly futures contract of a given year would use the symbol “MHST” followed by the March month code “H” and the last digit of the maturity year “4” (2024).
Once the current (shortest) quarter's IMX futures contract expires (i.e., MHSTH4, the new MHSTH5 IMX futures contract begins trading the trading day after expiration and becomes the longest IMX futures contract). The new current quarter’s IMX futures contract would then be MHST June 2024 (MHSTM4).
Month Codes
January
F
February
G
March
H
April
J
May
K
June
M
July
N
August
Q
September
U
Octomber
V
November
X
December
Z
IMX Settlement
Lead Quarter Futures Contract
Whichever IMX Futures quarterly contract is the current lead month (March, June, September, or December), is the anchor leg for settlements and is the Futures contract expected to be the most active.
Tier 1: If the lead quarterly contract trades within the “settlement period” (between 14:45:00 and 15:00:00 Central Time (CT)), then the lead month contract settles to the Volume-Weighted Average Price (“VWAP”) of the trade(s) during this period.
Tier 2: If no trades in the lead month contract occur within the settlement period, then the lead month contract settles to the midpoint of the Bid/Ask spread between 14:45:00 and 15:00:00 CT.
Tier 3: If a Bid/Ask spread midpoint is not available during the closing settlement period, then the cash index will be used in the following Carry calculation to derive a settlement price.
Index price + [(Days to expiration/ 365) x Interest rate x Index price)]
Back Quarterly Futures Contracts
IMX Futures quarterly contracts that are not the current lead month are considered the back months. To derive settlements for the 3 remaining back months, the same Carry calculation will be used to derive settlement prices.
Index price + [(Days to expiration/ 365) x Interest rate x Index price)]
Terms & Conditions
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If any provision in this Agreement is invalid or unenforceable under applicable law, the remaining provisions will continue in full force and effect. This Agreement, and your rights and obligations hereunder, shall be governed by the laws of the State of DELAWARE.
Entire Agreement
Any and all warranties, provisions, rights and obligations of the parties herein described and agreed to be performed subsequent to the termination of these Terms and Conditions shall survive the termination of these Terms and Conditions. This Agreement constitutes the entire agreement between you and the Company and any of its Third-Party Providers, and it supersedes any and all other agreements, oral or in writing, with respect to the Website and the Materials contained therein.
The failure of the Company or its Third-Party Providers to insist upon strict compliance with any term or provision shall not be construed as a waiver with regard to any subsequent failure to comply with such term or provision. All of our rights and obligations under these Terms and Conditions are freely assignable by us in connection with a merger, acquisition or sale of our assets.
Privacy Policy
This website is operated by IMX Health, LLC. and its subsidiaries, including IMX Health, LLC, (collectively, "IMX Health"). At IMX Health we are committed to protecting the privacy of the persons who visit or use our website (the "Website"). By submitting any information about you to this Website, you consent to the use of such information as set forth in this Privacy Statement. Please therefore take the time to read the entire Privacy Statement carefully.
You have accessed the website of IMX Health, LLC ("IMX HEALTH"). IMX Health, along with its parent, IMX, LLC. ("IMX"), and any affiliates or subsidiaries, is referred to herein collectively as the "Company". In addition, the terms "we," "us," and "our" refer to the Company. This Terms and Conditions Agreement (the "Agreement") is a legal contract between you and IMX and applies to your use of this website (the "Website"), including any information and materials therein and any software that IMX makes available that allows you to access the website from a mobile device ("App"). Unless otherwise noted, all references to "Website" shall include any App and any information and materials available via the Website or an App. By accessing all or any part of this Website, you fully accept and agree to comply with all of the terms and conditions set out in this Agreement. You may not use this Website except as expressly provided in this Agreement. Your use of the Website signifies that you are agreeing to be legally bound to and accept all of our terms and conditions and privacy policies described herein, as amended from time to time, or otherwise contained on or referenced in this Website. If you do not agree with the terms of this Agreement, you are not authorized to access and use the Website or any of the data (the "Data") contained therein.
The Company reserves the right to modify this Agreement at any time without prior notice to you. You should review this Agreement whenever you use the Website. You may print and keep a copy of this Agreement at any time. Notwithstanding the foregoing, your use of the Website following any modification to this Agreement will irrespectively constitute your acceptance of the Agreement, as amended. By use of this Website and/or the Data contained therein, you hereby represent, warrant and covenant that: (i) you have read, understand and agree to be bound by this Agreement; (ii) you acknowledge and consent to the Privacy Policy for the Website contained on the Website; (iii) you have the power, competence and authority to accept this Agreement; (iv) you are at least eighteen (18) years old; (v) you shall not use any rights granted hereunder for any unlawful purpose; and (vi) you shall use the Website only as set forth in this Agreement and for your own personal and non-commercial use; (vii) your use of the Website is subject to all applicable international, federal, state, and local laws governing such use; and (viii) you will neither interfere with nor disrupt the Website and/or the networks connected to the Website.
This Website and the Data contained therein is for informational and educational purposes only. None of the information contained in this Website constitutes a solicitation, offer, opinion or recommendation by the Company to buy or sell any securities or other financial instruments or to provide legal, tax, accounting or investment advice or services regarding the suitability or profitability of any security or investment. The Company has not made any recommendations regarding the merit of any corporate entity identified on the Website, made any recommendation regarding the purchase or sale of any security, or endorsed or sponsored any corporate entity identified on the Website. We strongly advise that you seek advice regarding these matters from your financial advisor or from a qualified securities professional. This Website, as well as the design of, content including Data, text, all real-time and other information, including the Dow Jones Indexes Data, any software programs available on or through the Website, photographs, images, audio and video, graphics contained on the Website (`Materials") is protected by copyright, trademark, service mark, patent, trade secret and other proprietary rights and laws of the United States and other countries as applicable.
You acknowledge and agree to comply with all applicable intellectual property laws and other local, state, federal and/or international laws, as well as any additional notices or restrictions contained on the Website. Unauthorized use of this Website and the Materials contained in this Website may violate applicable copyright, trademark, patent or other intellectual property laws or other local, state, federal or international laws. The copyrights, trademarks, service marks and any other proprietary Material displayed in this Website may be registered and common law copyrights, trademarks, service marks apply to proprietary material of the Company and various third parties. Nothing contained in this Website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any of the Materials or proprietary material without the express written consent of the Company or such other party as may own the proprietary rights.
Intelligent Medicine Exchange™ is a Designated Contract Market registered with the U.S. Commodity Futures Trading Commission. The information in this text should be considered general information and not in any case as a recommendation or advice concerning investment decisions. The reader itself is responsible for the risks associated with an investment decision based on the information stated in this material in light of his or her specific circumstances.
The information on this website is for informational purposes only, and does not contend to address the financial objectives, situation, or specific needs of any individual investor. Trading in derivatives and other financial instruments involves risk.
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