SGX: Open Position Migration from MSCI TW to FTSE TWN
October 30
SGX will be migrating all open positions in MSCI TW after the end of the T Session on Friday, October 30, to FTSE TWN. TT will not support this programmatically, so customers who wish to take advantage of this will need to carry out the process manually by completing the following:
X_TRADER® Platform Impact
Customers should create SOD records manually in FTSE TWN that correspond to all open positions in MSCI TW. Additionally, all open positions for MSCI TW should be offset by publishing new MSCI TW SOD records such that the resulting net qty becomes zero. Customer back office records will reflect the migration when they get their clearing statement.
In order to create SODs, the X_Risk application, along with Administrative credentials is needed. Customers who do not currently use X_Risk should contact their Customer Success Manager for assistance.
TT® Platform Impact
Customers should create SOD records manually in FTSE TWN that correspond to all open positions in MSCI TW. Additionally, all open positions for MSCI TW should be offset by publishing new MSCI TW SOD records such that the resulting net qty becomes zero. Customer back office records will reflect the migration when they get their clearing statement.
CME: Changes to Cross Functionality for Certain CBOT and CME Products
November 8
Effective Sunday, November 8 (trade date Monday, November 9), and pending all relevant regulatory review periods, with the exception of dairy products, the R-Cross functionality for CME and CBOT agriculture futures and CBOT agriculture options on CME Globex will not be supported. CME will support C-Cross functionality for these products, which is not yet supported by TT.
X_TRADER and TT Platform Impacts
R-Cross functionality will only be available for dairy products.
Additional Resources
Globex Notice October 22, 2020
CME: iLink Enhancements for Location ID and Display Quantity
November 15
Effective Sunday, November 15 (trade date Monday, November 16), CME Group will implement iLink changes to Location ID and Displayed Quantity Order Modification for both Convenience Gateway(CGW) and Market Segment Gateway(MGSW) sessions. These changes as described below are available in DDE and UAT for customer testing.
Location ID
To accurately reflect Location ID sent by client system, CME Globex will return the Location ID value on the iLink Execution Report – Cancel (tag 35-MsgType=8 & tag 39-OrdStatus =4) message from the Location ID on the Order Cancel Request (tag 35-MsgType=F) message. Currently, the iLink Execution Report – Cancel contains the Location ID value from the original order.
X_TRADER Platform Impact
Tag 143-TargetLocationID on the ER-Cancel message will contain the locationID value from the Order Cancel Request message.
TT Platform Impact
Tag 143-TargetLocationID on iLink2 and Tag 9537-Location on iLink3 on the ER-Cancel message will contain the locationID value from the Order Cancel Request message.
Displayed Quantity Order Modification
To better align with BrokerTec markets, iLink customers will no longer be able to modify the resting Displayed Quantity orders to the Non-Displayed Quantity orders, and vice versa. Currently, CME Globex allows this Displayed Quantity order modification for Futures and Options markets. With the change, CME Globex will validate display quantity value on iLink messages. Any resting Displayed Quantity order modified to become a Non-Display Quantity order, and vice versa, will be rejected. CME Globex will send an Execution Report-Reject (tag 35-MsgType=8, tag 39-OrdStatus=8) message including tag 103-OrdRejReason=5102 and tag 58-Text=<Modification of orders from Iceberg to Non-iceberg & vice-versa is not allowed>.
X_TRADER Platform Impact
Tag 210-MaxShow will be impacted as noted above.
TT Platform Impact
Tag 210-MaxShow on iLink2 and Tag 1138-DisplayQty on iLink3 will be impacted as noted above.
[UPDATED] CME: Mandatory iLink 3 Binary Order Entry Protocol for MSGW and BrokerTec Migration
Q4
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) are encouraged to migrate to iLink 3 as early as possible prior to the iLink decommission. iLink 2 and iLink 3 for MSGW will run in parallel until February 26, 2021, and at that time will incur additional charges by CME. On March 28, 2021, iLink 2.0 for MSGW will be decommissioned.
BrokerTec products will migrate to CME in Production on December 7 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.
MSGW iLink3 for CME products is now available in UAT for customer testing. BrokerTec products will be available in upcoming weeks and communicated in future updates.
CME will be holding Saturday Mock Sessions for BrokerTec. We plan to participate in testing in Production on the following dates:
- Saturday, November 7
- Saturday, November 21
- Saturday, December 5
Customers who wish to participate should register with the CME via this link: https://go.cmegroup.com/l/502091/2020-08-19/2lfnymf and contact your Onboarding/Customer Success Manager to confirm with TT. Any change to participation in Mock Sessions will be provided in a future update.
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 on December 7.
Customers keeping Link 2.0 MSGW connections will need to move their connections to CGW to maintain access to CME. Customers are strongly encouraged to migrate to the TT platform prior to the end of Q4.
TT Platform Impact
We will support both the iLink 3.0 upgrade and the BrokerTec US migration to CME on the TT platform. iLink 3.0 for CME products is currently available in UAT for customer testing. BrokerTec products will be available in UAT the first week in November.
Additional Resources
Globex Notice October 1, 2020
SGX: Titan DTDC Service Release 7
November 9
SGX is deploying Titan Service Release 7 to Production on November 9. Customers should be aware of the following change to the password rule: Instead of not more than 1 duplicate character, the new password rule does not allow more than 3 duplicate characters.
As a recap, these are the password rules:
- Minimum password length is 10 characters
- All user-chosen passwords must contain at least one alphabetic character, one special character and one digit character.
- Do not use the following special characters: asterisk, percentage and backslash.
- Passwords must not have more than 3 duplicate characters.
X_TRADER and TT Platform Impact
Since the new password rule change is less restrictive than the existing rule, no impact to customers is expected. However, customers should verify their password meets the requirements of the above rules.
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.
Trading Capacity
Note that With T7 Release 9.0, a new validation will verify whether the usage of the trading capacity with Agency is compliant with the client service authorization of the corresponding trading participant. As a consequence, any on-book or TES trading transaction requiring the specification of the trading capacity (e.g. on-book order add, TES trade approval) will be rejected in case a trader is using the trading capacity with valid value Agency but the business unit he belongs to is not compliant with the client service authorization. For full details, please see the T7 Release 9.0 Release Notes.
Tag 1031 (Execution Source Code / Customer Order Handling Instruction) Changes
With the introduction of T7 Release 9.0, the entry of the Execution Source Code will be mandatory in case of Agency business execution (Trading Capacity A) according to valid values as specified by FIA (see Eurex Release 9.0 Notes). If no value for the Execution Source Code is entered to an on-book order or TES approval, the order respective TES trade will not be rejected but a default value (D) for the Execution Source Code will be added automatically instead. In case an invalid value is entered, the order respective TES trade will be rejected.
X_TRADER Platform Impact
On September 14, Eurex simulation became available on the T7 9.0 API. Access in DDE is now available for customer testing.
Please note that FIX Tag 1031 is not supported on the X_TRADER platform on the TT Eurex Gateway.
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.
On the TT platform, tag 1031 is supported at the Account level. For information on configuring tag 1031, please refer to the documentation.
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
Oslo Børs products are available for customer testing in UAT.
TT: FIX SSL Certificate Update
December 11
For customers whose FIX engine natively supports SSL encryption, or who have implemented FIX session encryption using STunnel, TT provides a TTFIX.crt file with the public certificates used by the TT platform FIX endpoint.
On October 5, 2020, TT updated the stunnel.zip file located in the Download Center in order to update the soon-to-be-expired certs from the TTFIX.crt bundle. All customers who use STunnel will need to download a new zip file and apply it by December 11, 2020.
- Added TT platform STAR.TRADE.TT expiry September 20, 2021 (DC)
Additional Resources
Stunnel.zip file
Directions for configuring stunnel with TTFIX.crt
HKEX: New Product Additions – MSCI Asia and Emerging Market Index Futures and Options
Q4
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 | 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
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.