Eurex: Direct Market Access (DMA) Flow Validation
January 31
Eurex has communicated the following with regard to validation of tag 1724 “OrderOrigination”, effective January 31:
Starting from 31 January 2022, the Eurex T7 system will reject orders, where tag 1724 “OrderOrigination” is set to “true”, i.e. ”5”, but the Exchange Participant is not authorized as DMA Provider with Eurex.
Exchange Participants who currently apply tag 1724 on orders but are not authorized as DMA Providers with Eurex are urged to get in contact with their respective Key Account Manager to trigger the authorization process of their DMA system.
Exchange Participants who are already authorized DMA Providers at Eurex, will automatically be enabled for flagging DMA order flow and are not required to pursue any additional actions.
For further details concerning the DMA-related rules, please refer to the Eurex website under the following path:
Rules & Regs > MiFID II/MiFIR > DEA/DMA/ORS
TT Platform Impact
Prior to January 31, customers that support Direct Electronic Access (DEA) should ensure they are properly authorized with the exchange. For assistance with authorization, please contact the exchange. Customers that do not support DEA on Eurex and/or EEX should ensure they are sending “Direct Electronic Access” = No by configuring Order Tag Defaults or Profiles.
Nasdaq: Nordic Equity Derivatives Trading Replatform
February 21
High level details on this initiative from the exchange:
Nasdaq is migrating our Nordic Equity Derivatives markets, currently on the Genium INET platform, to a new Global Derivatives Trading System based on INET technology that leverages our Nasdaq Financial Framework (NFF). This Nasdaq next-generation platform is a solution based on global financial standards, for stable, flexible and high-speed services. The new framework with its powerful core technology and standardized access to Nordic liquidity, will in the coming years be the common technical platform utilized across all Nasdaq’s U.S. and European markets and asset classes.
The migration of equity derivatives to the new trading platform is scheduled for implementation on February 21, 2022. Please note that equity derivatives will continue to be cleared in Genium INET after the trading re-platform.
Additional details may be found here.
Market-Wide Acceptance Testing
Nasdaq has communicated the following with regard to testing in the Pre-Production environment prior to the launch on February 22:
To prepare for production launch, two Market Wide Acceptance Tests (with backup dates) will be arranged in the NDTS Pre-Production environment in January. It is mandatory to participate in at least one of the MWATs:
- Completed – MWAT Registration: January 7
- Completed – MWAT 1: Saturday January 22 (10:30-13:00 CET)
- TT successfully participated in this test
TT will not participate in additional testing at this time. Customers should contact their Onboarding representative with any questions.
TT Platform Impact
TT will support this upgrade, and will support NASDAQ’s FIX API for order entry. Note that Nordic Equity Derivative products will be moving off of TT’s NDAQ_EU market to a new market, Nasdaq_NED. Commodity Derivative products will continue to be available on NDAQ_EU.
The new Nasdaq_NED market is now available for testing in UAT. Customers should provision FIX order routing credentials for UAT access in the exchange NTF Simulation environment, as well as Production credentials for use in Production. In order to request credentials, customers must provide the exchange with TT’s source IP addresses which are as follows:
- UAT = 10.215.197.48/28
- Production (London – Primary) = 10.215.83.0/27
- Production (Frankfurt – Secondary) = 10.215.197.0/27
FIX Impact
TT Clients who currently access Nordic Equity Derivatives via TT FIX are strongly encouraged to integration test their market data, order routing and/or drop copy applications in TT’s UAT environment as soon as possible.
Note that the following values will be changing on NASDAQ_NED for every contract previously available on NDAQ_EU as a result of the exchange-mandated migration:
- Symbol
- Instrument ID
- MIC Code
- Security ID
- Alias
This link provides a mapping of Nordic Equity Derivatives products from NDAQ_EU to Nasdaq_NED. Note that the Instrument IDs listed are for the UAT environment only. We are working with the exchange to determine when these values will be available for the Production environment.
HKEX: Derivatives Holiday Trading Readiness Test
February 26
HKEX has announced the introduction of Derivatives Holiday Trading with a launch date of April 15 2022. This new exchange initiative will allow all MSCI Futures and Options to be traded on Hong Kong public holidays. TT is pleased to announce full support for the new trading schedule and to that end TT will participate in the Derivatives Holiday Trading Readiness Test scheduled for February 26. Users of TT Platform, regardless of trading interface, do not need to participate in the test; TT Staff will perform all testing on behalf of Members. Readiness Declaration forms will be provided to all customers subsequent to verification of test results.
Additional Resources
HKEX Derivatives Holiday Trading Portal
CFE: SenderLocationID field (FIX Tag 142)
February 27
CFE has communicated the following with regard to the upcoming requirements for the SenderLocationID field (tag 142):
CFE will begin requiring the ISO 3166 two-character code, identifying the country of origin of an order or quote, be included within all order and quote submissions through CFE order entry protocol. Effective February 27, 2022, the SenderLocationID field (FIX Tag 142) must be populated in the New Order Single FIX message. This field will also be included on all Execution Report FIX messages (i.e. order acknowledgements, cancel acknowledgements, fills, etc.). FIX-formatted drop copies will include the SenderLocationID field (FIX Tag 142) on the effective date.
TT Platform Impact
TT will support the data in the field SenderLocationID (Tag 142) in all the relevant FIX messages starting February 27, 2022. The system will fetch the information from the TTUS field “Country/Region” in the User Contact Information tab. There is no action needed by the users and the system will start sending the value automatically upon go-live by the exchange.The support for the tag 142 is already available in the TT UAT environment.
JPX: Introduction of LNG (Platts JKM) Futures
April 4
JPX has announced the introduction of LNG (Platts JKM) Futures with a launch date of April 4, 2022. The Product Code is “LNG” and the product is available for testing in UAT now. Please note the following two points for UAT testing: (1) TTW traders testing LNG (Platts JKM) Futures will see incorrect Profit and Loss calculations in the TTW Positions Widget. (2) The Product Name will not appear in TTW Widgets or in Product/Instrument downloads of other applications. These two issues will be corrected in the coming weeks. These two issues will never impact Production.
TT Platform Impact
There is no impact to users of TT Platform. All users, regardless of interface (TTW, FA, .NET API, REST, etc) can expect an on-time, seamless integration for the new product. The LNG (Platts JKM) Futures product will be added to the Production Environment in due time, over the coming weeks.
Additional Resources
English : Outline of Specifications for LNG (Platts JKM) Futures
日本語 : LNG（プラッツ JKM）先物取引制度要綱
JPX: JGB Futures Product Specification Changes
April 4
JPX has announced a change in the trading specifications of JGB Futures with a launch date of April 4, 2022. For the affected products (5-year JGB Futures, Mini-10-year JGB Futures and 20-year JGB Futures) all related changes are available for testing in UAT now. Please note the following two points for UAT testing: (1) TTW traders testing JGB Futures changes will see incorrect Profit and Loss calculations in the TTW Positions Widget. (2) The updated Product Names will not appear in TTW Widgets or in Product/Instrument downloads of other applications; for now, the old product names will continue to appear. These two issues will be corrected in the coming weeks. These two issues will never impact Production.
TT Platform Impact
There is no impact to users of TT Platform. All users, regardless of interface (TTW, FA, .NET API, REST, etc) can expect an on-time, seamless integration for the specification changes. This announcement of “no impact” extends to all Algos, ASEs, TTW Workspaces, Risk Limits, FIX Applications, SDK Applications, etc.
Additional Resources
English : Revision to the Contract Unit and Immediately Executable Price Range of 20-year Japanese Government Bond Futures
日本語 : 超長期国債先物取引における取引単位及び即時約定可能値幅の見直しについて
JPX: Commodity and Energy Futures Product Specification Changes
April 4
JPX has announced a change in the trading specifications of the following products with a launch date of April 4, 2022.
- Commodity Futures & Options on Commodity Futures
- Energy Futures & Chukyo Oil Futures
TT Platform Impact
There is no impact to users of TT Platform. All changes for these products occur completely on the exchange side with no impact to any part of the TT software.
Eurex: Next Generation ETD Contracts
June 2022
Eurex is aiming to introduce a more flexible set-up of Exchange Traded Derivatives (ETD) products by implementing an enhanced contract identification concept in June 2022 allowing more than one expiration per month on product level (sub-monthly contracts).
New features, changes and improvements:
- Integration of Weekly Expiring Instruments on Product Level
- Volatility Strategies in Single Stock Options
- Market-On-Close Futures T+X (Basis Trading in Equity Index Futures)
TT plans to implement these changes by the end of Q1, 2022 for customer testing. Go-Live is targeted for June, 2022, with a grace period until the end of November, 2022.
More details will be provided in upcoming weeks.
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, but is not required.
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.