- CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
- CFE: RIC symbol change
- B3 Binary Protocol
- HKEX: Introduction of 10-year China Ministry of Finance Treasury Bond Futures
- WSE: Native Support for Order Entry
- 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
- Eurex T7 12.1 Upgrade
- SGX + SGX_GIFT: Industry-wide BCP Exercise
- LME: New Trading Platform
- 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: GIFT Connect Service Release 2
- TFEX: New Currency Futures
- JSE Release 7.7 : Self-Match Prevention
- MX API Upgrade: Client Identifiers
- SGX: Titan Derivatives Trading Data Recovery Exercise
- JPX: Change of Derivatives Market Trading Hours
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.
CFE: RIC symbol change
March 29
Effective 17 March 2024, Refinitiv has introduced a change to RICs for CFE VX and VXT products transitioning from single digit to two digit year codes for contracts expiring in January 2024 and beyond. Example: Old RIC: VXF4, New RIC: VXF24.
Please note that TT did not go live with these changes at the same time as Refinitiv. TT will support new RIC codes in Production starting April 1st. Until then, customers should continue to use the existing RIC codes.
Once changes are implemented, TT will modify the RIC codes of existing contracts and any new contracts as they are added by the exchange. This will impact customers that trade CFE using FIX Order Routing, Drop Copy and FIX Order Gateway services, and will require that clients be ready to both send and receive the new RIC code format.
This change was made available in UAT for testing as of March 15, 2024.
All TT FIX Order Routing, Drop Copy and FIX Order Gateway clients using RICs on the CFE market are strongly encouraged to integration test their applications in UAT before the production go-live date.
Please contact FIXIntegration@trade.tt with any questions or concerns.
List of impacted contracts:
https://library.tradingtechnologies.com/downloads/CFE_RIC_Change_Guide.pdf
B3 Binary Protocol
Q1-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).
TT upgraded the market data in UAT on March 20, 2024, to utilize the new binary price feed.
The exchange requires new credentials for order entry via the new API. We recommend that customers initiate the process of requesting these credentials from the exchange.
All clients are strongly encouraged to conduct testing in UAT and provide feedback.
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
TT has completed the conformance with the exchange for Order Entry and Prices data. We will provide a milestone-based timeline detailing dates and deliverables for each of these phases in the upcoming week.
Please note that on the new binary SBE UMDF market data protocol, B3 does not send Settle and SettlePU prices. B3 plans to address this issue in Q2, with the solution becoming available to ISVs in Q3. These values are crucial for calculating PnL and working days to expiry for ADL. To address this issue in the new protocol, TT will implement an interim solution to retrieve Settle and SettlePU from the old protocol at the beginning and end of each trading session. These values will remain constant until the end of the trading session and won’t be updated in real-time. Once this feature becomes available via the new protocol, these values will once again be updated in real time.
Additional Resources
HKEX: Introduction of 10-year China Ministry of Finance Treasury Bond Futures
Q1
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.
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.
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.
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. The other changes being put into place for SR12 are entirely exchange-side.
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.
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:
| Milestone | Expected Date | Delivered Date |
| Exchange Upgrade Announcement | 11/8/2023 | 11/8/2023 |
| Exchange Preliminary Release Notes | 12/19/2023 | 12/19/2023 |
| Exchange Preliminary Specifications | TBD, March | 2/22/2024 |
| Exchange Simulation Available | 3/25/2024 | 3/25/2024 |
| TT Deployment to UAT | 4/2/2024 | |
| TT Impact Analysis (Draft) | 4/15/2024 | |
| TT Delivery of Go-Live Plan | 4/15/2024 | |
| Exchange Connectivity Test | 5/11/2024 | |
| Exchange Go-Live | 5/13/2024 |
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.
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.
| Milestone | Expected Date | Delivered Date |
| TT Initial Deployment to UAT | December 11, 2023 | December 11, 2023 |
| Exchange Conformance Deadline | December 22, 2023 | December 29, 2023 |
| TT Migration Guide (Draft) | June 15, 2024 | |
| Exchange Dress Rehearsal 1 (TBC) | September 23, 2024 | |
| TT Migration Guide (Final) | September 30, 2024 | |
| TT Delivery of Go-Live Plan | September 30, 2024 | |
| Exchange Dress Rehearsal 2 (TBC) | October 7, 2024 | |
| Exchange Go-Live | October 21, 2024 |
LME will provide another update in June and more details will be made available then.
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: 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. TT will ensure full compatibility with the update. New details will be provided here in System News as they become available.
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:
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.
| MX new fields | Corresponding TT fields on accounts |
| Unique ID (text field) | Investment Decision ID |
| Sponsored Access Flag (boolean: Y/N, default: empty value) | Direct Electronic Access (DEA) |
| Client Short Code (text field) | Client ID |
| Algo Trading Flag (boolean: Y/N, default: empty value) | <Programmatically set, no user input is required> |
Additional details on implementation and TT timelines will be provided in due course.
Additional Resources
MX Client and Order Identifiers
SGX: Titan Derivatives Trading Data Recovery Exercise
September
SGX is planning to conduct a Titan Derivatives Trading Data Recovery Exercise (Data Corruption Scenario) tentatively scheduled for September, 2024. Participation is mandatory for all Singapore-based Members.
Testing on the TT Platform will be hosted in the UAT test environment. Additional details about connecting to TT for participation will be provided in due course as the exchange makes them available.
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.