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CME: Mandatory iLink 3 Binary Order Entry Protocol for MSGW and BrokerTec Migration

Q1 2021

CME Group will be launching iLink 3, a new order-entry protocol for trading futures, options and BrokerTec products on CME Globex. All customers connected via Market Segment Gateway (MSGW) are encouraged to migrate to iLink 3 as early as possible prior to the iLink decommission. iLink 2 and iLink 3 for MSGW will run in parallel until February 26, 2021, and at that time will incur additional charges by CME. On March 28, 2021, iLink 2.0 for MSGW will be decommissioned. 

BrokerTec products will migrate to CME in Production on January 31, 2021 and will only be available on iLink 3 MSGW. Customers will need to obtain a dedicated iLink Session ID to be used for only the BrokerTec market segment. CGW will remain on iLink 2 and will not be impacted.

MSGW iLink3 for CME and BrokerTec products is now available in UAT for customer testing. 

CME will be holding Saturday Mock Sessions for BrokerTec. TT will be participating in the test on January 9, 2021. Customers who wish to participate should register with the CME via this link and contact your Onboarding/Customer Success Manager to confirm with TT. 

For the iLink 2 to 3 migration, CME Group does not require customers to obtain new iLink sessions. Customers will have the ability to migrate their existing iLink sessions from iLink 2 to 3 within the CME Request Center. For all existing migrated sessions, standard Session Policy Charges will apply. 

Customers who wish to utilize CME’s Self Match Prevention functionality should associate their existing SMP IDs to their account, or create a new SMP ID.

X_TRADER® Platform Impact
X_TRADER will not support iLink 3.0 for MSGW or BrokerTec products that will migrate to CME on January 31, 2021. 

Customers keeping Link 2.0 MSGW connections will need to move their connections to CGW to maintain access to CME. Customers are strongly encouraged to migrate to the TT platform in early Q1/2021.

TT® Platform Impact
We will support both the iLink 3.0 upgrade and the BrokerTec US migration to CME on the TT platform. iLink 3.0 for CME products is currently available in UAT for customer testing. BrokerTec products are now available in UAT.

Additional Resources
Globex Notice October 1, 2020

HKEX: New Production Addition – Hang Seng TECH Index Options

January 18

HKEX is launching Hang Seng TECH Index Options on January 18, 2021. 

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:

ContractProduct CodePoint Value
Hang Seng TECH Index Futures and OptionsHTI50

TT Platform Impact
No customer action required; Products will be available automatically.

SGX: Derivatives Trading on January 1, 2021

January 1

TT will NOT be supporting the New Year’s Day trading of the following products:

  • SGX Nifty 50 Index Futures (IN)
  • SGX Nifty Bank Index Futures (INB)
  • SGX Nifty 50 Index Options (CIN, PIN)
  • SGX MSCI India Net Total Return (USD) Index Futures (NMD)

All other products will observe the holiday and will not be open for trading.

X_TRADER and TT Platform Impacts

Trading for the above products will NOT be supported on either the X_TRADER or TT Platforms on January 1, 2021. Platforms will be available for the T Session on January 2, 2021. 

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

No new products were released this week.