System Admin News & Updates

• CME: Delisting and Removal of Eurodollar Futures and Options
• ICE: API Upgrade 
• TTFIX.crt: Update Notice
• BIST: BISTECH 3.0
• SGX_GIFT: Full-scale Operation of NSE IFSC-SGX
• NSE: BANKNIFTY Contract Expiry Revision
• BIST: BISTECH 3.0 Dress Rehearsal 2
• KRX: Derivatives Market Rules Improvements
• Eurex: NextGen ETD new OEXP Daily Options
• SGX : Titan DT/DC Hardware Refresh
• FIA: Industry-Wide Testing
• HKEX : Block Trade Facility Enhancement
• Eurex/EEX: ETI TLS Encryption
• CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
• IDEM: Migration to Euronext

CME: Delisting and Removal of Eurodollar Futures and Options

June 30

On Monday, June 26, CME delisted the Eurodollar Futures and Options. Effective Close of Business Friday, June 30, the futures and options will be removed from Globex.

Additional Resources

Globex Notice, June 26 2023

ICE: API Upgrade

Q3 2023

ICE has scheduled deployments for late August 2023, which involve a few API enhancements. TT is currently reviewing these changes and will implement any required changes accordingly.

TTFIX.crt: Update Notice

June 23 – August 12

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 June 22, 2023, TT updated the stunnel.zip file located in the TT Help Library in order to update the soon-to-be-expired certs in the TTFIX.crt bundle.

All TT customers who use STunnel must download the new zip file and apply it at any time before August 12, 2023. Please note that the old certificates expire on August 12.

Added TT Platform STAR.TRADE.TT; valid from June 16, 2023 – June 15, 2024 (DC)

Additional Resources

Please download the updated stunnel.zip here. Directions for configuring a stunnel with TTFIX.crt can be found on the TT FIX Help Site.

BIST: BISTECH 3.0

New date TBD

A new phase of the BISTECH system, called BISTECH 3.0, is announced to be launched by the exchange. The go live date for this, which was earlier planned for 12th June, has been pushed back by the exchange, and details on the new release date are awaited.

As part of this upgrade, the TT platform will support the connection changes required for the FIX Order Entry and TIP channels in the derivatives markets.

Equity Markets, Fixed Income Markets, Precious Metals Markets, exchange’s Drop Copy functionality and ITCH protocol for market data are not supported by the TT platform currently, and hence the TT platform will be unaffected by any changes to these.

On the last business day before the go live date, in preparation for the transition to BISTECH 3.0, there will be no evening session in the Derivatives market and all GTC, GTD and inactive Stop orders waiting in the system will be deleted by the exchange, and these will not be reinstated post the cutover. Hence, TT recommends that traders cancel such orders on or before this date.

On the go live date, company admins will need to update the order entry connection settings with the latest user details that they may have received from the exchange, in order to be able to enter orders post this change.

SGX_GIFT: Full-scale Operation of NSE IFSC-SGX

July 3

SGX has announced that the full transition of SGX Nifty derivatives to NSE IFSC (SGX GIFT City) will be on July 3, 2023.

SGX GIFT City went live on July 29, 2022. Since that time, the NIFTY products have been trading in parallel on both the “SGX” (Titan) and the “SGX_GIFT” (GIFT City – NSE) platforms both on the exchange and on TT.

Starting from July 3, 2023 there will be a permanent shutdown of NIFTY trading on SGX Titan. From that time, all SGX users must trade the NIFTY on SGX_GIFT. The exchange will continue to support trading on the far months of the product on SGX Titan throughout the transition to aid Risk / Position management.

All of the above points apply to DMA trading only. Users sending Trade Report (NLT / Wholesale / OTC) orders will continue to use the SGX Titan platform even after the transition.

Please note that SODs and position tracking on the TT platform should be managed by customers as needed.

While trading of the SGX NIFTY will no longer be available via the SGX market, TT will continue to support trading of the SGX NIFTY product on the SGX_GIFT market. For customers who already have access to SGX_GIFT on TT, there are no specific steps that need to be taken on the TT platform to prepare. Any customers who are still trading SGX NIFTY via the SGX market and would like assistance in connecting to SGX_GIFT should contact their TT Onboarding or Sales representative. 

NSE: BANKNIFTY Contract Expiry Revision

July 7

The expiry of all Futures and Options contracts for Nifty Bank (BANKNIFTY) will be revised from the existing Thursday to Friday. This expiry date revision will be done on 6th July EOD and will be applicable for all expiries (weekly, monthly and quarterly).

• All weekly contracts will expire on the Friday of every week.
• All monthly contracts will expire on the last Friday of the contract month.
• If for any existing contract, the expiry happens to be on a Thursday which is the last day of that month (eg.: 31 Aug, 2023), then the expiry will be preponed to the previous Friday (eg.: 25 Aug, 2023).
• If Friday is a trading holiday, then the expiry will be on the previous trading day.
• The first Friday expiry will be on 14th July. 

This change does not directly impact TT, and the updated expiry dates will be automatically available on TT from 7th July.

BIST: BISTECH 3.0 Dress Rehearsal 2

July 8

TT plans to participate in the Dress Rehearsal for the BISTECH 3.0 scheduled by the exchange for 8 July, 2023. This Dress Rehearsal will be conducted in the TT Production Environment on the said date. For this test, all BIST systems will open as a normal working day on Saturday morning, but the normal trading session will close at 3:40 PM Turkey Time and no order entry will be allowed after this time. This dress rehearsal will also involve a failover scenario, and the BIST primary servers will be made unavailable any time post 1 PM Turkey time. Post this failover, TT will connect to the BIST secondary servers for the reminder of the day.

Company admins will need to update the order entry connection settings with the latest user details that they may have received from the exchange for this test. 

KRX: Derivatives Market Rules Improvements

July 31

KRX has announced a list of Derivatives Market Rules Improvements with a tentative Go Live date of July 31, 2023.

KRX improvements include the New Listing of KOSPI 200 Monday Weekly Options. The Symbol for the new product is WKM and it is available now for testing in UAT.

For all other Improvements announced by KRX (listed below) there is no impact to the TT platform.

• Earlier Derivatives Market Opening
• Changes to Negotiated Block Trades
• New Listing of Single Stock Futures·Options
• Segmentation of SSF / SSO Order Quantity Limit

Additional updates will be provided here in System News as they become available.

Eurex: NextGen ETD new OEXP Daily Options

August 28

Eurex is introducing new OEXP EOD and EOM daily options in production on August 28th. This product is now available in the UAT environment for testing.

SGX : Titan DT/DC Hardware Refresh

September 9

SGX is planning to upgrade all servers, network gateways and network switches to Service Release (SR) 11 which is recompiled with the latest software versions. 

To verify participants’ connectivity to the upgraded trading and clearing system, SGX has planned for a mandatory Industry Wide Exercise (“IWT”) on Sept 09 2023 , to ensure that all participants’ systems are able to connect and login to the new system.

Titan DT/DC will be upgraded on 21 Oct 2023. SGX will provide the detailed test plan for the IWT by July 2023.

FIA: Industry-Wide Testing

October 14

The Futures Industry Association will sponsor its annual Industry-Wide Disaster Recovery Testing (IWT) on Saturday, October 14. We will facilitate customer participation for registered TT platform customers. 

Testing will be available on the following exchanges:

• CFE 
• CME 
• Eurex 
• Euronext
• ICE 
• Montréal Exchange
• Nodal

Customers who plan to participate in the FIA IWT should contact their Onboarding Manager to register for testing and provide exchanges that will be tested along with Connection_IDs that will be used during the test.

Ping/telnet tests for relevant exchanges will be completed by TT staff as required.

For additional details, please see the FIA Disaster Recovery Exercise information page.:

HKEX : Block Trade Facility Enhancement

Q3

HKEX has announced enhancements to improve the Block Trade workflow for a tentative Go Live in Q3 2023. TT will work with the exchange to ensure complete readiness and full conformance with the changes. Additional details will be provided here in System News as they become available.

Eurex/EEX: ETI TLS Encryption

December

Eurex has implemented mandatory changes regarding data transmission via the T7 trading interfaces. These changes have been made to improve the security of information transmitted via communication networks to further reduce the risk of unauthorized interception, manipulation, or misuse.

Changes will be made by TT to meet these requirements. These changes will be mandatory on the following dates:

More details will be provided in upcoming Updates.

CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW

Feb 4, 2024

CME is introducing iLink3 on Convenience Gateways (CGW) for trading futures and options on CME Globex. The iLink3 protocol will launch on the existing CGWs beginning Q1 2024. All customers connected via CGW will need to migrate to iLink3 by Q4 2024. More details will follow in upcoming System Updates.

IDEM: Migration to Euronext

March 2024

IDEM products will be migrating to Euronext in March 2024. Further details will be provided as the date approaches, which can be found here.