System Admin News & Updates

• CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
• B3 Binary Protocol
• 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
• WSE: Native Support for Order Entry
• 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: 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 in upcoming System Updates. 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

The following are the anticipated milestones for this project:

Additional Resources

Binary Market Data

Bianry Order Entry

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.

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.

Eurex T7 12.1 Upgrade

May 13

Deutsche Börse plans to introduce T7 Release 12.1 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. 

Further details on TT’s plans for this upgrade will be communicated in the near future.

The following are the anticipated milestones for this project:

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 only to their SET Equities platform.

The changes applicable to TT platform are the Market data improvements. TT has made the necessary arrangements and will participate in the Market Data conformance test which is being conducted from Apr 8 to Apr 26, 2024.

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

In addition, TFEX has also announced a 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

Q2

HKEX has announced enhancements to their Self-Match Prevention Service which will expand the methods of utilizing and accessing the SMP feature. The enhancements have a tentative Go Live date in Q2 2024.

At this time, TT is evaluating the changes to the API and will communicate plans for support of these enhancements in the near future. The already-existing HKEX SMP implementation will continue to operate normally, 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 two 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: 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. Specifications and specific details are not yet available from the exchange.  The JSE release 7.7 summary can be found here:

https://clientportal.jse.co.za/Content/JSEHotlinesItems/JSE%20Service%20Hotline%2003624%20EDM%20EQM%20and%20FXM%20-%20JSE%20Trading%20-%20MIT%20Upgrade%202024%20v1.0%20(Attachment).pdf

Of particular note, this release will include the introduction of Self-Match Prevention functionality. Once specifications become available, TT will evaluate requirements for implementation and advise on timelines.

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.

Additional details on implementation and TT timelines will be provided in due course.

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