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Exchange System Updates

HKEX: New Product Additions

October 7

HKEX has introduced Budweiser Brewing Company stock futures and options. These are currently available on the TT platform, and will be available for trading on X_TRADER beginning October 7.

X_TRADER® Platform Impact
To trade these products, apply an updated pMerge file to all HKEX Gateways:

  1. Copy the HKEX.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 HKEX.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 HKEX Gateway. 

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

Product Symbol Point Value
Budweiser Brewing Company APAC Limited Futures BUD 1000
Budweiser Brewing Company APAC Limited Options BUD 1000


TT® Platform Impact
These products are already available on TT. No action is necessary. 


CME: Changes to User Defined Spreads Functionality and Resting Order Eliminations

October 14

Starting on October 13 (trade date October 14), CME will implement the following changes to User Defined Spreads (UDS) functionality on CME Globex:

  • Performance changes
  • Improved spread recognition logic
  • Extended timing for UDS creation
  • Effects of UDS creation in non-open market states
  • Changes to tag 5979-RequestTime value
  • Harmonization of SecurityID Source values

To facilitate this change, customers will need to cancel all Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders for UDS for only the affected products by the close on the Friday before the production launch. After 4:00 CT on the specified Friday, any remaining GT orders on UDS will be cancelled or deleted by the CME Global Command Center (GCC).

Market Segment Market Segment Description Production Launch
52 CME FX Futures and Options II October 13
50

54

56

58

60

64

68

70

72

74

76

78

80

82

84

88

CME Interest Rate Options

CBOT and CME Equity Options

NYMEX Emissions Options; NYMEX Energy, Metals, Softs and Alternative Markets Options; COMEX Options; DME Options

CBOT Interest Rate Options

CME, CBOT and MGEX Commodity Options

CME, CBOT and MGEX Commodity Options

CME Equity Futures II; CBOT Equity Futures

CME, CBOT and MGEX Commodity Futures

CBOT Commodity Futures II

KRX Futures; BMD Futures and Options

NYMEX Metals, Softs and Alternative Markets Futures; COMEX Futures

NYMEX Emissions and Non-Crude Energy Futures

DME Futures; NYMEX Crude and Crude Refined Energy Futures

CME Interest Rate Futures

CBOT Interest Rate Futures

CME FX Futures and Options

Q4 2019


X_TRADER and TT Platform Impacts
Cancel GTC and GTD orders for UDS for affected products. 

Additional Resources
Globex Notices September 23, 2019


FIA Industry-Wide Testing

October 26

The Futures Industry Association will sponsor its annual industry-wide disaster recovery testing on October 26. We will facilitate customer participation for registered TTNET™ hosted X_TRADER platform customers as well as registered TT platform customers. 

Testing is available on the following exchanges:

  • CFE 
  • CME 
  • Eurex 
  • ICE 
  • Montréal Exchange 

The deadline to register with TT to use either software platform for FIA IWT was September 27. No further customer registration or participation is expected as the registration deadline has passed.

X_TRADER Platform Impact
Customer DR testing participation will be limited to the following services in TTNET:

  • Connectivity via remote hosts
  • Risk management via TT User Setup
  • Market access via secondary TT gateways

NOTE: No FIX Adapters will be made available for this testing.

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


MEFF: Algorithmic Trading Indicator (Tag 2667) Requirement

November 1

MEFF will require the Algorithmic Trading Indicator (tag 2667) on all orders/quotes sent by an algorithm starting November 1.

X_TRADER Platform Impact
We will release MEFF Gateway 7.18.28 to support the automatic submission of the Algorithmic Trading Indicator (tag 2667) when an order is sent via an automated trading tool, such as ADL®, Autospreader®, etc. On FIX Adapter, this value will be supported in tag 11028 (ManualOrderIndicator).

MEFF Gateway 7.18.28 is now available in DDE for customer testing. Customers should upgrade to this version prior to November 1.

TT Platform Impact
Prior to November 1, we will deploy software in production to support the automatic submission of the Algorithmic Trading Indicator (tag 2667) when an order is sent via an automated trading tool, such as ADL, Autospreader, etc. On FIX Adapter, this value will be supported in tag 1028 (ManualOrderIndicator).

This functionality is now available for testing in UAT.


Eurex: T7 8.0 Upgrade

November 18

Eurex will upgrade to T7 Release 8.0 on November 18. In preparation, the Eurex Simulation environment will be unavailable from August 23 to September 9, when 8.0 will be available for development and testing.

X_TRADER Platform Impact
Prior to November 18, we will release Eurex Gateway 7.18.55 to support the T7 8.0 upgrade. Customers must upgrade to this version after the close on November 15 and prior to the market open on November 18.

Eurex Gateway 7.18.55 has been deployed to DDE for customer testing.

TT Platform Impact
We will deploy updated software to support the T7 8.0 release after the close on November 15. No customer action is necessary.

These changes are available for customer testing in UAT.

Additional Resources
Preliminary Eurex Release Notes


Euronext: Optiq Order Entry Gateway (OEG) Upgrade

November 25

Euronext will migrate from its existing UTP architecture to the new Optiq Order Entry Gateway (OEG) API on November 25. 

Please note that since this is a migration to a new architecture, customers will need to work with the exchange to provision new credentials. We will publish additional information for configuration of new sessions on both the TT and X_TRADER platforms at a later date. 

Important Note: Customers must request FIX Logical Access sessions for X_TRADER and SBE Logical Access sessions for TT.

Euronext will conduct two dress rehearsals on Saturdays leading up to the launch of the new API. Dates have yet to be announced.

X_TRADER Platform Impact
Prior to November 25, we will release NYSE Liffe Gateway 7.18.40 to support the Optiq OEG upgrade. Customers must upgrade to this version after the close on November 22 and prior to the market open on November 25. 

We plan to make a preliminary version of NYSE Liffe Gateway 7.18.40 available in October for testing in Simulation/DDE and for use in the exchange dress rehearsals. 

In addition, we will be releasing X_TRADER 7.17.88 in the coming weeks, which will be required as of November 25 to trade wholesale orders via Euronext.  

TT Platform Impact
After the close on November 22, we will deploy updated software to support the Optiq OEG upgrade on November 25. 

We plan to make a preliminary version of our software available in October for testing in UAT and for use in the exchange dress rehearsals. 

Additional Resources
Euronext Optiq Documentation Website


Required TTM Upgrade for All TTNET Customers

December 27

After the close of trading on December 27, we will replace the current root certificate used in TTNET, which is expiring. The root certificate is used by all 7.X client applications connecting to TTNET in order to verify the authenticity of the servers. All certificates have an expiration date embedded at the time they are created which cannot be altered, and certificate replacement is a standard phase in their lifecycle.

 TTM 7.1.28 contains both the current and new TTNET public root certificates. In order to prevent a disruption in service, TTNET hosted customers must upgrade all of their 7.X client applications to the versions listed below prior to December 31. Alternatively, customers can upgrade TTM on all workstations running client applications. After this date, all 7.X client applications that have not been upgraded will fail to connect to TTNET.

The upgrade to TTM 7.1.28 may be accomplished via either of the following methods:

  1. Upgrade to any of the following client packages (or greater):
    • X_TRADER 7.17.84
    • X_RISK® 7.17.86
    • XTAPI 7.17.86
    • TT API 7.17.86
  2. Upgrade to TTM 7.1.28 using the standalone installation package
    • NOTE – All TT User Setup client machines will need to be upgraded via the standalone TTM 7.1.28 package, as there have been no new TT User Setup packages that contain TTM 7.1.28.

Customers who repackage 7.X client applications are strongly encouraged to begin that process as soon as possible.

IMPORTANT NOTE: Euronext is migrating from its existing UTP architecture to the new Optiq Order Entry Gateway (OEG) API on November 25. We will release X_TRADER 7.17.88 in the coming weeks, which will be required as of November 25 to trade wholesale orders via Euronext. Customers who trade wholesale orders on Euronext should consider waiting for the X_TRADER 7.17.88 release to avoid needing to upgrade client applications more than once. 


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: Effective November 17, CME will require the current iLink FIX tag 1031-CustOrderHandlingInst on certain messages. More details will follow. 
  • ICE: Tag 1031 is supported, but not required. It will be included on the TT platform in a Q4 ICE release.
  • Eurex: Tag 1031 is supported, but not required. 
  • LSE/CurveGlobal: Tag 1031 will be supported with the SOLA 14 Upgrade in Nov 2019, but will not be required.

X_TRADER Platform Impact
For CME, tag 1031 is now available for customer testing in DDE. 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.

TT Platform Impact
For CME, tag 1031 will be available for customer testing in UAT in early to mid-October. Until then, the default value is hardcoded and other values are not configurable. Final dates for customer testing availability will be provided in future updates.

For ICE and Eurex, plans for support of tag 1031 on both the X_TRADER and TT platforms will be communicated in the near future.

Additional Resources

Globex Notices September 23, 2019
FIA Indirect Clearing Documentation

Product Releases

No new products were released this week.