CME

subpar321

CME fedwatch had a huge change after that jobs report, rate hike odds got slashed

HardradaTheKing

You could pick sectors that are down. This way you spread the risks over multiple stocks in a sector you deem good to hold for a couple of years. My advise would be to look at healthcare, financials and software. Also think about buying some CBOE, ICE or CME as a volatility hedge. If you wanna get more spicy, pick a small amount of AI infrastructure stocks like Marvell, Coherent, Arista or Credo. Safer AI would be Nvidia; since it is getting cheaper by the quarter. Stocks go up and down, but when in doubt: zoom out.

MarginCalledManager

They don’t. CME group futures contracts and options open every Sunday at 6 eastern. They close today at 1 eastern. No one gives a shit about index options. Futures market is where the real money is 23 hours a day.

MarginCalledManager

Except all CME Group futures contracts and options are open, where the real money trades If you’re not trading e-mini S&P options 23 hours a day you’re gambling wrong.

Consistent_Panda5891

CME Group stock. If there is a crash it will be green because of puts, if it there is upside green because of calls. Casino always wins...

dataCollector42069

Bought 100 shares of CME at $220 to snipe the dip. Think this is clear for an easy $240 and will set a drop

dataCollector42069

CME stock looks like a buy here

creemeeseason

It might be debt for ICE, but the whole sector is getting crushed. Even low debt names like CME and MIAX are massively down. The selloff really got going when new competition was announced in Bitcoin futures, so I'm guessing it's more competitive concerns with AI making new markets possible.

CD274

Yeah the CME globex site is shit to navigate and I use my broker but that's not a public feed. If he just meant a rough idea what the market will open at the tech index is easy

theSherlockView

Started off with raise at 54, then there was a sector wide sell off due to US allowing competition on perpetuals for bitcoin i think. I think the suggestion was it could grow to other sectors causing CME/ICE to sell off hard. But I think Abaxx got caught up in it even though their business model is different. Focusing on physically settled futures + new T+0 tech for 24/7 trading. Then the short report hit, if you read it, you would see how terrible it was. They make up financials, and they don't even know how futures contracts work. Abaxx responded with hiring lawyers. But the report did its job, people panic sold causing further drops. Then I think it lead to people selling thinking they will just by back lower and trade this. Eventually there is a lower limit. I think its close to around that but its impossible to know. Seems like shorts haven't covered at all yet. If they start, then everyone panic selling will probably fomo back in. I have heard fidelity family office has been adding on these dips as well

GAV17

He said this year, not next meeting. Go look at the tool from the CME you are using, at the top you can see the dates of future FOMC meetings. Click on the last one for this year, December 9th. The probability of the rate going up according to futures during this year, is 77%. You may disagree with this percentages, but I'm not wrong, that's what the market as of right now predicts for the remaining of 2026.

22ndanditsnormalhere

What about CME group, do they have a moat?

Zipski577

Not sure what you are looking at but NQ1 (Nasdaq 100 E-Mini) on CME closed at 4PM at 29,512.50. CME, which is the Chicago Mercantile Exchange is the official futures exchange. It’s AH high was 30,154.25 (that is 2.17%, or 214 bps - not 500) It is currently at 29,928 and falling. That is -0.75% from the AH high. -75 bps from where the initial spike from MU earnings fizzled out. This says into AH close.. from 7:45 to 9PM ET it fell by 50 bps. Now 75 as of 10:15PM.

music_is_gud

Not at all Lol I *never* said he will cut this ine. Long term, yes. There was no way he was gonna cut this time. I use CME Fed watch to infer my opinions on fed reserve decisions

SamLeCoyote_Fix_1

You buy AI and SpaceX, fine. I buy US oil producers ! MTDR - SM - DVN - OXY - XOM There is no "peace plan" US-Iran. The U.S. concessions are so significant that it is indeed hard to believe the Senate will agree to put in writing that Iran has won the war. That is why the markets and the CME Group are not allowing futures prices to fall below $75—the probability of the negotiations failing is simply too high. Second, Energy Agency's warning of a looming supply overhang next year against firmer near-term demand to replenish depleted inventories. Be ready

SamLeCoyote_Fix_1

What to buy?? US oil producers !! MTDR - SM - DEVON - OXY - XOM The U.S. concessions are so significant that it is indeed hard to believe the Senate will agree to put in writing that Iran has won the war. That is why the markets and the CME Group are not allowing futures prices to fall below $75—the probability of the negotiations failing is simply too high. Second, Energy Agency's warning of a looming supply overhang next year against firmer near-term demand to replenish depleted inventories.

music_is_gud

Idk why you regards are guessing on rate cuts. Go to CME Fed watch and see the probability of rate cuts. Anything greater than 80% chance means that's what will happen.

redditcommentguy

Reallocated recently to \- RSP \- TSM (been in this one for a bit already) \- GOOG (been in this one for a bit already) \- CME \- ETN \- NVO \- MGM \- XLE \- RTX \- GLDM

Poptart_Salad

The FedWatch tool at CME group website shows 99.6% chance of unchanged so yeah.

AllCapNoBrake

CME gap being filled at 193.

AllCapNoBrake

$SPCE CME gap about to be FILLED https://preview.redd.it/ng76bjwf7p7h1.jpeg?width=109&format=pjpg&auto=webp&s=6d3b9f7599cfd349ef31077ae51791b4ecca6ba1

iShitBloodandCumShit

🤯 it all makes sense why all the block trades reported by CME were on oil futures yesterday. Those fuckers let us pump SPX/NDX so they could use us as exit liquidity.

FuckedUpImagery

CME fedwatch

creemeeseason

Using [CME fedwatch](https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html), there is roughly a 0.6% chance of cuts by December. This meeting is probably not going to happen (96% chance of no change) but there hasn't been much move yet longer term.

iShitBloodandCumShit

In case you missed it. CME is releasing micro emini cash settled options soon which will be based on the actual index futures value and not shit like SPX 6000 vs XSP 600. I’m kinda excited for it.

iShitBloodandCumShit

They are better than XND lmao. CME is releasing micro emini cash settled options soon which will be based on the actual index futures value and not shit like 600 vs 6000. I’m kinda excited for it.

ZYHUA

you trust crypto shit instead of CME futures? lol

Zestyclose-Ad3518

This is one of many messages and calls from CME and his clearing firm before his contract expired into delivery. No gotcha surprises.

InternationalFly6869

By that definition the CME isn’t an exchange either. Nobody’s handing over barrels of oil at NYMEX, yet somehow oil ‘trades’ every day. Wild concept, I know 🤡

CriticismOtherwise78

CAVA with 10% of the stores that CME has and it's 22% of their market cap and creeping up.

HeirophantGreen

So what happened to that guy who had to go pick up 80,000 lbs of live cows because he was trading cattle futures on CME? lol

vegetasaiyann

CME going 24/7 on commodities is just admitting that crypto already won the markets never sleep argument and everyone else is catching up

drew-gen-x

We have to keep the casino open. Maybe the CME can also offer free packs of cigarettes once you gamble (i mean invest) over $500 in Gold and Crude Oil contracts on a Monday morning at 0200 am like the casinos used too / sarc

iShitBloodandCumShit

Fact: almost every massive options order that came thru on CME was bearish. No worries bolz your calls are totally safe lmao

kvndoom

CME will still spread your anus. I won't fall for that a second time. NEVER FORGET 1/28/26

NoBid979

Short answer: **No. This is fake.** You're not about to receive 60 head of cattle. Here's why it doesn't hold up: **Retail clients never get physically delivered.** Brokers (Interactive Brokers, Schwab, etc.) force-liquidate physical-delivery futures *before* expiration if you don't close them yourself. They auto-close long positions in deliverable contracts days ahead of first notice/last trading day precisely so this never happens. You'd get a margin liquidation, not a cattle pen. **Delivery doesn't work this way mechanically.** CME Live Cattle (contract code **LE**, not "LEM26" — that's the ticker+month format, not how notices read) delivery is handled through the clearinghouse matching longs and shorts, with the *short* initiating delivery via the clearing system. You don't get a "come collect your cattle by Friday" email with a deadline and a red warning. The clearing firm (your broker) is the party in the delivery chain, not you directly. **CME Group doesn't email retail clients.** CME is the exchange/clearinghouse. It has no relationship with you — your broker does. CME would never contact an individual account holder directly about a delivery obligation. **The tells:** generic "Dear Client," urgency framing ("Collection deadline" in red), a screenshot rather than an email you can inspect headers on, and the cinematic "60 head of cattle penned and awaiting collection." This is the structure of a phishing / scare scam, possibly designed to get you to click something, pay a "resolution fee," or panic. What to do: don't click any links or reply. If you actually hold futures, log into your brokerage directly (not through any link) to check positions. Forward the message to your broker's fraud team if you want it confirmed. **TL;DR:** Fake. Retail traders are auto-liquidated before delivery, CME never emails individuals directly, and real delivery is clearinghouse-to-broker — you'll never get a "pick up your cattle" notice.

FrequentFormal3850

So apparently this is an actual thing...The CME Group exists https://preview.redd.it/li0kl25urf6h1.jpeg?width=1080&format=pjpg&auto=webp&s=697be1ebf9d94531fb7c39b2123d0310cfd23d73

masterbrees

Short answer: the image is fake, but the thing it’s mocking is real. What’s real: Live cattle futures are one of the few CME contracts still settled by physical delivery (lean hogs and feeder cattle went cash-settled years ago). So in principle, if you held a long live cattle contract through delivery, you’d be on the hook to take actual cattle. That’s the kernel of truth WSB is riffing on. Why you’d never actually get cows: Retail brokers auto-liquidate physically-delivered futures positions before they reach delivery. There’s a hard close-out date (usually a few days before first notice day or last trade day), and if you don’t exit, the broker does it for you. A retail account literally cannot ride a cattle contract into the pen. The protection is built in precisely because nobody wants this email. Tells that this specific notice is fabricated: • A live cattle contract is 40,000 lbs, not 80,000. The “one LEM26 = 80,000 lbs” framing is wrong. • CME Clearing does not email individual clients. Delivery flows through clearing members and your FCM, not a “Dear Client” notice telling you to grab your cows from Pens 12-14. • “Currently penned and awaiting your collection… by 17:00 CT or else” is not how delivery works. Real load-out involves weighing, grading, par/premium locations, and a structured process in the rulebook, not a parking-lot pickup deadline. • June contract expiring June 5 is off. Live cattle last trade is near the end of the contract month. So: good meme, plausible enough to scare someone who’s never traded futures, but it didn’t happen to anyone. The real horror stories (oil going negative in April 2020, the apocryphal “guy got a truck of cattle”) are mostly margin blowups and urban legend, not delivery notices in your inbox. Shrug

Garbage-Disposal-938

where are you getting this July rate forecast? CME estimates 87% chance of keeping overnight rate between 3.50 and 3.75.

Wise-Start-9166

This reminds me to to buy more shares of CME.

notCGISforreal

It says CME. So could be real.

UrMad_ItzOk

This is so ironic but today on the freeway I was stuck behind two CME box trucks that were going 60mph in the fast lane for MILES! Neither one of them would move out of the way for anybody. It backed up traffic and was forcing other drivers to go into the number 2 lane just to get by.

superbilliam

Looks like good picks to me for the most part. There are swaps for most of them if you want bumpier, but maybe more upside...like ICE or CME for SPGI... would I do that? Nah. You're good. That's good to be relaxed and know enough not to be worried in general. Market goes up. Market goes down. Market goes up...repeat.

AmpleTim

One major risk with long CL is the US can ban crude exports if Cushing does approach tank bottoms. Yes it's a terrible idea because domestic refineries aren't built to run on light sweet crude, but it's not far-fetched. Brent (/BZ on CME) would skyrocket though.

jxm900

This whole CME process seems SO STUPID from the get go! Why do the investors EVER have to take physical delivery of the cows/oil/orange juice etc? Surely the futures contracts could be set up so the goods simply get off-loaded at the current market rate, and the investors either pocket the profit or are on the hook to make up the shortfall. It seems such a charade to say You bought the cows, so now you deal with them. For example, I have a $50k contract with the farmer. They sell the cows to the buyer for $40k. I make up the $10k difference with the farmer and get just $40k back. OTOH, if the cows get sold for $60k, the farmer keeps just $50k and pays me the extra $10k. What am I missing here?

TheDevilintheDark

CME is telling me I can't parlay hurricanes futures with the hockey team. What kind of clown show are they running over there?

RollForUptime

It is. CME’s Live Cattle rulebook says trading terminates on **the last business day of the contract month** where this says it ended June 5th.

Round_Spread_9922

In the food/ag industry and I've heard some crazy stories. If OP doesn't arrange this ASAP, CME thugs will start showing up at his door to ensure the pickup of said cattle happens. CME doesn't like to use hired henchmen to do their bidding but it's a last resort. Good luck!

Material-Island8047

Three delivery points in Dodge City KS for CME, My guess is they're at Winters Livestock, the two slaughter houses wouldn't be set up to hold cattle. I would be getting something done about two semi loads of fats besides asking on reddit. If your lucky they are at one of the slaughter houses and you can send them through and get a check.

JazzinMamia

I'm by no means an expert here, and sounds like you've done this before, but my dad worked at CME Group and says this happens all the time. He said they have a process OP can look into called "EFRP" (Exchange for Related Products) where he can be put in contact with a buyer for products (for a fee of course).

No_Feeling920

It's likely fake. CME does not deal with retail individuals directly.

srs_house

Yes - CME futures are used by farmers and ag companies to hedge. Lock in a price today so that if it goes the wrong way in the future, you've got some protection between the market price you pay and the future you bought. Cattle prices have been insane for a few years now and aren't looking to get better. If you're a massive buyer like a JBS where you measure profit in pennies, then you can use futures to even out the price of live cattle.

CheekyPooh

Bers leaving Chicago. Bulls remaining. CME Group headquarters in downtown Chi... Something fishy going on. 

Particular-Wedding

Its ok. You're not investing or trading. You're a hedging participant as the CME would call it.

BobbieSaccamanoJr

This was my question: is anyone ACTUALLY using CME contracts to purchase cattle? If you really are the type to need 60 heads of cattle wouldn’t you just make a deal with the [person whose job it is to raise cattle] and use the options market to hedge against price fluctuation?

rrk100

CME sourced.

Maximum-Worker-9029

the collection deadline being in red tells you even CME knows you're not making it to dodge city

solidsneeze

CME should reduce futures fees to compete with pdt rule removal. I'd play if it was cheaper

KetchupOnNipples

That’s true, especially if maybe someone wants to trade futures within that platform and would want to use CME data and other things to kinda make it more intuitive to what someone may be trying to do Eventually, that’s something I would love to do, but they’re also is a satisfaction in doing the work yourself for finding trades I took a break from trading for over a year now so it’ll be a great opportunity for me to restart from scratch with good habits since I’ve pretty much forgotten all the bad habits Maybe once I know what I want to look for I could start training the AI. I’ve been wanting to build my own LOM anyways at some point so who knows I know it’s not something I’m gonna FOMO over it’ll be around for a long time and it’s only gonna get more advanced.

Marshmallowmind2

NASDAQ - 0.2% futures. I'm looking at the right thing right? https://www.tradingview.com/symbols/CME_MINI-NQ1!/

LarryStink

There is a risk when Asia opens of a move lower with margin req on swaps significantly increasing. Same thing we saw when CME did this for gold/silver. If so its a btfd come us open.

Garbage-Disposal-938

CME fed watch has slightly increased chance of June rate cut. Warsh gonna show the world he's in control and serious about fucking shit up.

MaxDragonMan

From Brew Markets yesterday: >According to the Bureau of Labor Statistics, the US job market has been working overtime—piling on 172,000 jobs in May, more than double the expected 80,000. This feverish hiring spree is a sign that employers are shaking off Iran and inflation jitters and breaking out of their “low hire, low fire” rut, although only halfway. Hiring jumped, but firing didn’t budge, with unemployment holding firm at 4.3%, in line with forecasts. Average hourly wages also came in around the Wall Street consensus, rising 0.3% from last month and 3.4% since last year to $37.53—though, that’s the lowest annual increase in five years. To quote economist Heather Long, “It's easier to get a job now, but it's hard to find a job where your pay will keep up with current inflation. Some analysts chalk up this blowout to “catchup” hiring for roles that spent the last year on ice while tariff turmoil and government cuts had employers spooked. This BLS report also revised numbers for the previous two months, way up. March gained 29,000 jobs to total 214,000; April added 64,000 for 179,000. This red-hot report all but obliterates any chance that the Federal Reserve will slash interest rates at its next meeting June 16-17. According to the CME Fedwatch tool, the odds of a rate cut by end of year have shrunk to under 1%. Meanwhile, the odds of a rate hike have hit 50%. This could be awkward for the Fed’s new Chair Kevin Warsh, whom President Donald Trump picked with none-too-subtle hopes of rate cuts. So far, though, the economy isn’t playing along. Inflation hit a three-year high of 3.8% in April, and the labor market is blinking. Both sides of the Fed’s dual mandate now point the same way, and neither is where Trump wants to go. And then also some interesting notes about the amount of cash sitting on the sidelines. >Don’t get distracted by AI stocks ascending to the stars (literally), SpaceX launching the biggest IPO of all time, or even newfangled crypto tokens: Cash is still king. At least that’s what the data is showing. **Assets in money-market funds, which investors use like an elevated high-yield savings account, reached a record $8.29 trillion**, according to Bloomberg. Investors are searching for stability for good reason: Even while the stock market regularly reaches new highs, that bull streak is threatened by, well, pretty much every ominous headline you see. Instead of putting money in long-dated Treasuries, money-market funds offer exposure to short-term bonds, making them less sensitive to interest rates. Since interest rates have stayed higher, investors aren’t getting a terrible deal, either: The current yield averages between 3.30% and 3.9%.

Cool_Entrepreneur545

I don't see any change in CME tool as compared to last four weeks all the at till Jan next year, where is 50bps point increase possibility coming from?

InevitableAd2436

I think it’s very very low. CME Group’s odds are 75% for zero rate cuts or hikes this year. I think Warsh will do everything he can to appease Trump. If there’s any word of a hike, I bet Trump will secretly give Iran reparations, claim there’s no nukes, and just go on like nothing happens so Oil goes back down.

Feisty-Payment9614

31% we get a rate cut by the end of the year according to CME group

flaming_pope

https://en.macromicro.me/charts/41674/us-strategic-petroleum-reserve 1 million barrels per month. Which is good for another year nonstop. 1 oil futures contract is 1000 barrels. The CME trades 150,000 oil contracts per month. This is 150M paper barrels changing hands per month. Based on this, Oil reserve effect is <1% on spot price. Oil companies are absolutely price gouging. We shouldn’t be seeing any affect from oil reserves greater than 1% per month NEXT year when we actually run out of reserve.

dataCollector42069

CME is such a shit stock

circadiggmigration

YES. CME has circuit breakers. Which is really what's mostly trading. But, no, blue ocean doesn't.

Provolone-Jones

$CME being down 10% over the last week for allowing blatant manipulation in the oil futures market is beautiful.

Kaptep525

CME and CBOE will certify offer their own perps and recover, they’re not going to kill exchanges by offering a product all their market makers can already support. CME already has their spot quoted futures, which was their work around while legal stance of perps was unclear. You won’t see 50x leverage but they’ll become a normal financial product that market makers love and retail investors lose crazy money on

dataCollector42069

what feels worse, is i got rug pulled on CME trying to be smart

dataCollector42069

why is CME straight rugging

circadiggmigration

> Only Crypto Allowed is BTC and ETH Posts & Comments Reported as: Only Crypto Allowed is BTC and ETH To avoid excessively shilly / low quality content, we restrict crypto discussion to only Bitcoin and Ethereum These are the two products that the CME offers futures on. If CME expands their offering, this rule will expand in lockstep. Passing mention of other cryptocurrencies is fine, but we kindly ask that you take purely crypto discussion (other than BTC/ETH) elsewhere.

dataCollector42069

CME should pump during volatile times RIGHT???

fledgling66

$CME

Mr60SPX

The discovery of a screwworm case just 31 miles south of the U.S.-Mexico border, has caused CME group to expand margin requirements on cattle futures. The situation has now become when will the first case be detected in the U.S, not if. Maybe this will be the last year we have burgers for the 4th of July?

dataCollector42069

My CME 7/19 calls got graped. Just going to bag hold this shit

dataCollector42069

been doing that with my 7/18 CME 280C today

dataCollector42069

CME is a piece of shit stock

dataCollector42069

got fucked on my 7/18 CME $280 calls today partially via the spread. Going to diamond hand these

dataCollector42069

My bags are TLRY 5.5 Calls, AMC 2.5 Calls, and CME 280C. One is not like the other lmfao

dataCollector42069

WTF is CME doing

dataCollector42069

thinking CME Jul17 280 Calls

fledgling66

Anyone else buying CME?

zjz

getting futes prices for broadcast is INSANELY expensive, I had a very not friendly convo with people at the CME about it

Weak_Emu3659

Nice work! Snagging a $2,200 win in a single day is a solid milestone. Whether you're planning to lock that profit in for a treat or roll it over to build your trading account, it's a great feeling. A few quick things to consider now that the dust has settled on Friday: * **Secure the Payout:** If you're trading with a prop firm, remember to request your withdrawal so you can actually see the cash in your bank. * **Weekend Expose Risk:** Double-check your account to ensure no open positions are lingering from Friday's close that might leave you exposed to weekend market gaps or margin adjustments. * **Reinvest Wisely:** If you want to keep the momentum going, consider using the CME Group Futures Education Center to brush up on risk management and refine your strategy. What were you trading? Keep the streak going!

Ahamadrayasbaboon

Probably, but how much overlap is there between people that want to trade single stock futures, and those who are already doing so with fake internet money? And what percentage of people/institutions that use normal exchanges actually want to trade single stock futures?  I don’t know these answers. It sounds like CME has developed an opinion on it, though. 

Hot_Lingonberry5817

Looks like hyperliquid is getting competition from CME this summer, with single stock futures being launched. [https://www.cmegroup.com/markets/equities/single-stock-futures.html](https://www.cmegroup.com/markets/equities/single-stock-futures.html)

FatFluffyFish

They are going to the moon. [https://www.tradingview.com/chart/Wcc5bSv5/?symbol=CME\_MINI%3AES1%21](https://www.tradingview.com/chart/Wcc5bSv5/?symbol=CME_MINI%3AES1%21) I think some others check IG too.

Alex-SW19

This is LME, unlike other exchanges the on-the-run contract (prompt date) is a new 3 month contract each day. These guys in the pit manage that calendar risk between the dates in their book. It’s not really the same as the machine trading Jun Spoos on CME.

weHaveThoughts

Yup, that’s where the regards go when they buy CME futures and are forced to take delivery. That sub knows everything about oil though. From setting up the rig, storage, pipelines, etc.

fledgling66

There goes my hypothesis that CME would trade with Google for the foreseeable future

ffo_kcuf_og

I see we found another newbie investor that is smarter than the 1200 analysts and millions of fund managers. NOW is the time to buy? Now? God thank you for all the armchair trading experts, I thought the days of easy money were gone when the CME and NYMEX eliminated pit trading.

Mother-Grapefruit-45

claims at 209K in-line this morning + continuing 1.782M slightly under expectations. labor data still firm. thats the feds permission slip to stay restrictive through june (CME has 97 percent on hold). whats worth watching is that the hike odds for q4 arent zero anymore. theyre small but rising. the bond market is already pricing this in via the 30Y staying above 4.6 with the term premium rebuilding. golds heavy tactical chart (below 4540 after wednesdays 2 percent drop, 4505-4540 range overnight) is the levered macro funds unwinding the inflation hedge. but central bank demand was a record q1 (WGC said 1231 tonnes globally with asian bar+coin up 42 percent YoY). structural bid is alive under the surface even when the chart looks ugly. PMI flash at 9:45 is the next print. anything above 52 on services confirms higher-for-longer. anything below 50 on manufacturing widens the rotation thesis. real range from here is the rotation, not the absolute level.

the_humeister

Brent futures are financially settled. There is no physical delivery for the CME Brent futures.

BFLO-Retail

/BZN6 is a Brent futures contract for 1,000 barrels of oil on CME. Would be hilarious, but yes I bought the right thing. You can also trade BNO which is an etf for Brent

Mike804

Both models and compute are barreling straight into becoming a commodity, so much so that CME is already launching compute futures.

Remarkable_Cat_8696

Thanks. I searched about how companies manage fuel 1-2 years out and from CME Group "For precise 2-year fuel price protection, corporations usually bypass public futures exchanges entirely. They go to investment banks to buy customized, Over-The-Counter (OTC) commodity swaps instead." And airlines generally don't hedge 100% of their fuel at once. They buy contracts gradually.

Lazy-Way2654

demand the full CME Globex message sequence with nanosecond timestamps, not just TWS time & sales. the displayed bid was likely pulled miliseconds before your market protect swept the book. for Rule 588, file anyway even if late. for 24/7 perps on ES that skip this exact order book gap issue, markets xyz runs those differently.