System Admin News & Updates

[UPDATED] CME BrokerTec: Migration to CME iLink 3 Binary Order Entry Protocol for Market Segment Gateway

January 31

BrokerTec products will migrate to CME in Production on January 31 and will only be available on iLink 3 MSGW. Customers will need to obtain a dedicated iLink Session ID to be used for only the BrokerTec market segment. CGW will remain on iLink 2 and will not be impacted.

Customers may pre-configure the new connection, but it should not be enabled until after the CME close on January 29. TT will be copying all BrokerTec accounts and user limits to the new CME BrokerTec products on January 29. 

X_TRADER® Platform Impact
ILink3 will not be supported on X_TRADER.

TT® Platform Impact
MSGW iLink3 for CME BrokerTec is available in UAT for customer testing. 

[UPDATED] CME: Mandatory iLink 3 Binary Order Entry Protocol for MSGW

Q1 2021

iLink 2 and iLink 3 for MSGW will run in parallel until February 26, and at that time will incur additional charges by CME for continued iLink2 connections. On March 28, iLink 2.0 for MSGW will be decommissioned. 

For the iLink 2 to 3 migration, CME Group does not require customers to obtain new iLink sessions. Customers will have the ability to migrate their existing iLink sessions from iLink 2 to 3 within the CME Request Center. For all existing migrated sessions, standard Session Policy Charges will apply.  All GTC/GTDs should be cancelled prior to migrating to iLink3.

Customers who wish to utilize CME’s Self Match Prevention functionality should associate their existing SMP IDs to their account, or create a new SMP ID.

X_TRADER Platform Impact
X_TRADER will not support iLink 3.0.

TT Platform Impact
iLink 3.0 is currently available in UAT, and will be available in Production in the near future.

LME: Prohibition on Iceberg Order Type for Specified Contracts

January 25

Please see LME member notice 20/283, which advises that on January 25, the LME will introduce a rule-based prohibition in relation to the use of native LMEselect discretionary and Iceberg order types for specified contracts. The confirmed scope and list of LME Contracts subject to the Prohibition are detailed in section 9 of the notice.

Note that LMESelect will not reject these Prohibited orders.

TT Platform Impact
On January 25, users will no longer have the ability to submit Iceberg orders on the products listed as prohibited in section 9 of LME Notice 20/283.

X_TRADER Platform Impact
No changes to restrict Icebergs on the prohibited products will be made on the X_TRADER platform. Customers should refrain from placing Iceberg orders on the products listed as prohibited in section 9 of LME Notice 20/283.

SGX: Change in Tick Size of SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures

January 25

SGX will be making changes to the contract specifications of SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures effective Monday, January 25.

The tick size for the Outright Market is increasing from US$0.01 to US$0.05. The Calendar Spread Market tick size remains unchanged. 

X_TRADER and TT Platform Impact
Customers should cancel long dated orders on Friday, January 22. All long dated orders as of the T+1 close on Friday, January 22 will be purged from the system. 

SGX: New Product Additions – SGX FTSE Equity Index Futures and Three New Singapore Single Stock Futures

January 25

SGX is launching the products shown below for trading starting January 25.

X_TRADER Impact
The pmerge file will be included in next week’s Updates. 

To trade these products, apply an updated pMerge file to all SGX Gateways:

1. Copy the SGX.pmg file to <drive letter>:\tt\config.
2. Stop GuardServer.
3. Navigate to <drive letter>:\tt\bin.
4. Double-click pMerge.exe. The Enter Exchange Name window appears.
5. Specify the exchange name and flavor and click OK. The Open Guardian product table merge file window appears.
6. Navigate to <drive letter>:\tt\config and select the SGX.pmg file. pMerge will update the existing Guardian Product Table with the correct values. After pMerge completes its tasks, the pMerge status bar displays Finished.
7. Close the pMerge status bar.
8. Start GuardServer.

The above listed steps need to be repeated for each SGX Gateway

After pMerge runs, verify that the Guardian Product Table contains the following values:

TT Platform Impact
No action needed. Products will be available automatically.

SGX: Suspension and Dormancy of SGX MSCI Derivatives Contracts

January 29

SGX will be implementing the suspension and dormancy of a second batch of MSCI contracts. These contracts will be delisted in due course. The Exchange will suspend trading of contracts and contract months that have no existing open interest. 

Contract months with open interest will continue trading up til close of the T-session on Friday, January 29. Thereafter, the Exchange will restrict trading for these contracts only to enable the closing out of positions. 

The following contracts will be suspended on January 29:

To allow for the orderly close out of outstanding open interest, the handling of the following Relevant Contracts will be as follows:

*as of January 4

The following contracts will be made dormant effective February 1:

Refinitiv: RIC Code Changes

February 28

Refinitiv will remove the prefix “1” from RIC codes for CME Futures and Spreads, effective February 28. With this change, Refinitiv will only support Composite (no prefix) RICs. 

Examples:

• Existing RIC: 1EDV0
  New RIC: EDV0
• Existing RIC: 1A32FN0
  New RIC: A32FN0

Affected RIC codes will be updated on the TT platform after the close on February 26 and will be available on February 28.

IDEM: SOLA 15 API Upgrade

By End of Q1

Date to be determined, however, by end of Q1 IDEM will upgrade to SOLA version 15 in production.

TT Platform Impact
TT will complete conformance and roll out software changes prior to the upgrade in order to support required modifications.

X_TRADER Platform Impact
With the SOLA 15 upgrade, IDEM will no longer be supported on the X_TRADER Platform.

FIA: Execution Source Code Schema Initiative (Tag 1031)

Timeline varies by exchange

Multiple exchanges, in cooperation with the FIA Execution Source Code Schema Initiative, are moving forward with plans to implement FIX tag 1031 (CustOrderHandlingInst) on their APIs.

Exchange-Specific Plans

• CME: Tag 1031 is supported and is mandatory.
• ICE: Tag 1031 is supported, but not required. 
• Eurex: Tag 1031 is supported, but not required. 
• CurveGlobal/IDEM: Tag 1031 is supported with the SOLA 14 Upgrade on February 3, but is not required.

X_TRADER Platform Impact
For CME, tag 1031 is now available in production. Customers should enter a valid value in the FFT6 field in Customer Defaults and/or FIX Account Defaults. For FIX Order Routing applications, FFT6 maps to tag 16903. If no value is set, a default value of “Y” will be sent. CME Gateway 7.18.49 was released on October 18. 

For ICE, tag 1031 is now available with ICE Gateway 7.18.29. Customers should use FFT6 to send the value to the exchange. The field is optional for ICE.

TT Platform Impact
For CME, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults. 

For ICE, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for ICE.

For Eurex, support of tag 1031 on the TT platform is now available. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for Eurex. On the X_TRADER platform, tag 1031 is not currently supported.

For CurveGlobal and IDEM, support for tag 1031 was added on February 3 for both exchanges.

Additional Resources
FIA Indirect Clearing Documentation

PRODUCT RELEASES
No new products were released this week.