Tag 50

Tag 50 is IDs are usually used by trading participants to submit and access orders. They're also used by for clearing firms and SROs to ensure regulatory compliance.

By associating each order with a particular trading participant, Tag 50 IDs allow clearing firms and SROs to apply preferential fees to different parties and to attribute orders for audit trail purposes.

Tag 50 IDs are crucial on CME Globex, where they're used to identify authorized individuals or teams that are registered to operate an automated trading system. On CME, Tag 50 IDs must be unique at the clearing member and trading firm level. A single trading firm may have multiple registered Tag 50 IDs, corresponding to different individuals or teams. A firm must register a Tag 50 ID before they can gain sponsored access to CME and execute directly on CME Globex via their own iLinks. Tag 50 IDs are also called operator IDs on CME Globex.