CME: Change to Minimum Price Increment for Micro Silver Futures – Resting Order Elimination
September 20
CME will change the minimum price increment for Micro Silver futures on September 20 (trade date Monday, September 21).
X_TRADER® and TT® Platform Impacts
Customers should cancel all Good ‘Til Cancel (GTC) and Good ‘Till Date (GTD) orders after the close on Friday, September 18. After 16:00 CT on Friday, September 18, all remaining GT orders will be cancelled or deleted by CME.
Euronext: Commodity Derivative Indicator Update
September 21
Euronext has published the following notice, which is effective September 21:
Euronext informs clients that, with the scheduled Optiq Derivatives release, it will enforce the rule on the commodity derivatives indicator on order entry level. The indicator advises if for a commodity derivative or a warrant with a commodity underlying, the trade reduces the associated risk. The correct value has to be specified using the field MIFID Indicators (SBE) or OrderAttributeGrp (FIX).
The Commodity derivative indicator can have two possible values:
- 0: Order not associated with reduction of risk for commodity derivatives or warrant with commodity underlying
- 1: Risk Reduction flag for orders associated with commodity derivatives or warrant with commodity underlying
The value 1 (Risk Reduction Flag) is only applicable for commodity derivative orders. Clients using this value for non-commodity derivative orders will be rejected at order entry level. This ensures that all clients apply the ESMA rule on the commodity derivatives indicator correctly.
X_TRADER and TT Platform Impacts
The Commodity Derivative Indicator is supported on both the X_TRADER and TT platforms. Customers should ensure that the correct values are sent on Commodity Derivatives orders per the exchange notice. Information on configuration of the Commodity Derivative Indicator may be found in the X_TRADER MiFID Documentation and TT MiFID II Documentation.
Additional Resources
Exchange Notice
HKEX: New Product Additions – Five New MSCI Index Futures
September 28
HKEX is launching five new MSCI Index Futures on September 28. Products are listed below.
X_TRADER Platform Impact
The Pmerge file will be added in a future update.
| Contract | Product Code | Point Value |
| MSCI Taiwan 25/50 Index Futures | TWP | 50 |
| MSCI Taiwan 25/50 Net Total Return (USD) Index Futures | TWN | 10 |
| MSCI Singapore Free (SGD) Index Futures | MSG | 100 |
| MSCI Japan (JPY) Index Futures | MJP | 2500 |
| MSCI Japan Net Total Return (JPY) Index Futures | MJJ | 1000 |
TT Platform Impact
No action is required; products will be available automatically.
*UPDATED* TOCOM: TT Migration to JPX Colo
September
On the weekend of August 28, due to issues encountered during the migration of TT platform infrastructure to the JPX colo data center, components supporting TOCOM were rolled back to their previous configuration.
We will once again migrate TT platform infrastructure supporting TOCOM to the JPX colo data center later this month, and will share specifics on the move as the date approaches.
HKEX: New Product Additions – MSCI Asia and Emerging Market Index Futures and Options
August-Q4 2020
HKEX continues to add MSCI Asia and Emerging Market Index futures and options. Remaining products to be launched are listed below. Launch dates will be provided when finalized by the exchange.
X_TRADER Platform Impact
The Pmerge file will be added in a future update.
| Launch Date | Contract | Product Code | Point Value |
| Q4 2020 | MSCI Taiwan (USD) Index Options | MTW | 100 |
TT Platform Impact
No action is required; products will be available automatically.
Additional Resources
Exchange Notice, June 1, 2020
SGX: Change in Tick Size for FTSE China A50 Index Futures
October 5
SGX will modify the tick size for FTSE China A50 Index futures from the current tick size of 2.5 index points (US$2.5) to 1 index point (US$1) on October 5.
X_TRADER® and TT® Platform Impacts
The tick size will be updated automatically on both platforms. Customers should cancel long dated orders on October 2. All long-dated orders as of T+1 close on October 2 will be purged from the system.
FIA Industry-Wide Testing
October 24
The Futures Industry Association will sponsor its annual industry-wide disaster recovery testing on October 24. We will facilitate customer participation for registered TT platform customers.
Testing is available on the following exchanges:
- CFE
- CME
- Eurex
- Euronext
- ICE
- Montréal Exchange
- Nodal
Customers who plan to use TT platform software to participate in the FIA IWT are expected to contact their Onboarding Manager to register with TT by September 25.
Ping/telnet tests for CME and ICE exchanges were completed successfully on September 12.
TT Platform Impact
We‘ve implemented the Mock Mode feature to support mock trading on the TT platform. Documentation on the use of Mock Mode, including proper use and limitations, is available here.
Of particular note for the FIA testing:
- Log in to mock.trade.tt for testing.
- Any Setup changes needed for a mock session must be made in Production (e.g., changes to IP and/or Port to connect to an exchange DR site). When a user clicks Setup while logged in to mock.trade.tt, they will be directed to the Production Setup database. It’s important to note that any changes made to Setup specifically for a mock session must be manually reverted after testing is complete if you don’t want to keep them in Production.
TT Support
Support during the FIA disaster recovery test will be available as during normal production hours. For assistance during testing, please submit feedback via the TT platform or contact TT Support:
U.S. Toll Free: +1 877 424 8844
Chicago: +1 312 476 1002
London: +44 20 7621 8181
Singapore: +65 6395 7002
Sydney: +61 2 8022 1702
Tokyo: +81 3 4577 8345
Additional Resources
FIA DR Test Website
Mock Mode Documentation
Eurex: T7 9.0 Upgrade
November 23
Eurex will move forward with the T7 9.0 upgrade on November 23. Key dates are:
- September 14: Simulation start
- November 23: Production launch
Please note that Eurex Simulation will be unavailable from September 1 to September 14.
Details on Eurex T7 Release 9.0 are now available on the exchange website at https://www.eurexchange.com/exchange-en/technology/t7/release9.
X_TRADER Platform Impact
On September 14, Eurex simulation became available on the T7 9.0 API. Development of compatible software is in progress, and details on future availability in DDE to be published in the near future.
TT Platform Impact
On September 14, Eurex simulation became available on the T7 9.0 API. Development of compatible software is in progress, and details on future availability in UAT to be published in the near future.
Euronext: Oslo Børs Optiq Migration
November 30
Following Euronext’s acquisition of Oslo Børs in June 2019, Oslo Børs’ trading systems across asset classes will migrate from the Millennium Exchange and SOLA systems to the Euronext Optiq systems. The migration timeline is as follows:
- April 13: Availability in p-EUA
- November 14 and 21: Dress rehearsals in Production
- November 30: Production go-live
The Oslo Børs Migration Guidelines and Guide to New Trading System documents are available in the IT Documentation section of the Euronext Connect customer portal.
X_TRADER Platform Impact
Oslo Børs products will not be supported on the X_TRADER platform.
TT Platform Impact
We will make Oslo Børs available for customer testing in UAT in the near future.
CME: Mandatory iLink 3 Binary Order Entry Protocol for MSGW and BrokerTec Migration
Q4 2020
CME Group will be launching iLink 3, a new order-entry protocol for trading futures, options and BrokerTec products on CME Globex. All customers connected via Market Segment Gateway (MSGW) will need to migrate to iLink 3 by Q4 2020. iLink 2 and iLink 3 for MSGW will run in parallel until the Q4 2020 date. BrokerTec products will migrate to CME on December 7th and will be available on iLink 3 MSGW only. Customers will need to order a dedicated iLink Session ID to be used for the BrokerTec market segment only. CGW will remain on iLink 2 and will not be impacted.
CME will be holding Saturday Mock Sessions for BrokerTec on the following dates:
- Saturday, October 3
- Saturday, October 10
- Saturday, October 31
- Saturday, November 7
- Saturday, November 21
- Saturday, December 5
We will confirm participation dates in future updates.
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.
X_TRADER Platform Impact
X_TRADER will not support iLink 3.0 for MSGW or BrokerTec products that will migrate to CME in Q4. Customers using iLink 3.0 for MSGW after the hard date, tentatively in November 2020, will need to move their connections to CGW. It is strongly encouraged to migrate to the TT platform prior to the November date.
TT Platform Impact
We will support both the iLink 3.0 upgrade and the BrokerTec US migration to CME on the TT platform. More details, including UAT and Production availability dates, will be provided in future updates.
Additional Resources
Globex Notice August 3, 2020
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.