System Admin News & Updates

• CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
• B3 Binary Protocol
• MEFF: Update order entry DR IP/ports in Connection Settings
• TFEX: Order Entry Gateway Rebalance
• KRX: Expansion of Futures Spread Trading Hours
• KRX: Shortening the Trading Period for Select Products
• KRX: Tick Size Amendment for Block Trades and EFPs
• SGX: Service Release 12
• WSE: Native Support for Order Entry
• ICE Q2, 2024 Release
• Eurex T7 12.1 Upgrade
• SGX + SGX_GIFT: Industry-wide BCP Exercise
• TFEX: SET CONNECT Improvements
• GFO-X: New Market for Cryptocurrency Derivatives
• HKEX: Self-Match Prevention Service Enhancements
• SGX: Implementation of SGX FX Futures Data as an Independent Data Module
• SGX: GIFT Connect Service Release 2
• TFEX: STEC Restructuring Plan
• TFEX: New Currency Futures
• JSE Release 7.7 : Self-Match Prevention
• MX API Upgrade: Client Identifiers
• LME: New Trading Platform
• JPX: Change of Derivatives Market Trading Hours
• HKEX: Introduction of 10-year China Ministry of Finance Treasury Bond Futures

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

2024

CME has introduced support for iLink3 on Convenience Gateways (CGW) for trading Futures and Options on CME Globex. CME will decommission CGW iLink2 on Jan 31, 2025 however,  all customers must migrate by December 31 of this year to avoid penalties. 

TT plans to support iLink 3 for CGW in UAT in Q2, 2024. Additional details on support for this migration will follow next week. 

Prior to Production launch on TT, we will provide customers with the ability to participate in Mock testing sessions which we will coordinate with the CME, details to be communicated at a later date. 

Development of TT iLink3 Convenience Gateway support is now under way. Customers familiar with the MSGW iLink3 upgrade that occurred in 2019 will find the CGW iLink upgrade familiar. At the present time TT has set July, 2024 as the tentative target for the start of testing in UAT. Further updates regarding timelines, migration, documentation, etc will be shared here in System News as the details become clearer.

B3 Binary Protocol

Q2

B3 has introduced new, lower latency Binary protocols for Market Data via the Unified Market Data Feed (UMDF) and Order Entry via Simple Binary Encoding (SBE). 

On March 19, 2024, TT upgraded the B3 Binary market data protocol in UAT, the release note can be found here: https://library.tradingtechnologies.com/release_notes/uat-2024-03.html

On April 02, 2024, TT deployed the new Binary Order Entry API in UAT. Customers should contact B3 for credentials to be used with the new API. The release note can be found here: https://library.tradingtechnologies.com/release_notes/uat-2024-04.html 

* All clients are strongly encouraged to conduct testing in UAT and provide feedback.

Migration Documentation: https://library.tradingtechnologies.com/downloads/B3_Binary_Protocol_Migration_Guide.pdf

Please note that B3 continues to support the legacy protocols in parallel with the new Binary offering, and the TT migration will follow a phased approach:

• Phase 1: TT will update its Market Data feed to use the new UMDF protocol, which is compatible with both the new SBE Order API and the legacy order entry protocol – no changes are expected for end users. This is completed and available in UAT.
• Phase 2: TT will allow customers to continue using their existing order connections, and in parallel will allow customers to configure and use new connections using SBE. 
• Phase 3: TT will discontinue support of the legacy orders API, and customers will need to utilize new SBE connections. Please note that any GTC/GTDate orders on legacy connections will be canceled when we cut off support for the old API.

The following are the anticipated milestones for this project:

Additional Resources

Binary Market Data

Bianry Order Entry

MEFF: Update order entry DR IP/ports in Connection Settings

April 19

MEFF has provided new IP/ports for Order Connections to the Frankfurt Disaster Recovery Hubs. This work was previously completed for connections to the Primary London Hub. 

Prior to April 19, customers should review their MEFF Order Connection details, to confirm whether these IP addresses are in use:

• Primary IP: 10.128.71.197
• Secondary IP: 10.128.71.199

Customers using the above IP addresses should update their Connection settings as follows:

• Primary IP: 10.200.34.209
• Secondary IP: 10.200.34.210 / 10.200.34.213
• Disaster Recovery IP: 10.216.34.209 / 10.216.34.13
  • The DR IPs will be used only if the primary and secondary IPs are unavailable

If any of the current primary and secondary IPs mentioned above are not used by the customer, no action is required on their part.

TFEX: Order Entry Gateway Rebalance

April 20

TFEX has announced an Order Entry Gateway Rebalance for Q2 2024. All TFEX members affected by the rebalance should have received an email from the exchange between March 18th and 22nd 2024. The email contains: information about the ID(s) slated for rebalancing, an attendance confirmation survey, a test schedule and a script for the testing.

All members who received such an email are requested to contact TT Onboarding or Service Management to discuss plans.

On April 20, 2024 there is a connectivity test that is mandatory for all Members who are required to rebalance. TT will support this testing.

KRX: Expansion of Futures Spread Trading Hours

April 22

KRX has announced plans to expand the trading hours for all Futures Spreads with an effective date of April 22, 2024. There is no impact to the TT platform as TT servers are already scheduled to be running and available during the new, expanded times. All other availability other than server runtimes, including trading status, price display, order acceptance, etc are controlled fully on the exchange side.

KRX: Shortening the Trading Period for Select Products

April 22

KRX has announced plans to reduce the number of expiration months for Sector Index Futures to 4 and for SSF to 6, thereby shortening the maximum trading period to 1 year. These changes have an effective date of April 22, 2024. Changes to TT applications are not required. Since instrument properties and specifications are controlled entirely by the exchange, all updates will be reflected on the TT platform automatically.

KRX: Tick Size Amendment for Block Trades and EFPs

April 22

KRX has announced plans to refine the tick sizes for KTB futures and currency futures with an effective date of April 22, 2024. Changes to TT applications are not required. Because Tick Size changes are routine instrument adjustments controlled by the exchange, all tick size changes will be updated on the TT platform automatically.

SGX: Service Release 12

April 29

SGX has announced plans to deploy a new system update, “Titan DT/DC Service Release 12” which includes security improvements and fixes to SGX’s derivatives trading and clearing platform. 

There is no impact to the TT platform in SGX SR12. The exchange is adding a new field to their Fill/TradeCaptureReport message but it’s a message field which has no use or applicability on TT since it is specific to capturing  SGX_GIFT trades on SGX which is not possible on the TT Platform.

The other changes being put into place for SR12 are exclusive to SGX Derivatives Clearing Systems (PTRC, etc), and these are neither supported on nor accessible from the TT Platform.

For TT customers there are no steps to take or tests to complete. There will be no change in functionality or platform behavior as a result of SR12. Customers are welcome to conduct routine testing in the UAT environment to verify, but using the TT Platform there is no way to observe or access the SR12 changes directly.

WSE: Native Support for Order Entry

TBD

TT will add native support for order entry of Futures and Options on the Warsaw Stock Exchange (WSE). 

WSE is now available in the TT UAT environment for native order entry, and interested customers can reach out to their Onboarding representative for assistance in getting connected to WSE. 

Further details regarding TT’s launch of WSE in Production will be announced in upcoming notices. TT is currently working with the exchange to complete the conformance testing, post which the Go Live date for this will be announced.

ICE Q2, 2024 Release

May 10

On March 28, ICE deployed its Q2, 2024 release to their Simulation environment, and on May 10, it will be released to production. For information from the exchange on this release, please refer to this document.

There is no impact to TT software resulting from this release, however, customers are welcome to perform testing in UAT as needed.

Eurex T7 12.1 Upgrade

May 13

Deutsche Börse plans to release T7 12.1 to Production on May 13, 2024. Simulation access for T7 Release 12.1 is now available in the TT UAT environment. 

Additional information from the exchange (including System documentation, circulars and timelines) is available on the T7 12.1 initiative page via the following link: www.eurex.com > Support > Initiatives & Releases > T7 Release 12.1. 

The following are the anticipated milestones for this project:

TT Impact Analysis and Go-Live Plan:

There is no action required on the part of customers as a result of this release. TT will perform the necessary upgrades the weekend prior to May 13, and will participate in exchange connection testing during the go-live weekend. We will closely monitor all services at startup on Monday, May 11, and take any action necessary to resolve any issues which may arise.

Additional notes on this upgrade:

• With T7 12.1, Eurex has announced an enhancement to Self-Match Prevention, which TT will not support on launch, but will support prior to the release of T7 13.0 later this year
  • Additional details on this functionality may be found in the Eurex Functional Technical Release Notes
  • TT will provide a more concrete timeline for release of this feature in the near future, and will communicate implementation details at that time
• Please note the following from Eurex with regard to previously announced MiFID II changes, though there are no updates anticipated on the TT-side for these future amendments:
  • With circular 98/2023 it was announced that MiFID II/MiFIR enhancements for the Short Code (SC) and Algo ID solution will be introduced with T7 Release 12.1. These enhancements will be introduced at a later stage. Information about the new introduction schedule will be provided at a later point in time.

SGX + SGX_GIFT: Industry-wide BCP Exercise

May 25

SGX is conducting an Industry-Wide Business Continuity Planning Exercise scheduled for Saturday, May 25 2024. The exchange’s goal is to validate its ability to recover and operate the market in the event of a data center failover scenario and to test its crisis communication capabilities. All Singapore-based Members are required to participate in this exercise.

Members are required to register their participation via the SGX BCP webpage ( http://www.sgx.com/BCP ) between March 25, 2024 and May 10, 2024.

Additional details about connecting to TT for participation will be provided in due course as the exchange makes them available.

TFEX: SET CONNECT Improvements

June 4

TFEX has announced a SET CONNECT Improvement plan for Q2 2024. The exchange’s improvement plan includes a number of changes to the trading system, however, all such changes are specific to their SET Equities platform only and do not apply to the TFEX Derivatives platform that is accessed via TT.

The SET CONNECT Improvement changes applicable to the TT platform are the Market data improvements only. TT has made the necessary arrangements and our teams are currently working with the exchange to complete the Market Data Conformance Test which is being conducted from Apr 8 to Apr 26, 2024.

The TT Platform will be fully ready for the Market Data IWT Test scheduled in May, 2024 and the June 4, 2024 Go Live. Additional information regarding scheduling and availability will be provided here in System News as the details become clear.

In addition, please note that TFEX has also announced a second SET CONNECT Improvement plan for Q3-Q4 2024. All of the Q3-Q4 changes are exclusively for the SET Equities platform and are therefore not applicable to the TT Platform.

GFO-X: New Market for Cryptocurrency Derivatives

Q2

TT will support the GFO-X exchange, the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives, on launch in Q2, 2024.

GFO-X  is now available in the TT UAT environment, and interested customers can reach out to their Onboarding representative for assistance in getting connected to GFO-X.

Further information will be provided in upcoming notices.

HKEX: Self-Match Prevention Service Enhancements

June

HKEX has announced enhancements to their Self-Match Prevention Service which will expand the methods of utilizing and accessing the SMP feature. The exchange has tentatively scheduled the enhancements for a production launch in June, 2024. 

Presently, the estimated delivery timeline for UAT testing of the SMP Enhancements is during the last week of May, 2024. Prior to launch, all Participants planning to use the new features are required to complete a Readiness Test. Details specific to TT platform access for the Readiness Test will be provided here in System News pending updated communications from the exchange.

Members are kindly reminded that in order to utilize the exchange’s new SMP features, submission of a Request For Access To Hkats Testing Environment form is required. Please contact the HKATS Support Team at the HKEX for more information.

Please note that the already-existing HKEX SMP implementation will continue to operate normally on TT, with no changes, both before and after the rollout of the exchange’s new enhancements.

SGX: Implementation of SGX FX Futures Data as an Independent Data Module

July 1

SGX has announced that starting from July 1, 2024 the exchange will implement an independent data module “SGX FX Futures” that will be comprised of SGX Instrument Groups “FC”, “EC”, “EP” and “FFC.”

Upon completion of the change, all related SGX ticker symbols will be marketed and permissioned under SGX FX Futures as a standalone offering.

TT Platform Impact

This change brings no impact to the TT Platform or to customers and end-users of TT. Support for these changes is already in place and the SGX market data reporting processes already in place at TT today are compliant with the upcoming changes.

SGX: GIFT Connect Service Release 2

July 1

SGX has announced plans to deploy a new system update, “GIFT Connect Service Release 2” with a target timeframe of July 1, 2024 for production release. The primary impact to TT Platform for SR2 is access to Weekly Options on NSE IX Futures.

From July 1, customers with access to TT’s SGX_OTC offering will be able to create NLT / Wholesale orders on the SGX Weekly Option contracts for Nifty 50 Index (Symbol “GINW”), Nifty Bank Index (Symbol “GINBW”) and Nifty Financial Services Index (Symbol “GINFW”). 

Also following the SR2 changes, TT customers will be able to access Weekly Options on NSE IX Futures via SGX_GIFT. Immediately after the SR2 upgrade, access to Weekly Options on SGX_GIFT will be strictly limited to Market Data only. The actual go-live date for SGX participants to trade and clear NSE IX Weekly Options on SGX_GIFT will be announced by the exchange at a later date, subject to due regulatory process.

TT Engineers are currently working to make the new Weekly Options available for testing in UAT on both SGX_GIFT and SGX_OTC. Additional information will be provided here in System News as the details become clearer.

Please note that GIFT Connect SR2 includes three other new features for the SGX_GIFT market. TT Platform support is NOT planned for these features at this time:

• Disclosed Quantity Orders: Order routing and Inbound DropCopy support
• 2L/3L (Multi-leg) Orders: Order routing and Inbound DropCopy support
• On-behalf mass order cancellation and Block/Unblock API ID: Inbound Dropcopy support

TFEX: STEC Restructuring Plan

July 2024

TFEX has announced a restructuring plan for Sino-Thai Engineering and Construction PCL (Symbol = “STEC”). Upon completion of the restructuring plan, TFEX will cease trading on “STEC” and continue trading on a new Holding company with symbol “STECON.”

TT will not automatically move any positions from STEC to STECON. TT will not automatically move any working orders from STEC to STECON. Traders who have open positions on STEC and wish to maintain their positions after the restructuring should work with their Risk Administrators to create SODs or Admin Fills on STECON.

Users who need details regarding SET/TFEX Clearing, Margin, Credit and other concerns related to the STEC restructuring plan should reach out to their Brokers or respective exchange representatives.

TT will provide all customers with the opportunity to test the STEC Restructuring Plan in UAT. Details will be provided in future System News updates after the exchange communicates their plans.

TFEX: New Currency Futures

Q2-Q3

TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of Q2-Q3. These are the same Currency Futures that were originally scheduled for launch in July of 2022 and Members already verified them during the 2022 IWT – MME testing.

Since the TT platform was fully updated for handling the products prior to the 2022 IWT tests, no further software changes are required on the TT side at this time. The Product Codes are as follows:

• EUR/THB Futures – “EUR”
• JPY/THB Futures – “JPY”

The exchange requires that Members verify the new Currency Futures in the TFEX “NEXT-B” Test Environment starting from September 4, 2023. Members may complete testing at any time (pending exchange availability of the feature) in the TT UAT “TFEX_DEV” Environment.

JSE Release 7.7 : Self-Match Prevention

H2

JSE has announced Release 7.7 , also referred to as MIT Upgrade 2024, which will occur in the latter half of 2024. It will be available in the UAT environment during early Q3 . Exact dates are not yet available from the exchange.The JSE release 7.7 summary can be found here:

https://clientportal.jse.co.za/Content/JSE%20Technology%20Document%20Items/JSE%20Trading%20-%20MIT%20Upgrade%202024%20v2.0.pdf

Of particular note, this release will include the introduction of Self-Match Prevention functionality. It is not a mandatory feature , however , any client interested in using this feature will need to complete conformance testing in the UAT environment. 

TT is currently evaluating the latest specification published by exchange on March 28 , and we will update TT delivery timelines in further updates.

MX API Upgrade: Client Identifiers

Q3

MX has announced a SAIL protocol upgrade (B4), with a soft launch date of June 28, 2024, and a production cutoff date of October 1st.

This upgrade includes the introduction of the following new fields for the purpose of regulatory compliance:

• Short Code
• UniqueID
• Sponsored Access Flag
• Algo Trading Flag 

‘Short Code’, ‘UniqueID’, and ‘Sponsored Access Flag’ will be configurable at the Account level in TT User Setup.

The ‘Algo Trading Flag’ will be set automatically based on the input method of the end user. This is the same functionality in use today for markets subject to MiFID II regulations.

The following are the anticipated milestones for this project:

Additional Resources

MX Client and Order Identifiers

LME: New Trading Platform

October 21 (tentative)

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, on October 21, 2024 (tentative date, will be confirmed by LME in September.) Access is now available in the TT UAT environment.

The following are the anticipated milestones for this project. Additional details on expected timelines for delivery will be based on the exchange launch date, which is still to be determined.

LME will provide another update in June and more details will be made available then.

JPX: Change of Derivatives Market Trading Hours

November 5

JPX has announced that starting from November 5 there will be a change of trading Hours for the Exchange Derivatives Market due to extension of Trading Hours at TSE. Details about changes to the TT platform and availability of testing in UAT will be posted here in System News as they emerge.

HKEX: Introduction of 10-year China Ministry of Finance Treasury Bond Futures

TBD

HKEX has announced the long-awaited introduction of 10-year China Ministry of Finance Treasury Bond Futures to their product line-up. The product launch date is tentatively scheduled for Q1 2024 will be announced when the preparatory work is completed on the exchange side.

Changes to the TT platform are not needed for support of the new product. The product symbol is HTT and it is available now for testing in the UAT Environment.

Additional Resources

Exchange Circular EBF/FIC/004/24