System Admin News & Updates

• CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
• Nasdaq: Change of tick size for Norwegian Index Futures
• NSE: Change in Expiry for BANKNIFTY Monthly and Quarterly Contracts
• Eurex : T7 Disaster Recovery Test 
• JPX: Addition of Prime 150 Index Futures
• JPX: Addition of Weekly Contracts on Electricity Futures
• JPX: Revision of Tick Size for LNG Futures
• IDEM: Migration to Euronext
• Euronext: Support for Euronext’s Self Trade Prevention (STP) functionality
• TFEX: Extended Trading Hours
• B3 Binary Protocol
• HKEX: Introduction of the 10-year China Ministry of Finance Treasury Bond Futures
• WSE: Native Support for Order Entry
• KRX: Expansion of Futures Spreads Trading Hours
• KRX: Shortening the Trading Period for select products
• KRX: Tick Size Amendment for Block Trades and EFPs
• Eurex T7 12.1 Upgrade
• SGX: Industry-wide BCP Exercise
• LME: New Trading Platform
• GFO-X: New Market for Cryptocurrency Derivatives
• HKEX: Self-Match Prevention Service Enhancements
• TFEX: New Currency Futures
• JPX: Change of Derivatives Market Trading Hours

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

2024

This month, CME will introduce support for iLink3 on Convenience Gateways (CGW) for trading Futures and Options on CME Globex. CME will decommission CGW iLink2 on Jan 31, 2025 and all customers must migrate by December 31. 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.

CME will launch iLink 3 for CGW in Production in February, however TT will not support the feature until later this year. 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. 

TT will provide a development update later this month, and will provide a high-level project milestone/timeline document as well as a migration guide as we get closer to the go-live. Customers may be familiar with the MSGW ilink3 upgrade that occurred in 2019, and this CGW upgrade to ilink3 will be very similar.

Nasdaq: Change of tick size for Norwegian Index Futures

February 12

As of February 12, 2024, Nasdaq Derivatives Markets will change the tick size of Norwegian Index Futures (OMXO20).After close of trading on February 9, 2024, all long orders remaining in the order books will be deleted for OMXO20 Index Futures, in order not to have any long orders remaining in the order book with a price inconsistent with the new tick size.

Additional Resources

IT – Equity Derivatives – Change of tick size for Norwegian Index Futures.pdf

NSE: Change in Expiry for BANKNIFTY Monthly and Quarterly Contracts

March 1

The expiry of all monthly and quarterly contracts on BANKNIFTY will be modified to Wednesday from the existing expiry of Thursday.

• At EOD of Feb 29, the expiry date of all existing monthly and quarterly BANKNIFTY contracts will be revised from existing Thursday to the last Wednesday of every month. 
• If Wednesday is a trading holiday, the expiry day will be the previous trading day.
• Any new contracts created on / after the EOD of Feb 29 will be as per these revised expiry days.
• The first Wednesday monthly expiry will be on March 27.
• There is no change to expiry of weekly contracts.

This change does not directly impact TT, and the updated expiry dates will be automatically available on TT from March 1.

Additional Resources

NSE Circular

Eurex : T7 Disaster Recovery Test

March 16

Eurex is planning a T7 Disaster Recovery Test on March 16 for the current release T7 12.0 . Participation in this test is strongly recommended . Last date for Trading participants to register for this test is Feb 16 , 2024 . 

Additional information from the exchange regarding this test (including System documentation, circulars and timelines) is available here →Support > Initiatives & Releases > Project Readiness > T7 Disaster Recovery Test. 

JPX: Addition of Prime 150 Index Futures

March 18

JPX has announced the Addition of Prime 150 Index Futures with an effective date of March 18. The product code for the new product is JP150 and it will be available for testing in UAT starting from mid-to-late December, 2023. For Production, Prime 150 Index Futures will be available on TT for Risk Limit setup and other configurations starting from January 15.

Additional Resources

• English: Data & Statistics: JPX Prime 150 Index
• 日本語: マーケット情報： JPXプライム150指数

JPX: Addition of Weekly Contracts on Electricity Futures

March 18

JPX has announced the Addition of Weekly Contracts on Electricity Futures with an effective date of March 18. The product codes are listed below and they will be available for testing in UAT starting from mid-to-late December, 2023. For Production, the products will be available on TT for Risk Limit setup and other configurations starting from January 15.

• EEBW (East Area Weekly Baseload Electricity Futures)
• EWBW (West Area Weekly Baseload Electricity Futures)
• EEPW (East Area Weekly Peakload Electricity Futures)
• EWPW (West Area Weekly Peakload Electricity Futures)

Additional Resources

• English: Addition of Weekly Contracts on Electricity Futures and Revision of Tick Size for LNG Futures
• 日本語: 電力先物に係る週間物取引の追加及びＬＮＧ先物の呼値の単位の見直しについて

JPX: Revision of Tick Size for LNG Futures

March 18

JPX has announced a change of Tick Size for LNG Futures with an effective date of March 18. Tick Size changes are routine changes on the TT Platform and as such the updates will be applied to all TT environments automatically, immediately upon being sent out on the exchange’s Market Data Feed. The changes will be available for testing in UAT starting from December 6, 2023. The changes will be available in Production starting from March 18.

Additional Resources

• English: Addition of Weekly Contracts on Electricity Futures and Revision of Tick Size for LNG Futures
• 日本語: 電力先物に係る週間物取引の追加及びＬＮＧ先物の呼値の単位の見直しについて

IDEM: Migration to Euronext

March 25

On March 25, Euronext will complete the migration of Borsa Italiana (IDEM) products to the Euronext exchange. On TT, the IDEM market will be decommissioned and these products will be available to trade on the Euronext market. 

Details on TT customer impact, as well as TT’s plans for this migration may be found in the IDEM to Euronext Migration Guide, which will continue to be updated as needed:

https://library.tradingtechnologies.com/downloads/IDEM_Euronext_Migration_Guide.pdf

NOTE: To reduce the manual effort required on the part of customers, this week, TT copied TTUS data in UAT from IDEM to Euronext. Customers are encouraged to verify this data, and to make any modifications necessary for trading. This exercise will be performed in Production on March 16th. Please refer to the migration guide for additional information.

Notable changes with this migration:

• In addition to the currently supported Euronext order types of Market and Limit, Stop Market and Stop Limit will be enabled for IDEM Derivatives, and will be supported on TT. Note that these two Stop order types are applicable only for the IDEM instruments, and such orders will get rejected by the exchange if entered on legacy Euronext instruments.
• TT will introduce support for the Euronext Self-Trade Prevention (STP) functionality, which will be supported on both Euronext and IDEM products. 
• In Setup, Administrators will be required to permission users for access to IDEM market data on Euronext, as well as to allow trading.

These changes are available in TT UAT environment for testing.

The following are the anticipated milestones for this project:

Euronext has started adding IDEM related instruments in production, and all instruments are expected to be created by 24 Feb. Customers may start seeing these under Euronext on TT as soon as these are added by Euronext. For these –

• Symbols starting with ‘e’ pertain to IDEM Equity Derivatives
• Symbols starting with ‘i’ pertain to IDEM Index Derivatives

For the Dress Rehearsals, customers need to register their participation with Euronext by 9 Feb on the below link –

Euronext Dress Rehearsal Registration Link

Euronext: Support for Euronext’s Self Trade Prevention (STP) functionality

March 25

TT will implement support for Euronext’s Self Trade Prevention (STP) functionality on 25 March 2024. This is now available in TT UAT environment for testing. In TT User Setup, users can set the SMP ID and SMP Instruction for this functionality to take effect. SMP Instruction can be set to any of the below options –

• Cancel Resting Order
• Cancel Incoming Order
• Cancel Both Orders

Please note that the Euronext Self Trade Prevention is not applicable for orders sent with Account Type as Client.

TFEX: Extended Trading Hours

March 25

TFEX has announced plans for Phase 2 of their extension of trading hours for Non-Equity Products. The changes are tentatively scheduled to go into effect on Mar 25, 2024.

Further updates regarding UAT Testing availability will be provided here as soon as the details have been announced by the exchange.

TT Platform Impact

There is no impact to the TT platform. Since TT TFEX services already stay connected to the exchange past the new Non-Equity Products‘ closing time, no changes are required. Furthermore all market updates like Trading Status updates, etc are detected by the TT platform automatically and do not require changes when schedules change.

B3 Binary Protocol

Q1

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 is currently developing support for B3’s binary protocols both for market data and order entry, which will be available in UAT in Q1 2024. 

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
• 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

We will provide a milestone based timeline detailing dates and deliverables for each of these phases in 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

Binary Market Data

Binary Order Entry

HKEX: Introduction of the 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

Q1

In Q1, 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.

KRX: Expansion of Futures Spreads 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.

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 planned to start on March 25, 2024. 

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 onTT’s plans for this upgrade will be communicated in the near future.

The following are the anticipated milestones for this project:

SGX: 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.

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

LME: New Trading Platform

June

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, in Q2. 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.

GFO-X: New Market for Cryptocurrency Derivatives

Q2

GFO-X is a new exchange which will support cryptocurrency derivatives. It is planned to go live in Feb , and TT will add native support for order entry on this exchange. 

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.

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 November 20, 2023 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.

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.