HKEX: Derivatives Holiday Trading Readiness Test
February 26, April 15
HKEX has announced the introduction of Derivatives Holiday Trading with a launch date of April 15 2022. This new exchange initiative will allow all MSCI Futures and Options to be traded on Hong Kong public holidays.
On February 26, HKEX will conduct a Readiness Test and all Members who plan to operate as Holiday Trading Participants must participate. The deadline for Readiness Test Registration is February 18. PLEASE NOTE: It was previously announced that Users of TT Platform do not need to participate in the test. Subsequent discussions with HKEX have revealed that TT Staff is unable to perform all testing on behalf of customers.
TT Platform Impact
TT is pleased to announce full support for the new trading schedule and to that end TT will participate in the Derivatives Holiday Trading Readiness Test scheduled for February 26. Additionally, HKEX has made arrangements to test Holiday Trading in the HKATS Test Environment on Wednesday, February 23 and this testing is available to all TT customers in UAT.
HKEX Derivatives Holiday Trading Portal
CFE: SenderLocationID field (FIX Tag 142)
CFE has communicated the following with regard to the upcoming requirements for the SenderLocationID field (tag 142):
CFE will begin requiring the ISO 3166 two-character code, identifying the country of origin of an order or quote, be included within all order and quote submissions through CFE order entry protocol. Effective February 27, 2022, the SenderLocationID field (FIX Tag 142) must be populated in the New Order Single FIX message. This field will also be included on all Execution Report FIX messages (i.e. order acknowledgements, cancel acknowledgements, fills, etc.). FIX-formatted drop copies will include the SenderLocationID field (FIX Tag 142) on the effective date.
TT Platform Impact
TT will support the data in the field SenderLocationID (Tag 142) in all the relevant FIX messages starting February 27, 2022. The system will fetch the information from the TTUS field “Country/Region” in the User Contact Information tab. There is no action needed by the users and the system will start sending the value automatically upon go-live by the exchange.The support for the tag 142 is already available in the TT UAT and production environment.
SGX: Introduction of United States Single Stock Futures
SGX has announced the introduction of United States Single Stock Futures with a launch date of February 28, 2022. The new products have product codes “ZSEA” and “ZTSM” and they are available for testing in UAT now.
CME: Bursa Malaysia Market Segment Migration
On Sunday, March 13 (trade date Monday, March 14) Bursa Malaysia Derivatives (BMD) Globex Futures and Options market data channels will migrate to market segment ID 60. With this update MSGW iLink and Drop Copy sessions must update the network configuration. CGW iLink and Drop Copy CGW network configurations will not be impacted.
No customer action is required, TT will make configuration updates and no changes to MSGW or Drop Copy Sessions will be required.
CME Globex Notice February 14, 2022
UPDATE: Nasdaq: Nordic Equity Derivatives Trading Replatform
Nasdaq has delayed this migration to March 28th.
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 March 28, 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.
Market-Wide Acceptance Testing
Nasdaq has communicated the following with regard to testing in the Pre-Production environment prior to the launch on March 28:
To prepare for production launch, two Market Wide Acceptance Tests (with backup dates) will be arranged in the NDTS Pre-Production environment in January. It is mandatory to participate in at least one of the MWATs:
- Completed – MWAT Registration: January 7
- Completed – MWAT 1: Saturday January 22 (10:30-13:00 CET)
- TT successfully participated in this test
TT Platform Impact
TT will support this upgrade, and will support NASDAQ’s FIX API for order entry. Note that Nordic Equity Derivative products will be moving off of TT’s NDAQ_EU market to a new market, Nasdaq_NED. Commodity Derivative products will continue to be available on NDAQ_EU.
The new Nasdaq_NED market is now available for testing in UAT. Customers should provision FIX order routing credentials for UAT access in the exchange NTF Simulation environment, as well as Production credentials for use in Production. In order to request credentials, customers must provide the exchange with TT’s source IP addresses which are as follows:
- UAT = 10.215.197.48/28
- Production (London – Primary) = 10.215.83.0/27
- Production (Frankfurt – Secondary) = 10.215.197.0/27
Additional details on this migration, including information on new product naming conventions, session configuration, migration weekend planning and more may be found in our Nasdaq_NED Migration Guide.
Nasdaq_NED Connection, User and Account Configuration
TT Clients who currently access Nordic Equity Derivatives via TT FIX are strongly encouraged to integration test their market data, order routing and/or drop copy applications in TT’s UAT environment as soon as possible.
All FIX servers in both UAT & Production are compatible with NASDAQ_NED. Note that the following values will be changing on NASDAQ_NED for every contract previously available on NDAQ_EU as a result of the exchange-mandated migration:
- Instrument ID
- MIC Code
- Security ID
This link provides a mapping of Nordic Equity Derivatives products from NDAQ_EU to Nasdaq_NED. Note that the Instrument IDs listed are for the UAT environment only. We are working with the exchange to determine when these values will be available for the Production environment.
JPX: JGB Futures Product Specification Changes
JPX has announced a change in the trading specifications of JGB Futures with a launch date of April 4, 2022. For the affected products (5-year JGB Futures, Mini-10-year JGB Futures and 20-year JGB Futures) all related changes are available for testing in UAT now. Please note the following two points for UAT testing: (1) TTW traders testing JGB Futures changes will see incorrect Profit and Loss calculations in the TTW Positions Widget. (2) The updated Product Names will not appear in TTW Widgets or in Product/Instrument downloads of other applications; for now, the old product names will continue to appear. These two issues will be corrected in the coming weeks. These two issues will never impact Production.
TT Platform Impact
There is no impact to users of TT Platform. All users, regardless of interface (TTW, FA, .NET API, REST, etc) can expect an on-time, seamless integration for the specification changes. This announcement of “no impact” extends to all Algos, ASEs, TTW Workspaces, Risk Limits, FIX Applications, SDK Applications, etc.
English : Revision to the Contract Unit and Immediately Executable Price Range of 20-year Japanese Government Bond Futures
日本語 : 超長期国債先物取引における取引単位及び即時約定可能値幅の見直しについて
JPX: Commodity and Energy Futures Product Specification Changes
JPX has announced a change in the trading specifications of the following products with a launch date of April 4, 2022.
- Commodity Futures & Options on Commodity Futures
- Energy Futures & Chukyo Oil Futures
TT Platform Impact
There is no impact to users of TT Platform. All changes for these products occur completely on the exchange side with no impact to any part of the TT software.
CME BrokerTec: DR Test
To help ensure readiness and provide an opportunity to test connectivity to DR systems, CME will hold Disaster Recovery (DR) Failover testing for BrokerTec US Markets on May 7, 2022.
This test will provide customers with a chance to test TT production connectivity to BrokerTec’s DR engines and customer gateways.
Customers must register and registration will be available on Thursday, March 10. More details will be provided in upcoming weeks.
Euronext: Data Center Migration
From the exchange:
Euronext is planning to migrate its trading chain and colocation services from its current Data Centre in Basildon, UK, to the Aruba Global Cloud Data Centre IT3 in Bergamo, Italy, in Q2 2022. The move is subject to regulatory approval and operational readiness.
- 3 March 2022: Start of technical testing phase to Next EUA platform in Aruba; connectivity testing from London PoPs available
- 4 April 2022: Start of technical testing phase to Euronext DR site
- 7 April 2022: Go-Live of Next EUA environment in Aruba; functional and technical testing available from London PoPs
- 23 April 2022: Dress Rehearsal #1
- 7 May 2022: Dress Rehearsal #2
- 6 June 2022: Go-Live of Aruba DC-IT3 as Primary Data Centre for all Cash & Derivatives markets
TT Platform Impact
We are currently working with our vendors to provision connectivity, and are on target to meet the exchange’s timeline. Additional details will be provided as we approach required testing dates.
Eurex: Next Generation ETD Contracts
End of June 2022
Eurex is aiming to introduce a more flexible set-up of Exchange Traded Derivatives (ETD) products by implementing an enhanced contract identification concept in June 2022 allowing more than one expiration per month on product level (sub-monthly contracts).
New features, changes and improvements:
- Integration of Weekly Expiring Instruments on Product Level
- Volatility Strategies in Single Stock Options
- Market-On-Close Futures T+X (Basis Trading in Equity Index Futures)
Weekly contracts will follow the new format of DDMMYYYY (current format: MMYYY), and will be listed under the same Product symbol as the Monthly contracts.
Example: OEB1, OEB2, OEB3, OEB4 will be listed under the OESB Product Symbol, and will be sequentially integrated.
Monthly Option: OESB Sep22
Sub-monthly Options, Week 1-5): OESB Sep22-W1Fr, OESB Sep22-W2Fr, OESB Sep22-W3Fr, OESB Sep22-W4Fr, OESB Sep22-W5Fr
The sub-monthly contracts will be rolling out in two waves in Simulation.
Wave 1: Activation of sub-monthly expiring contracts, will be available when TT opens UAT for customer testing targeted to April:
- Integration of all weekly expiring contracts in option NOA3
- Daily expiring contracts in SSF AXAP, BAYP, NO3P
- Daily expiring contracts in MSCI Futures FMEA, FMWN
Wave 2: Activation of sub-monthly expiring contracts will be available on the following:
- May DD: Daily expiring contracts in MSCI Futures FMWO, FMJP, FMEF
- May DD+2: Integration of all weekly expiring contracts in option OESX
- May DD+7: Daily expiring contracts in SSF ADSP, BMWP, ROGP, UBSP
The Production Launch will occur over the following:
- July 18th (3rd Friday expiration in July): Activation of daily expiring contracts in all MSCI Futures
- July 25th (4th Friday expiration in July): Activation of integrated weekly and end-of-month expiring contracts in all relevant options including OESX
- August 1: (5th Friday expiration in July): Activation of daily expiring physically settled SSFs supporting delta neutral options trading
Market on Close T+X will be eligible for MSCI Futures. An example is the following:
On T, Client trades the calendar between the daily future (T+1) and the standard future. After the T+1 session, the index close of T+1 is published by MSCI. On T+2, the T+1 index close is entered as the Final Settlement Price for the daily future. At the end, the Client has paid basis + index close for the standard future.
TT plans to implement these changes by the end of Q1, 2022 for customer testing in April 2022.. Go-Live is targeted for the end of June, 2022, with a grace period until the end of November, 2022.
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.
- 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.