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FIX: MaturityMonthYear Changes for ICE

New Date: October 29

Following up on our original announcement from August 26, TT continues to make changes to our Security Master database (PDS) to synchronize the month and year values displayed in the TT Trading GUI (PDS Alias field) with TT FIX tags 200, MaturityMonthYear, and 610, LegMaturityMonthYear values for all FIX order routing, drop copy, market data and security definition messages. 

ICE Market supports this feature now in UAT, with production support scheduled for October 29, 2021.

PDS has introduced a new field, ContractDisplayDate, (CDD), which will contain the month & year values from the Alias field. PDS will be rolling out this change market-by-market. JPX, TOCOM and OSE markets currently support the new value in production. Support for PDS CDD in additional markets will be announced in future.

In TT FIX v158 & higher, when the PDS CDD field is present on an instrument, TT FIX will map CDD to tags 200 & 610 on all relevant inbound & outbound messages. When CDD is not present, the existing mapping to PDS Maturity Date will continue as currently implemented.

TT Platform Impact

Customers trading ICE contracts via FIX are strongly encouraged to test their applications in UAT prior to the October 29 rollout date to ensure integration with the new behavior. Contracts listed in PDS under ICE_L market will not be impacted. Please reach out to your TT Customer Representative or email with any questions or concerns.

Eurex: T7 10.0 Upgrade

November 22

Deutsche Börse plans to introduce T7 Release 10.0 on November 22. The simulation period for T7 Release 10.0 is planned to start on September 13. Additional information from the exchange may be found here.

With this upgrade, Eurex will require that Order Routing System (ORS) providers and users comply with the amended rules and the associated identification obligation that will become effective for Exchange Participants as of 22 November 2021 with T7 Release 10.0. As a result, customers will be conditionally required to provide exchange Member and Trader information on order entry in Tag 2404 ‘ComplianceText’. Details on this initiative may be found here.

Full details from Eurex on the requirements for use of this field may be found in “Eurex Circular 061/21 Order Routing System (ORS): Details for usage” here.

TT Platform Impact

TT will support required changes resulting from the T7 10.0 upgrade, and testing is now available in UAT. 

CME: Bursa Malaysia Derivatives (BMD) Night Trading Session

December 2021

Bursa Malaysia Derivatives (BMD) will add a night trading session for all active products on CME Globex. Due to the time difference between Malaysian time and Central time, the night trading session activities will begin the business day prior to actual trade date in Malaysian time. The new night trading session will be open for trading Monday – Thursday. There will be no Friday night trading session. Hours will be 21:00:00 hours to 23:30:00 hours (Malaysia time). See Additional Resources for more information.

TT Platform Impact

TT will support the night trading hours. This is available for testing in UAT.

Additional Resources

CME Globex Notice August 16, 2021

Nasdaq: Nordic Equity Derivatives Trading Replatform

February 21, 2022

High level details on this initiative from the exchange:

Nasdaq is migrating our Nordic Equity Derivatives markets, currently on the Genium INET platform, to a new Global Derivatives Trading System based on INET technology that leverages our Nasdaq Financial Framework (NFF). This Nasdaq next-generation platform is a solution based on global financial standards, for stable, flexible and high-speed services. The new framework with its powerful core technology and standardized access to Nordic liquidity, will in the coming years be the common technical platform utilized across all Nasdaq’s U.S. and European markets and asset classes.

The migration of equity derivatives to the new trading platform is scheduled for implementation on February 21, 2022. Please note that equity derivatives will continue to be cleared in Genium INET after the trading re-platform.

Additional details may be found here.

TT Platform Impact

TT will support this upgrade, and will support NASDAQ’s FIX API for order entry. 

We plan to run conformance testing during November, with UAT availability expected in early December. 

FIA: Execution Source Code Schema Initiative (Tag 1031)

Timeline Varies by Exchange

Multiple exchanges, in cooperation with the FIA Execution Source Code Schema Initiative, are moving forward with plans to implement FIX tag 1031 (CustOrderHandlingInst) on their APIs.

Exchange-Specific Plans
  • CME: Tag 1031 is supported and is mandatory.
  • ICE: Tag 1031 is supported, but not required. 
  • Eurex: Tag 1031 is supported, but not required. 
  • CurveGlobal/IDEM: Tag 1031 is supported, but is not required.
TT Platform Impact

For CME, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults. 

For ICE, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for ICE.

For Eurex, support of tag 1031 on the TT platform is now available. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for Eurex. On the X_TRADER platform, tag 1031 is not currently supported.

For CurveGlobal and IDEM, support for tag 1031 was added on February 3 for both exchanges.

Additional Resources

FIA Indirect Clearing Documentation