System Admin News & Updates

• CME Market Data Subscription Agreement Change
• ICE: Manual Order Indicator (Tag 1028) 
• (Updated) CME: Mandatory Migration to iLink 3.0 – Available in Production
• Euronext: Clearing Migration for Financial Derivatives
• TFEX: Order Entry Gateway Rebalance
• JPX: Change of Derivatives Market Trading Hours
• B3: Binary Protocol
• (Updated) MX: API Upgrade: Client Identifiers
• SGX: FIA Tech Execution Source Code
• (Updated) JSE: Release 7.7: Self-Match Prevention
• TFEX: Auto Halt
• (Updated) LME: New Trading Platform
• TFEX: STEC Restructuring Plan
• Disaster Recovery and Mock Testing
  • LME : Disaster Recovery Test 
  • SGX: Data Recovery Exercise for Derivatives 
  • HKEX: Severe Weather Trading
  • 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
  • HKEX: Introduction of Weekly Stock Option Contracts
  • TFEX: New Currency Futures
  • HKEX: Introduction of 10-Year China Ministry of Finance Treasury Bond Futures

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
• API users will need to access TT Setup to sign the new agreement

ICE: Manual Order Indicator (Tag 1028)

September 1

ICE has announced that, in order to meet regulatory requirements, Manual Order Indicator (Tag 1028) will become mandatory for New Order Cross [35=s]. 

The effective date for this requirement was updated from July 1, 2024, to September 1, 2024, as noted in the attached circular. TT began supporting this feature starting July 1, 2024.

TT Impact

This change applies to the  Basis, Block, Cross, and Asset Allocation trade types in ICE and ICE_L. For  trades placed manually via the front end Blocktrader widget, TT will send 1028=Y to ICE. No user action is required. The ability for FIX clients and .NET SDK clients to override Tag 1028 will be introduced in UAT in September. Until then and if not specified, the default 1028=Y (manual) will apply to orders placed by FIX and .NET SDK clients.

ICE is also mandating that Manual Order Indicator (tag 1028) be set in regular orders as well, and TT is already handling this requirement as follows: 

• For manually placed orders via the front end such as Limit (Tag 40=2), Market (Tag 40=1), Stop Limit (Tag 40=4), and Stop Market (Tag 40=3), TT will assign 1028=Y. 
• For the orders placed via the front end, but internally managed by the Automated trading server or Algo, TT will set 1028=N. This includes Autospreader, Aggregator, ADL Algo Trading, TT synthetic order types, and TT premium order types.
• FIX clients and .NET SDK clients can override Tag 1028. However, if not specified, the default setting is 1028=N.

More Information from the exchange:

IFEU :

Announcement: https://www.ice.com/publicdocs/circulars/24074.pdf

FAQ: https://www.ice.com/publicdocs/circulars/24074_attach.pdf

ICE Endex: 

Announcement: https://www.ice.com/publicdocs/endex/circulars/E24011.pdf, https://www.ice.com/publicdocs/circulars/24084.pdf

FAQ: https://www.ice.com/publicdocs/endex/circulars/E24011_attach.pdf

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

2024

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.possible.

Documentation/ iLink3 Migration Guide: Version 1.0 of TT’s CME iLink3 Migration Guide will be available during the week of August 5 – 9. Please note that version is simply the initial, introductory information disclosure and additional versions will follow to provide greater detail.

Pre-Registration vs OnDemand 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 the forthcoming 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!

Euronext: Clearing Migration for Financial Derivatives

September 9

The second phase of the Euronext Clearing migration, which began on 15 July with Commodity Derivatives, is scheduled for 9 September:

• Commodity Derivatives Go Live Weekend: July 15 (completed)
• Financial Derivatives Go Live Weekend: September 9

Euronext Clearing will no longer process the values sent in the Account (Account Info field on TT) from July 15 for Commodity Derivatives, and from September 9 for Financial Derivatives. Customers affected by this are requested to contact their onboarding representatives for any required changes in TTUS configuration.

On the Friday before this Go-Live (i.e. on September 6):

• The evening trading session for the Index Futures on Amsterdam and Paris markets will not take place.
• On Friday, September 6, after Market Closure, Euronext will cancel all resting orders on the Financial Derivatives Markets.
  • Euronext deactivates any spreads that don’t have any active GTC/GTD orders temporarily, and again reactivates them before start of trading. Accordingly, these will get deactivated on TT, and will get added back once Euronext adds them.
• There will not be any impact on the Commodity Derivatives and IDEM markets.

NOTE: 

• TT strongly recommends customers to carry out front to back testing with Euronext Clearing from the TT UAT environment to ensure there are no unforeseen issues due to this clearing migration.
• TT recommends that customers cancel their active GTC / GTD orders in the FInancial Derivatives market in the production environment before close of trading on 6 September and not rely on the exchange’s order purging to avoid any stale orders on TT.
• Since the Euronext API connectivity is not impacted by this clearing migration, there is no corresponding TT upgrade / release for this.

Additional Resources

Euronext Clearing Migration Go Live Details

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.

All 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 who are required to change their user logins.

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

November 18

Eurex  plans to release T7 13.0 to Production on Nov 18, 2024. Simulation access for T7 Release 13.0 will be available in UAT on 9 Sep 2024

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: This release will not be backwards compatible with T7 12.1.

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:

(Updated) 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 new production hard date of March 31, 2025, extended from the original October 1, 2024 deadline. https://www.m-x.ca/f_circulaires_en/074-24_en.pdf

Client identifier changes are now available in TT UAT for testing.

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

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

These fields will be configurable on TT User Setup on Accounts. Please refer to the table below for corresponding TT fields to set these fields.

TT will always send the Algo Trading Flag. If the Investment Decision Qualifier is configured on TT User setup on accounts, it will use that value, else TT will set it based on the type of order the user is routing. (TT premium order types: Automatic, TT Synthetic order types: Automatic, MX native order types: Manual).

FIX clients can override all these fields with the following tags, 

Investment Decision ID (tag 448), PartyRole (tag 452), Investment Decision Qualifier (tag 2376), Client ID (tag 448), and Direct Electronic Access (tag 1724)

• Investment Decision ID: 448= <value>,  452=122(Investment decision maker (IDM)) and 2376=22 (Algo) or 2376=24 (Natural Person)
• ClientID: 448= <value>, 452=3 (ClientID), 2376=23 (Firm or legal entity)
• Direct Electronic Access (DEA): 1724=5 (Order from a direct access or sponsored access customer)

The following are the anticipated milestones for this project:

IMPORTANT NOTE: UPDATED

TT will release the SAIL B4 version to production on August 23, 2024. Clients can start using it from August 26, 2024. The new compliance related fields will be optional until March 31, 2025. All the customers are encouraged to link their sessionIDs related to Trading Technologies to “’Order Connector v255 – B4’” on MX Axis portal.

• Investment Decision ID: Alphanumeric field, max 10 characters
• Investment Decision Qualifier: Yes/ No drop -down on accounts
• Direct Electronic Access (DEA): Yes/ No drop -down on accounts
• Client ID: Numeric only field, max 10 characters

When none of the new fields are set, the order will not be denied by MX.

When the “Instrument Decision ID” or “Client ID” fields are configured with more than 10 characters, the order will be denied internally by TT. The denial message will state: “Exchange does not support UniqueID or ShortCode greater than 10.”

The “Client ID” must be numeric only. If it is configured as an alphanumeric value, such as “Client123”, the order will be denied internally by TT with the message: “Exchange does not support negative or invalid short code.”

Additional Resources

MX Client and Order Identifiers

TT FIX Tag Directory  PartyGroups

SGX: FIA Tech Execution Source Code

Q3

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. Although the data is currently not forwarded to the exchange, the FIA Tech Execution Source field values are accessible on TT now:

1. 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.

Currently, TT Engineers are actively integrating support into the TT Platform to ensure that the FIA Tech Execution Source Code field values can be sent to the exchange during order management. Further information will be shared through System News once the TT Platform support is ready for testing in UAT.

Additional Resources

Guidelines for the FIA Execution Source Code Schema

(Updated) JSE: Release 7.7: Self-Match Prevention

H2

JSE has announced Release 7.7,  occurring in the latter half of 2024. This release will include the introduction of Self-Match Prevention (SMP) functionality, however, the functionality will ONLY be available for the Equities markets, which are not supported on TT.

Should the exchange make SMP functionality available for use on Derivatives markets in the future, TT will offer support.

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.

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

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

LME : Disaster Recovery Test

September 7

Summary :- The London Metal Exchange (“LME”) is scheduling a failover test and changeover of LME and LME  Clear  production  services  from  the  secondary  data  centre  (“DC  2”)  to  the  primary  data centre (“DC 1”) on Saturday 7 September 2024.

Test Participation:On the scheduled date, production services will be made available for participants to complete connectivity  tests  in  the  respective  data  centre  (DC  1)  .Following  the tests, the services will remain as production service at DC 1 until further notice.  

Participants should ensure that they have connectivity to both data centres provisioned within their LAN (e.g. appropriate routing/firewall rules) and can connect to both data centres. For the avoidance of doubt, participants using the LME Domain Name Service (DNS) and utilizing the Fully  Qualified  Domain  Name  (FQDN)  do  not  need  to  make  any  changes  providing  firewall permissions allow for access to both data centres. 

Members and market participants should utilise their CDC/LMEnet connections to access LME systems and test their services during the connectivity test window.

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: All participants will be required to configure their connections to connect to the SGX Conformance Test environment. TT will provide details about preparing the connections in the coming weeks.

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

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 9

FMX Futures Exchange, which will be a marketplace for futures contracts on U.S. Treasuries and SOFR,  is expected to start its operations in 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.

TT is working with FMX to set up connectivity in production, and hence the above dates are dependent on production connectivity being available.

The below fixes are targeted to be deployed to TT UAT on 30 Aug –

• Allowing Market-IOC and Market-FOK orders
• Overrides for Customer Order Capacity and Order Origination Trader
• Login with both primary and secondary user ids

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. 

• The RIC codes will be available at a later date, once these are available in Refinitiv.
• 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.

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

The timing of Production availability on TT will match that of HKEX, which is contingent upon Market Readiness and Regulatory Approval on the exchange side. All such details will be provided by the exchange in due time.

Additional Resources

Exchange Circular EQD/03/24

TFEX: New Currency Futures

Q3

Summary: TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of Q2- Q3, 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: Since the previous testing effort was nearly a year ago, the exchange has arranged for a second round of testing from August 5 to 16, 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 Resources

Exchange Circular EBF/FIC/004/24