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November 16, 2017

Exchange System Updates


Nasdaq: Genium INET 5.0 Upgrade

November 20

Nasdaq will move forward with its upgrade to Genium INET 5.0 on November 20. The upgrade features changes to the API in support of MiFID II, which takes effect on January 3.

We will release Nasdaq OMX EU Gateway 7.18.25 this week in anticipation of this upgrade. Customers must upgrade all Nasdaq OMX EU Gateways after the close on November 17 and prior to the market open on November 20. This release introduces a parameter which will allow a set of default values to be sent for required MiFID tags, since many customers have not yet upgraded to the minimum required client versions required for their configuration. Customers are urged to upgrade all relevant client software prior to January 3, at which time proper population of these tags will be required for regulatory purposes.

IMPORTANT NOTE: Per the exchange, the new Trader ID value will become a mandatory field on all order entries and on-exchange trade reports on November 20. This value must be configured in the “Exchange 1” field in TT User Setup by November 20.

The field must be populated with a value issued by Nasdaq, therefore customers should ensure they are registering these IDs as appropriate.

NOTE: Nasdaq will remove all GTD and GTC orders on Genium INET on November 17 after market close. TT clients should cancel all GTCs prior to the close on November 17.


IDEM: SOLA 11 Release

November 27

LSE will move forward with its upgrade to SOLA 11 on November 27. It features additional changes to the API in support of MiFID II, which takes effect on January 3.

We have released LSE Gateway 7.18.25 to support this upgrade. Customers must upgrade all LSE Gateways connecting to IDEM after the close on November 24 and prior to the market open on November 27. Null values will be sent automatically for MiFID II tags, which will be accepted for order entry, pending the enforcement of the regulations on January 3. Customers are urged to upgrade all relevant client software prior to January 3, at which time proper population of these tags will be required for regulatory purposes.

NOTE: Per the exchange, all orders including Good to Cancel and Good Till Day orders will be deleted after close of business on November 24  TT clients should cancel all GTCs prior to the close on November 24.


Euronext (NYSE Liffe): MiFID II CCG Release

November 27

On November 27, Euronext will move forward with its CCG upgrade, which features changes to the API in support of MiFID II, which takes effect on January 3.

We will release NYSE Liffe Gateway 7.18.25 to support this upgrade. Customers must upgrade all NYSE Liffe Gateways after the close on November 24 and prior to the market open on November 27. Null values will be sent automatically for MiFID II tags, which will be accepted for order entry, pending the enforcement of the regulations on January 3. Customers are urged to upgrade all relevant client software prior to January 3, at which time proper population of these tags will be required for regulatory purposes.


MiFID II Support

January 3

MiFID II is European Union legislation regulating firms that provide services to clients linked to financial instruments and the venues where those instruments are traded. The legislation introduces new rules and transaction reporting obligations that will go into effect on January 3, 2018.

MiFID II regulations have introduced rules and transaction reporting requirements for investment firms and trading venues across Europe. While Trading Technologies is not subject to MiFID II regulations, we are making changes to our trading platforms to facilitate our customers’ efforts to comply with the regulations themselves. The changes are being made throughout both the X_TRADER® and TT® platforms and specifically impact order execution on the following exchanges:

  • EEX
  • Eurex
  • Euronext
  • ICE
  • IDEM
  • LME
  • LSE
  • MEFF
  • Nasdaq

The following Trading Technologies product versions support MiFID II compliance for transaction reporting and algorithmic trading in your trading environment:

  • X_TRADER 7.17.80
  • TT User Setup 7.17.84
  • X_RISK® 7.17.80
  • TT Gateway 7.18.25
    • ICE Gateway
    • Eurex Gateway (supports EEX and Eurex exchanges)
    • NYSE_LIFFE Gateway (supports Euronext exchange)
    • NASDAQ_OMX_EU Gateway
    • LME Gateway
    • LSE Gateway (supports IDEM and LSE exchanges)
    • MEFF Gateway
  • FIX Adapter 7.17.96
    • Drop Copy
    • Order Routing
  • Autospreader® Strategy Engine 7.17.80
  • Synthetic Strategy Engine 7.17.80
  • Algo Strategy Engine 7.17.80

Additional Resources
TT MiFID II Overview
X_TRADER Platform Documentation
MiFID II FIX Guide


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