System Admin News & Updates

• Critical Updates
  • CME Market Data Subscription Agreement Change
  • (Updated) CME: Mandatory Migration to iLink 3.0 – Available in Production
  • CME: Change to E-mini S&P Options User Defined Spreads Market Data Channel – Resting Orders Elimination
  • TFEX: Order Entry Gateway Rebalance
  • JPX: Change of Derivatives Market Trading Hours
  • Eurex/EEX: T7 13.0 Upgrade
  • B3: Binary Protocol
  • CFE Options Support
  • SGX: FIA Tech Execution Source Code
  • TFEX: Auto Halt
  • (Updated) LME: New Trading Platform
  • TFEX: STEC Restructuring Plan
• Disaster Recovery and Mock Testing
  • SGX: Data Recovery Exercise for Derivatives 
  • NASDAQ : Genium Failover Test 
  • CEDX: Disaster Recovery Test 
  • HKEX: Severe Weather Trading
  • FIA: Industry-Wide Testing
  • JSE : DR and BCP Test
  • TFEX: SET Alternate DR (DC3)
• New Markets
  • FMX: Launch of FMX Futures Exchange 
  • GFO-X: New Market for Cryptocurrency Derivatives
• New Products
  • CFE: S&P 500 Variance Futures
  • CME: Bitcoin Friday Futures (BFF)
  • HKEX: Introduction of Weekly Stock Option Contracts
  • TFEX: New Currency Futures
  • HKEX: Introduction of 10-Year China Ministry of Finance Treasury Bond Futures

Critical Updates

CME Market Data Subscription Agreement Change

August 31

As of September 1, the CME will update their market Data Subscription Agreement. 

• From August 11, users in UAT have been prompted to sign a new agreement in order to allow continued access to CME market data
• Deployment of the new Agreement will occur in Production on August 26, 2024, and all users will be required to accept the agreement prior to October 1, 2024 in order to allow access to CME market data
• SDK users will need to access TT Setup to sign the new agreement, this is not required for FIX users

(Updated) CME: Mandatory Migration to iLink 3.0 – Available in Production

November 15, 2024

Update: In anticipation of the seasonal change freezes beginning in December, and the potential penalties imposed by CME for not migrating to iLink 3.0 by the end of 2024, TT has established a deadline of November 15, 2024, for all clients to complete their migration to CME iLink 3.0 on the platform. Support for CME iLink 2.0 will end after this date.

Summary: 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.

Convenience Gateway Migration from iLink 2.0 to iLink 3.0: Customers familiar with the MSGW iLink3 upgrade that occurred in 2019 will find the CGW iLink upgrade familiar. The steps for migrating are as follows:

1. Coordinate with CME to apply for an iLink3 Convenience Gateway Session.
   1. When applying for a new iLink3 Session, Members should specify TT frontend name “TT CME iLink3 CGW”
2. For each iLink Session, create NEW Connections in Setup
   1. Be sure to use a Session ID created by CME specifically for iLink3 (see #1 above).
   2. Be sure to set the Connection Type to “Convenience Gateway iLink3.”
   3. PLEASE NOTE: Modifying an existing connection’s “Type” (for example, changing a connection from “Convenience Gateway” to “Convenience Gateway iLink3” is not supported. All Customers migrating from iLink2 to iLink3 must create a new connection for iLink3.
3. FIX configurations, Order Tag Defaults, etc. will all continue to function with no changes required since the functionality of TT CGW iLink3 is identical to TT MSGW iLink3.
4. Throttle Limits
   1. For On-Demand order entry, TT recommends that customers set their Connection level Max Order Rate to 250 transactions per second in order to ensure CME iLink session throttle limits are not exceeded.
   2. This limit will be applied to New Order Single and Change messages, but Cancel messages will not be throttled by TT
      1. Note: Cancel messages are accounted for in the rolling transaction per second queue, but will not be rejected by TT

Access to Testing: Convenience Gateway for iLink 3.0 OnDemand Order entry is available now for testing in UAT. Members who have not yet started verifying iLink 3.0 are strongly encouraged to begin testing as soon as possible.

Access to Production: Convenience Gateway for iLink 3.0 OnDemand order routing is available now for Production Trading. Members are welcome to begin migrating as desired. User Acceptance Testing prior to migration is highly recommended.

Documentation/ iLink3 Migration Guide: The TT CME iLink3 Migration Guide is now available at the link below. Version 2.0, which includes more details on Pre-Registration functionality and implementation, will be released during the week of September 9-13.

Pre-Registration vs On Demand Order Support: At this time, TT Support of CME iLink 3.0 is limited to OnDemand Orders only. However, TT Engineers are currently working to complete support for the exchange’s new “Pre-Registration” Order entry method. Details about TT handling of Pre-Registration, including implementation details, Max Order Rate settings and delivery schedules are provided in  iLink3 Migration Guide.

Prior to TT’s Production launch of Pre-Registration Support, customers will have the opportunity to participate in Mock sessions which we will coordinate with the CME.

Further updates regarding timelines, migration, documentation, etc will be shared here in System News.

Additional Resources

Binary Market Data

Binary Order Entry

TT CME iLink3 Migration Guide – UPDATED!

CME: Change to E-mini S&P Options User Defined Spreads Market Data Channel – Resting Orders Elimination

September 22

TT has received the following communication from the CME:

Effective Sunday, September 22 (trade date Monday, September 23), E-mini S&P options User Defined Spreads (UDS) (tag 1151-SecurityGroup=1V) will move from Market Data Platform (MDP) 3 Channel 311 to 323 to better load balance across the MDP 3 channels.

To facilitate this change, customers are asked to cancel all Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders on E-mini S&P options UDS after the close on Friday, September 20. After 16:00 CT on Friday, September 20, all remaining GT orders for these User Defined Spreads will be canceled or deleted by the CME Global Command Center (GCC).

GT orders on the E-mini S&P 500 option outrights are not affected by this change.

TFEX: Order Entry Gateway Rebalance

October 5

TFEX has announced an Order Entry Gateway Rebalance for Q4 2024. Prior to the Rebalance Process, all members using a TFEX User Login that requires a gateway change will receive an email from the exchange. The email will contain information about the ID slated for rebalancing, an attendance confirmation survey, the test schedule and the test script.

For all IDs that require a rebalance, the Primary IP and Port as well as the Secondary IP and Port must be updated to match the configuration specified in the exchange email. This update must be completed in TT under Setup  → Connections. Members who receive such an email are requested to contact TT Onboarding or Service Management to discuss plans.

On October 5, 2024 TFEX is conducting a connectivity test that is mandatory for all Members required to complete a rebalance.

JPX: Change of Derivatives Market Trading Hours

November 5

JPX has announced that starting from November 5, 2024 there will be a change of trading hours for the Exchange Derivatives Market due to extension of trading hours at TSE.

Support for the trading hours change is now available for testing in UAT. All customers looking to test the new changes should contact TT support and request “access to the JPX Trading Hours Change in UAT.”

Additional Resources

Factsheet – JPX Trading Hours Change on TT

Eurex/EEX: T7 13.0 Upgrade

November 18

Eurex plans to release T7 13.0 to Production on November 18. Simulation access for T7 Release 13.0 will become available in Simulation on September 9.

Additional information from the exchange (including System documentation, circulars and timelines) is available here → https://www.eurex.com/ex-en/support/initiatives/t7-release13

The following are the anticipated milestones for this project:

Note: TT will restore access to Eurex/EEX in UAT as soon as possible during the week of September 9, once internal testing has been conducted upon completion of the upgrade by Eurex. 

B3: Binary Protocol

Q3

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

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 in Q2, with the solution becoming available to ISVs in Q3. To address this in the new protocol, TT is implementing 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.

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  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:

CFE Options Support

October 14

Cboe will introduce support for Options on Cboe Volatility Index Futures on October 14.

TT will provide support for Options on Cboe Volatility Index Futures (VX), as well as CFE’s Corporate Bond Index Options on IBHY and IBHG, as of that date.

SGX: FIA Tech Execution Source Code

September 23

SGX has announced the start of support for the FIA Tech Execution Source Code field (FIX Tag 1031) in the SGX Titan DT order flow beginning April 29, 2024. The FIA Tech Execution Source field is now also accessible for SGX traders on TT:

1. by using the Setup Account setting Customer Order Handling Instruction under SGX Exchange Properties. Or,
2. by sending a value in Tag 1031 from FIX Order Routing.

TT Platform support for the FIA Tech Execution Source Code is available now for testing in UAT. Support for the feature will be available in Production starting from September 23, 2024.

Additional Resources

Guidelines for the FIA Execution Source Code Schema

TFEX: Auto Halt

Q1 2025

Summary: TFEX has announced support for a new Auto Halt feature which will trigger when the volume of orders exceeds a threshold that is pre-defined by the exchange. TFEX will confirm and announce the Go Live date after the improvements have been approved by the SEC and once the overall readiness of market participants has been met.

Handling of Trading Status: There are two trading statuses associated with the new feature, which will be shown on the TT platform as follows:

• Halt (PAUSE_D) = “Freeze” on the TT platform
• Pre-open (PRE-OPEN_CB_D) = “Pre-Open” on the TT platform

The handling for these status updates is already supported on TT and therefore new software changes are not required.

Access to Testing: Information will be provided once made available on the exchange side.

(Updated) LME: New Trading Platform

Q1 2025

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, in Q1, 2025. 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.

Additional dates on the above timeline are pending exchange communication of an updated go-live date.

TFEX: STEC Restructuring Plan

TBD

Summary: 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.”

Handling of Positions and Orders: 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.

Additional Information: 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.

Access to Testing: The exchange provided opportunities to test the behavior in UAT, and they concluded this testing on May 24, 2024.

Consultation and Verification: Customers looking for specific details about test procedures and verification points should consult with their TFEX exchange representative or Broker.

Disaster Recovery and Mock Testing

SGX: Data Recovery Exercise for Derivatives

September 14

Summary: With reference to Circular No. DT/CCM: 4 of 2023, SGX will conduct a data corruption, recovery, and reconciliation exercise (DRE) in Titan DTDC systems. The objective of this exercise is to practice recovery, reconciliation, trading and clearing resumption with Derivatives Members. This exercise also aims to refresh crisis communication, escalation protocols and procedures between SGX and Members.

Test Participation and Registration: SGX will conduct the test in the SGX Titan Member Test Environment (MTE) which is accessed on TT via the UAT environment. Members who have not yet registered their participation via the SGX BCP Information Portal (http://www.sgx.com/BCP) should contact SGX as soon as possible since the official close of Registration was on Monday, June 10, 2024.

Participation is mandatory for all Trading Members (Agency) and Clearing Members based in Singapore.

Access to Testing: As per information received from SGX, all participants are required to apply for new User IDs for accessing the Test Environment. Furthermore, all participants should ensure that they have configured their Accounts appropriately to interface with the SGX Clearing System. Please reach out to the exchange directly at DREMCON@sgx.com for any questions or concerns related to the SGX User ID or Clearing ID application process.

The exchange requested that all participants configure their TT connections to connect to the SGX Conformance Test environment and complete a login test. The exchange’s deadline for this was August 21, 2024. Any customers who plan to participate in the test and have not yet completed their ID application process and connectivity test should do so with urgency.

NASDAQ : Genium Failover Test

September 14

Summary: TT has received the following notice from Nasdaq:

On Saturday September 14th, 2024 , from 10:00 – 14:00 CEST ,  Nasdaq Nordic will perform verification tests of the site failover functionality in the Genium INET Production and Nasdaq Equity Derivatives Trading Production (NDTS) environments. The systems will be available for Nasdaq Exchange and Clearing members for login and standard reference data and business queries. No other type of business functionality will be enabled.

Members are recommended to take advantage of this opportunity to test their connectivity and ability to failover to the Nasdaq site B (PORT) datacenter. Please note that only participants that have connectivity access to site B (PORT) can participate in this test, i.e., Co-Lo customers with access only to site A (VASBY) can’t participate.

Test Participation and Registration: Members shall register for the test by sending the Registration and Report form (attached to this IT-Notice) to technicalrelations@nasdaq.com no later than September 11th, 2024. This will ensure proper contact information is collected that will be used during the failover test.

TT will support this testing on the Nasdaq_NED market. Participating customers must configure their Disaster Recovery IP and Port on Connections in TT User Setup in order to connect to the exchange DR site. This configuration should be left in place once the test is completed. Documentation on configuration of these values may be found here.

Additional information :-
IT-Genium_INET-Annual_Failover_Test_in_Genium_INET_and_NDTS_Production_Sept_14_2024.pdf

Genium INET and NDTS Failover verification – Registration and Report Sept 2024 – Editable.pdf

CEDX: Disaster Recovery Test

September 21

TT has received the following from CEDX regarding its DR testing on September 21:

On Saturday, 21st September 2024, Cboe Europe (Cboe) will be conducting its annual disaster recovery (DR) test for the Production BXE, CXE, DXE, TRF, SIS (Equities) and CEDX (Derivatives) environments. The purpose of this testing day is for Cboe to simulate various DR failover scenarios, including a test of market failover from its primary data centre at Equinix Slough (LD4) to its secondary data centre at Equinix Park Royal (LD3).

Additional information from the exchange may be found here:

https://cdn.cboe.com/resources/release_notes/2024/Cboe-Europe-Annual-Disaster-Recovery-Test.pdf

TT will participate in this testing.

HKEX: Severe Weather Trading

September 23

Summary: HKEX has announced plans to implement Severe Weather Trading starting from September 23, 2024. The date is tentatively set pending regulatory approval. After Severe Weather Trading has been put into effect, all trading and market data systems will continue operating as usual, the same as during a regular trading day, regardless of Severe Weather conditions.

Changes to the TT Platform are not needed and there will be no new software versions deployed for supporting Severe Weather Trading.

August 24 Practice Session: HKEX is hosting an optional practice session for Severe Weather Trading on Saturday, August 24. TT will not participate in the Practice Session.

July 16 ~ End-to-End Test Session: HKEX is hosting an optional End-to-End Test Session for Severe Weather Trading starting from Tuesday July 16, 2024 through Friday, August 23. All TT customers are welcome to login to the UAT Environment and conduct testing as needed.

Readiness Declaration: HKEX requires that all Exchange Participants (except for those with certain exemptions) complete and submit a Readiness Declaration form on or before August 30, 2024. EPs should make use of the above-mentioned End-to-End Test Session to verify their readiness and submit their declaration forms.

Additional Resources

HKEX FAQ on Severe Weather Trading

Readiness Declaration Form

FIA: Industry-Wide Testing

October 5

The Futures Industry Association will sponsor its annual Industry-Wide Disaster Recovery Testing (IWT) on Saturday, October 5. We will facilitate customer participation for registered TT platform customers. 

Testing will be available on the following exchanges:

• CFE 
• CME 
• EEX
• Eurex 
• Euronext
• ICE 
• Montréal Exchange
• Nodal

Customers who plan to participate in the FIA IWT should contact their Onboarding Manager to register for testing and provide exchanges that will be tested along with Connection_IDs that will be used during the test.

Ping/telnet tests for relevant exchanges will be completed by TT staff as required.

For additional details, please see the FIA Disaster Recovery Exercise information page.

JSE : DR and BCP Test

October 19 – 20

TT has received the following notice from JSE:

The JSE conducts a Market-Facing Disaster Recovery and Business Continuity Test annually to evaluate and improve the resilience and recovery capabilities of both the JSE and our clients, should we face a scenario necessitating the activation of the JSE Disaster Recovery process.

Additional Information would be shared after an online information session with JSE on October 02 

TFEX: SET Alternate DR (DC3)

November 9

TFEX has announced plans to conduct their annual SET Alternate DR (DC3) test on November 9, 2024. TT does not provide connectivity to the SET/TFEX “Alternate DR” / Tertiary Data Center. Member participation in the test is not mandatory.

Note that all members are required to register Non-Participation by completing the Participation Survey, which will be sent out to all Members in due time from the SET Contact Center. Any questions or concerns regarding this point should be directed to the SET Contact Center.

New Markets

FMX: Launch of FMX Futures Exchange

September 23

FMX Futures Exchange, which will be a marketplace for futures contracts on U.S. Treasuries and SOFR,  is expected to start its operations on 23 September 2024. TT will support trading on this new exchange on its launch. FMX is available in the TT UAT environment and interested customers can reach out to their Onboarding representative for assistance in getting connected to FMX.

The following are the anticipated milestones for this project.

The FMX market will officially open for Live trading on 23 September at 9 PM ET.

In preparation for the Go Live, FMX has announced that they will conduct dress rehearsal tests in their production environment from 31 Aug. The details and schedule of these tests will be as –

• From 31 Aug to 3 Sep, TT tested its production connectivity, market data and order entry.
• From 2 Sep to 20 Sep (excluding Saturdays and Sundays), customers can enter orders and participate in these dress rehearsal tests. Please note that FMX will support only order entry during the dress rehearsal, and will not support order matching even if the orders cross the available market.
• The trading session will follow the regular session times of 9 PM to 5 PM ET (trading session will open on Sunday, 1 Sep at 9 PM ET). 
• Customers should use the contract FS3 Jun24 TF for this testing, as this is a test instrument made available by FMX for this activity.
• Customers will need to use the test credentials, that will be shared by FMX, for configuring their FMX order connections on TT for these dress rehearsal tests.
• The below fixes will be deployed to TT production on 14 Sep, and will be available for testing during the Dress Rehearsal post that  –
  • Using the FMX secondary ID as the Username
  • Overrides for Customer Order Capacity
• TT is making a change to allow users to specify a client specified trader on the Order Originating Trader field on TTUS under user settings. This will be sent to exchange on Tag 50. The deployment to UAT and Production for this will be announced through appropriate release notes.

GFO-X: New Market for Cryptocurrency Derivatives

September 27

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 Q3 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.

New Products

Please Note: Trading Technologies’ default approach is to support every new product listed, on the products’ first day of trading, for all markets available on the TT trading platform. If a new product listing receives high-profile attention or is of significant industry importance, TT may announce support for it below. For all other new products announced by exchanges but not listed below, users should expect that TT provides support unless otherwise noted.

CFE: S&P 500 Variance Futures

September 23

CFE will launch S&P 500 Variance Futures on 23 September. Existing customers will be able to trade on these contracts under the VA symbol on TT without requiring any changes to their existing setup. 

These contracts are currently available in the TT UAT environment for customer testing. 

• In addition to the standard expiration of 3rd Friday, the CFE test environment has additional contracts that expire on other dates. CFE has confirmed that these are created due to their internal testing, and only the contracts that expire on the 3rd Friday are relevant and will be available in the production environment.

CME: Bitcoin Friday Futures (BFF)

September 30

On September 30, CME will launch support for Bitcoin Friday Futures (BFF). This product is available for testing in UAT, and will be available in Production on the launch date. 

Additional Resources

BFF fact Card

CME BFF Information Website

HKEX: Introduction of Weekly Stock Option Contracts

November 4

HKEX has announced plans to introduce weekly expiries for ten single stock option products by the end of 2024. The Product Codes for the new Weekly Options are listed on TT as follows and are now available for testing in UAT:

• ALBW : Alibaba Group Holding Ltd.
• BIUW : Baidu, Inc.
• BYDW : BYD Company Limited
• HEXW : Hong Kong Exchanges and Clearing Limited
• HKBW : HSBC Holdings Plc.
• JDCW : JD.com, Inc.
• KSTW : Kuaishou Technology
• METW : Meituan
• PAIW : Ping An Insurance (Group) Company of China, Ltd.
• TCHW : Tencent Holdings Limited

Customers may conduct any testing required by the exchange in TT UAT at any time prior to the exchange due date of October 10.

The new products will be available on TT in Production starting from November 4, 2024, just prior to the exchange’s opening auction trading period. 

Additional Resources

Exchange Circular EQD/09/24

TFEX: New Currency Futures

November 4

Summary: TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of November 4, 2024. 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 test.

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”

Access to Testing: In preparation for production release, the exchange has arranged for a third round of testing from October 7 to 10, 2024. Customers may access the testing events in the TT UAT Environment using the “TFEX_DEV” market (exchange-side “NEXT-B” test environment). Test participation is optional.

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 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 ResourcesExchange Circular EBF/FIC/004/24