Planning an SGX Migration
Before You Begin
Use this document to plan a migration of users of SGX Gateways due to the SGX Titan upgrade, which includes a new ITCH price feed in addition to the OM API changes.
What are the major changes introduced by the API upgrade?
The API upgrade changes the following for SGX Gateway users:
- Market Hours changes
- Trading hours have been extended, and are now from 6:45AM – 4:45AM
- T Session
- Login available at 6:15am
- FX contracts will start trading earlier with Pre-Open at 6:45AM
- Mini Nikkei futures will align its trading hours with the regular Nikkei futures
- Pre-Open of 13mins followed by Non-Cancel of 2mins
- Pre-Close of 4mins followed by Non-Cancel of 1min
- T+1 Session
- Will start earlier with reduced gap from T close
- 5mins for FX, Commodity, Interest Rate
- 15mins for Equity Index/Dividend
- Extended close of 4:45AM
- Pre-Open of 8mins followed by Non-Cancel of 2mins
- Fill Server rollover time will change from 3:00 to 4:50
- Self Trade Prevention, set at API/OUCH ID or Participant level, please confirm settings via the exchange GUI
When should I migrate?
SGX will conduct the Titan upgrade on Monday, November 14th , 2016. The TT SGX Gateway must be upgraded after the close of trading on Friday, November 14th, 2016.
The migration is done once, and it should be done at a time that is best for your particular trading environment. However, TT recommends that you perform this migration during non-trading hours.
Ideally, you should begin these steps following the close of the last trading day prior to migration and complete them over the course of the subsequent weekend.
NOTE: The following applies to both TT hosted customers and customers who host their own Gateways:
In order to minimize risk and to ensure a seamless migration to the SGX TITAN platform, orders and fills from the T+1 Session from November 11 trade day will not be migrated and displayed after the migration to TITAN for the November 14 trade day. SGX has announced that they will be purging all working GTC orders at the end of the T+1 session. Because customers will be using different exchange sessions and different TT Gateways to place trades after the migration, maintaining a record of the trade activity from the previous T+1 session is not feasible. Customers can enter manual fills via X_RISK if they wish to offset positions after the migration on November 14.
If using Back Office FIX Adapter, all trade activity from the November 11 T+1 session will be recorded, provided the Back Office FIX Adapter remains connected to SGX through the end of that T+1 session.
What testing is required by the exchange, and what are the required test dates?
SGX Titan Conformance Testing of Trading Technologies (TT) software has been completed internally by TT engineers. For Industry Wide Testing, however, the participation of TT customers is required. All tests must be completed in the Production Environment using Login IDs provided by the exchange to the test participant.
What is the Migration Weekend Timeline?
For detailed information on SGX Titan launch weekend timings, please see “Titan Members Engagement #8 - Go-Live Briefing - 21 Sep 2016”, available via the SGX Titan DT & DC Portal.
What are the differences in SGX Gateway 7.18 due to the API upgrades?
- TTChron changes to support SGX’s extended trading hours as follows:
- SGX will initially extend trading hours up to 22 hours (FX contracts will start pre-opening at 6.45am and T+1 shall close at 4.45am) and will extend it further in the future to eventually allow round-the-clock risk management for our participants.
- In addition, the gapping risk will be further reduced with near seamless trading shortening the gap between T and T+1 session as illustrated below
- A full list of SGX Derivatives products and session timings can be found on the Titan DTDC portal, within the SGX Derivatives Product Catalogue, at the following link https://www.sgx.com/wps/portal/titan-dtdc
- Fill Server rollover time will change from 3:00 to 4:50
How do I prepare my TT Trading Environment?
Can I upgrade an existing SGX Gateway?
No. Upgrades from the TT SGX 7.17.x Gateways to 7.18 are not supported.
Prior to migration, traders must cancel all working orders, including GTC, GTD, and GTDate orders entered for SGX products. The exchange will not migrate any working orders to Titan.
What version of the SGX Gateway should I use?
All users should migrate to SGX Gateway 7.18, which is currently available through your TAM.
For information on installing and configuring a SGX Gateway, refer to the SGX Gateway System Administration online help.
What are the minimum supported versions of TT Client applications?
Currently, there are no expected client version dependencies associated with the SGX 7.18 Gateway. Trading Technologies will notify customers, as well as update this document, should any additional dependencies be determined.
What is the Licensing and Billing Impact?
Can I reuse my current SGX Gateway licenses?
Customers will be provided with a free gateway license for use during conformance and exchange testing prior to the launch of the new API. This test license must be requested by customers via the normal process, and they must also request a cancellation of this license prior to the launch in order to avoid being billed.
For a description of TT licensing, refer to TT Gateway Architecture System Administration.
Canceling SGX Licenses
During the conformance testing period, TT is offering customers SGX Gateway licenses for temporary gateways used for testing purposes free of charge. These licenses will become billable once the exchange goes live on the Titan platform. Customers must submit license cancellations via the TT Website for TT SGX Gateways that are no longer in use following the migration. TT will not automatically cancel any licenses.
X_TRADER® and X_RISK® Licenses
X_TRADER® and X_RISK® licenses are market-based. As part of the migration, users are required to verify that the SGX market appears in their X_TRADER® and X_RISK® licenses in order to log in to the SGX Gateway.
Billing Server Impact
There is no impact on the TT Transaction Billing Server. After the migration, fills and billing packets will continue to be recorded and transferred daily to the TT Licensing Department Accounting and Billing System and will contain the Exchange ID of the newly installed SGX Gateway.
The TT Licensing and Accounting Department will be notified by your TAM that the new gateway is installed and the exchange IDs have changed.
The following checklists show the chronological steps for a successful migration to the SGX Gateway.
You should complete the items below to prepare for migrating gateways.
|Obtain required TT Software licenses||Obtain new SGX Gateway licenses for each new or upgraded gateway. Refer to What is the Licensing and Billing Impact?.|
|Upgrade all client applications||Refer to What are the minimum supported versions of TT Client applications?|
|Prepare X_TRADER® for migration||Delete all working orders from the exchange. Refer to What is the X_TRADER® Impact?|
|Prepare X_TRADER® plug-ins for use with the SGX Gateway||Refer to What is the impact to X_TRADER® Plug-ins?|
|Prepare trader logins for migration||Configure new Direct Trader IDs. Configure TTORD Trader IDs. Add any new/additional Trader IDs. Refer to How Do I Migrate Traders in TT User Setup?|
|Prepare trader positions||Enter existing trader positions. If enabled on the current gateway, enable the Auto-Calculate-SOD functionality on the new SGX Gateway. Refer to Can I migrate existing trader positions?|
|Prepare FIX Adapter for migration||Refer to How does this migration impact existing FIX Adapter users?|
|Prepare X_RISK for use with the SGX Gateway||Add SGX Gateway logins Update the Historical Fill Server database Refer to What is the X_RISK Impact?|
|Migrate the existing gateway to a SGX Gateway||Refer to What is the TT Gateway Impact?|
|Check ADL templates||Refer to What is the impact to Algo Design Lab (ADL)|
|Reconfigure any Strategy Engines||Refer to What is the impact to Strategy Engines (SEs) connected to the new SGX Gateway?|