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CME: New Product Additions

April 11

Effective Sunday, April 11 for trade date Monday, April 12, E-mini Nasdaq-100 Monday Weekly Options and Wednesday Weekly Options will be listed for trading. 

Product NameProduct Symbol
E-mini Nasdaq-100 Monday Weekly OptionsQ1A, Q2A, Q3A, Q4A, Q5A
E-mini Nasdaq-100 Wednesday Weekly OptionsQ1C, Q2C, Q3C, Q4C, Q5C
TT Platform Impact

No action required. These products will be available automatically.

Eurex: T7 Disaster Recovery Test 

April 17

On Saturday, April 17, Eurex will conduct a business continuity test in the production environment. Additional details from the exchange may be found here.

Customers must register their interest with the exchange here by close of business on February 26. 

TT Platform Impact

The registration window for this testing is closed. TT will participate in this testing.

IDEM: SOLA 15 API Upgrade

April 26

On Monday, April 26, IDEM will upgrade to SOLA version 15 in production.

X_TRADER Platform Impact

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

TT Platform Impact

Conformance has been completed, and we will roll out software changes prior to the upgrade in order to support required modifications.

Eurex: Migration of FX Derivatives to the Standard T7 Trading System

June 28

As of May 15, Eurex will transfer its FX derivatives from the T7/FX trading system to its standard T7 trading system. Additional information from the exchange may be found here.

TT Platform Impact

TT will support the migration of the Eurex FX products to Eurex along with the T7 9.1 update occurring in production on June 28. Additional information on configuration will be provided as we approach the date.

HKEX: Volatility Control Mechanism and Pre-Market Opening Session Enhancements

April 12 

HKEX will launch the Volatility Control Mechanism (VCM) and Pre-Market Opening Session (POS) Enhancements of the Derivatives Market on Monday, April 12, 2021. There is no system interface change and no new messages are being introduced in OMD-D. More information can be found in the Additional Resources linked below. 

X_TRADER Platform Impact

These features will not be launched before the X_TRADER sunset, therefore will not be supported.

TT Platform Impact

These features are currently enabled and can be tested in the UAT environment.

Additional Resources

POS and VCM Enhancements Overview

HKEX Circular 

MX: Asian Hours Initiative

May 30

As of May 30, the trading day opening time for the following products will change from 2:00am ET to 8:00pm ET (T-1):

Interest Rate Derivatives (CRA, BAX, OBX, CGZ, CGF, CGB, OGB, LGB)

Index Futures & Sector Index Futures (SXF, SXM, SMJ, SCF, SXA, SXB, SXH, SXK, SXU, SXY, SEG)

Additional Resources

MX Circular 024-21

SGX: Titan DT/DC Service Release 8 

June/July

SGX is planning for Titan Service Release 8 for OMnet Applications in June or July of 2021. Final date has not been communicated by the exchange yet. TT will communicate enhancements we will support in the near future. 

X_TRADER Platform Impact

Service Release 8 will not be supported on X_TRADER. The DDE environment will not be available after March 22.

TT Platform Impact

Service Release 8 will be supported in the UAT environment 

SGX: New Product Additions

April 19

SGX is launching the following futures contracts on April 19th:

Product NameProduct Symbol
SGX Baltic Handysize Time Charter Average (7 Routes) FuturesHWF
SGX Baltic Handysize Time Charter Basket (7 Routes) FFAHW
SGX Baltic Capesize Voyage C3 Route FuturesC3F

SGX is also relaunching the following dormant product:

SGX Baltic Capesize Voyage C3 Route FFAC3
TT Platform Impact

No action required; Products will be available automatically.

ICE: Transition of European Union Emission Allowance Contracts to ICE Endex

June 7

ICE has determined that the trading of the existing EU Emissions Allowance (“EUA”) Futures and Options products be transitioned from IFEU to NDEX, but continue to be cleared by ICE Clear Europe (“ICEU”), during the second quarter of 2021. The transition date has been decided as June 07, 2021.

The summary of the changes can be found in the below table where the products and the corresponding market data group could be referred.

ProductsMarket Type IDExisting Market Data groupNew Market Data group
ECFEUA Future12IFEC (IFEU Commodities)ENDEX (ICE Endex)
EFOEUA Futures Options (Futures StyleMargin)12IFEC (IFEU Commodities)ENDEX (ICE Endex)
ECPICE EUA Daily Futures12IFEC (IFEU Commodities)ENDEX (ICE Endex)
CEUEUAA Future84IFEC (IFEU Commodities)ENDEX (ICE Endex)

Customers need to get in touch with the ICE account support to make sure that they have access to the new market data group in order to trade the above mentioned products.

ICE Trading Support (SMA and LMA Account set up)

 John Rohrer
+1 (770) 857-2487
john.rohrer@theice.com 

Winston Garth
+1 (770) 857-2549
winston.garth@theice.com

TT Platform Impact

TT will do the required software changes to map the products to the correct market data group on TT platform. The products will be tradable on Day1 after the transition.

Additional Resources

ICE Circular

ICE: STPF and Manual Order Indicator Support

Q2

ICE Self Trade Prevention Functionality will be available on the TT platform in Q2. There will be settings in TTUS to provide the STP ID and the instructions.

1. Self Match Prevention ID 

2. Self Match Prevention Instruction

  • R= Cancel Resting order
  • T=Cancel Taker order
  • B= Cancel Both orders

ICE has started supporting the field Manual Order Indicator, Tag 1028, to indicate if an order originated from an automated trading system or if the order was manually keyed in. TT will support this field in Q2. This field is an optional field for ICE as of now. 

Both the features mentioned above are part of ICE Q1 API upgrade and will only be supported on the TT platform.

OSE & TOCOM: J-GATE 3.0 API Upgrade

September 21

Osaka Exchange (OSE) and Tokyo Commodity Exchange (TOCOM) have announced that the production launch of the next-generation derivatives trading system, J-GATE 3.0, will be on September 21. 

TT will provide  information relevant to planning, schedules, client impact and testing availability (for both UAT and Production Weekend Tests) in the near future.

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.

Eurex: Mandatory Usage of T7 Self-Match-Prevention (SMP) Functionality

April 1

On April 1, Eurex exchange rules will require that Exchange Participants mark specific algorithmically generated orders and quotes with an SMP ID. This obligation only applies to proprietary trading via a computer algorithm, where the algo is responsible for both the investment decision and the execution decision. In all other application scenarios, the usage of the T7 SMP functionality remains voluntary. 

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