CME: Cryptocurrency Market Data Channel Launch and Market Segment Update
On Sunday, May 1 to support increased client demand for cryptocurrency futures and options products, CME will launch two new dedicated cryptocurrency market data channels. In conjunction with the cryptocurrency channel migration the market segment ID will update for MDP 3.0, MSGW iLink and MSGW Drop Copy. This update will not impact data licensing and entitlement requirements. With the launch, the following cryptocurrency products and associated spreads will be migrated to the new channels:
- Bitcoin Futures
- Ether Futures
- Micro Bitcoin Futures
- Micro Ether Futures
- BTIC on Bitcoin Futures
- BTIC on Ether Futures
- BTIC on Micro Bitcoin Futures
- BTIC on Micro Ether Futures
- Options on Bitcoin Futures
For migration, the impacted UDS Option GTC/GTD orders will be canceled at the end of day Friday, April 29th.
Customers who want to trade these products should ensure they have a MSGW iLink3 connection in User Setup for Market Segment 74. (Please note: In User Setup this connection type is currently called “MSGW iLink 3: NYMEX SEF (74).” This is different than the connection type currently called “MSGW iLink3: BMD Futures and Options (74)”, which still requires a dedicated iLink3 for trading Bursa Malaysia products. In the near future, all User Setup connection types will be labeled by Market Segment ID only to avoid confusion.
CME: Change to BTIC on Micro Ether Futures
Effective Sunday, May 1 (trade date Monday, May 2) the product symbol for BTIC on Micro Ether Futures will be updated from MRB to EMB. Please Note: These futures currently have no open interest.
CME: Change to Minimum Price Increment for Swiss Franc/U.S. Dollar (CHF/USD) Futures
Effective Sunday, May 1 (trade date Monday, May 2), pending completion of all regulatory review periods, the minimum price increment for CHF/USD Futures will change from 1.000000000 to .500000000.
CME: Listing Cycle Expansion for BTIC on Adjusted Interest Rate S&P 500 Total Return Index Futures: Resting Order Eliminations
Effective Sunday, May 1 (trade date Monday, May 2), the listing cycle for the following BTIC on Adjusted Interest Rate S&P 500 Total Return Index futures (Product symbol AST) will be expanded on CME Globex. With this change, CME Globex will support a 2-byte year for maturities listed beyond the first four December quarterly contracts in the external instrument name, tag 55-Symbol in MDP 3.0. The 2-byte year will remain through the life cycle of the contract.
To facilitate this change, customers should cancel all Good ‘Til Cancel (GTC) and Good ‘Til Date (GTD) orders after the close on Friday, April 29. After 16:00 CT on Friday, April 29, all remaining GT orders for these futures and spreads will be cancelled or deleted by CME.
HKEX: Derivatives Holiday Trading
HKEX has announced the introduction of Derivatives Holiday Trading with a launch date of May 9 2022 *. This new exchange initiative will allow all MSCI Futures and Options to be traded on Hong Kong public holidays. Schedules will be adjusted to ensure platform availability during holidays, but other software changes for supporting Holiday Trading are not required.
(*) Note that HKEX’s initial Derivatives Holiday Trading announcement provisioned for a launch date of April 15, but the date was moved to May 9 as per exchange circular MO/DT/057/22.
B3: Mock Test
May 14 and June 11
B3 has announced the mock trading sessions for the participants of the market to test the Pume trading system. The test dates have been announced for the mock tests as May 14 and June 11. The purpose of these mock sessions is to help the participants plan changes and implementation in the trading system.
TT will participate in these mock sessions and customers are encouraged to reach out to the respective onboarding contacts in TT if they wish to participate in the same.
The validation scope of the mock trading session with market participation will be announced in due course by the exchange.
Euronext: Data Center Migration
From the exchange:
Euronext is planning to migrate its trading chain and colocation services from its current Data Centre in Basildon, UK, to the Aruba Global Cloud Data Centre IT3 in Bergamo, Italy, in Q2 2022. The move is subject to regulatory approval and operational readiness.
- 3 March 2022: Start of technical testing phase to Next EUA platform in Aruba; connectivity testing from London PoPs available
- 4 April 2022: Start of technical testing phase to Euronext DR site
- 7 April 2022: Go-Live of Next EUA environment in Aruba; functional and technical testing available from London PoPs
- 23 April 2022: Dress Rehearsal #1
- 6 June 2022: Go-Live of Aruba DC-IT3 as Primary Data Centre for all Cash & Derivatives markets
TT Platform Impact
TT is currently in the process of completing Technical Testing in the “New Production” environment. Once completed, we will submit the “Test Form Unicast and Multicast – New Production Environment – Aruba Data Centre” form to the exchange, and will also provide customers with a copy for submission, if needed.
TT successfully participated in Dress Rehearsal #1 on April 23.
CME: Exchange-Recognized Eurodollar Options vs. Three-Month SOFR Options UDS: Resting Order Eliminations
Effective Sunday, June 5 (trade date Monday, June 6), a new exchange-recognized Eurodollar options vs. Three-Month SOFR options User Defined Spread (UDS) will be available for trading on CME Globex.
To facilitate this change, customers should cancel all Good ‘Til Cancel (GTC) and Good ‘Til Date (GTD) orders on UDS in the U$ group after the close on Friday, June 3. After 16:00 CT on Friday, June 3, all remaining orders for UDS in the U$ group will be canceled or deleted by CME.
CME BrokerTec: DR Test
To help ensure readiness and provide an opportunity to test connectivity to DR systems, CME will hold Disaster Recovery (DR) Failover testing for BrokerTec US Markets on June 11, 2022.
This test will provide customers with a chance to test TT production connectivity to BrokerTec’s DR engines and customer gateways.
Customers must register by June 5th, and each individual participant that will test must register with the login ID they will use (GFID and GUS) so it can be permissioned for Saturday testing.
The market will open at 9:00am ET and close at 11:00am ET on Saturday, June 11th, or sooner should all registered firms complete testing before the scheduled close. The test window may be kept open through 12:00pm ET should any firms require additional time to test.
Eurex/EEX: T7 10.1 Upgrade
Eurex has upgraded to the 10.1 version in Simulation, and TT will support this upgrade in UAT in the first week of May. Please note: this upgrade no longer includes the NextGeneration ETD Contracts (see below for more information).
TFEX: New Currency Futures
TFEX has announced the introduction of four new Currency Futures with a tentative launch date of July 18, 2022. The Product Codes will be listed as follows:
- EUR/THB Futures – “EUR”
- JPY/THB Futures – “JPY”
- EUR/USD Futures – “EURUSD”
- USD/JPY Futures – “USDJPY”
Starting from May 2, the new products will be available in UAT for testing and also for access by Brokers for the purpose of verification and submission of the readiness survey to the exchange.
Eurex: Next Generation ETD Contracts
February 6, 2023
Eurex is aiming to introduce a more flexible set-up of Exchange Traded Derivatives (ETD) products by implementing an enhanced contract identification concept in February 2023 allowing more than one expiration per month on product level (sub-monthly contracts).
New features, changes and improvements:
- Integration of Weekly Expiring Instruments on Product Level
- Volatility Strategies in Single Stock Options
- Market-On-Close Futures T+X (Basis Trading in Equity Index Futures)
Weekly contracts will follow the new format of DDMMYYYY (current format: MMYYY), and will be listed under the same Product symbol as the Monthly contracts.
Example: OEB1, OEB2, OEB3, OEB4 will be listed under the OESB Product Symbol, and will be sequentially integrated.
Monthly Option: OESB Sep22
Sub-monthly Options, Week 1-5): OESB Sep22-W1Fr, OESB Sep22-W2Fr, OESB Sep22-W3Fr, OESB Sep22-W4Fr, OESB Sep22-W5Fr
Market on Close T+X will be eligible for MSCI Futures. An example is the following:
On T, Client trades the calendar between the daily future (T+1) and the standard future. After the T+1 session, the index close of T+1 is published by MSCI. On T+2, the T+1 index close is entered as the Final Settlement Price for the daily future. At the end, the Client has paid basis + index close for the standard future.
TT will support the sub-monthly contracts and T+X MSCI Futures in the UAT environment in mid-Q3/2022. More details on the Production rollout plan will be confirmed after UAT support has been added.
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.
- 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, but is not required.
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.