- ICE: API Upgrade
- CFE: Extended Trading Hours for IBHY and IBIG Futures
- BIST: BISTECH 3.0
- GIFT SGX-ICI DC||Network Patching
- NSE: Change in Expiry for MIDCPNIFTY Futures and Options
- TFEX: Annual Broker DRP #1 Test
- HKEX: Data Center Failover Rehearsal
- Eurex: NextGen ETD new OEXP Daily Options
- NSE: Change in Expiry for BANKNIFTY Weekly Options
- SGX: Titan DT/DC Hardware Refresh
- HKEX: Block Trade Facility Enhancement
- FIA: Industry-Wide Testing
- TFEX: New Currency Futures
- Eurex/EEX: T7 Release 12.0
- Eurex/EEX: ETI TLS Encryption
- SGX: Titan DT/DC Update
- TFEX: Reactivation of TFEX Bait function
- TFEX: Extended Trading Hours
- CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
- IDEM: Migration to Euronext
ICE: API Upgrade
Q3 2023
ICE has announced that they will undergo an API upgrade on 26th August 2023.
TT has made two changes for this ICE API upgrade which are now available in UAT for client review.
1. Exchange System ID Enhancement: TT has made the necessary changes to accommodate the extension of ICE generated system IDs. Before, these IDs were up to 9 digits long, but now they can be up to 14 digits long.
2. TVTIC Update: To reduce the risk of duplicate IDs being created, ICE has increased the length of the MiFIR Trading Venue Transaction Identification Code (“TVTIC”) from 42 characters to 51 characters by adding extra padding to the Exchange Deal ID part of the TVTIC. TT has made the necessary changes to accommodate this change.
For additional information from the exchange, please refer to the “Trading Platform API Release Notes – Q3 2023 Release”.
CFE: Extended Trading Hours for IBHY and IBIG Futures
August 6
On August 6, CFE plans to expand the trading hours for Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index (“IBHY”) futures and Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index (“IBIG”) futures.
The extended trading hours for these contracts will be as below –
| Type | Monday – Friday Trading Hours (CT) |
| Extended | 5:00 PM (previous day) – 8:30 AM |
| Regular | 8:30 AM – 3:00 PM |
| Extended | 3:00 PM – 4:00 PM |
Additionally,
- An expiring IBHY or IBIG future will continue to trade until 3:00 PM CT on its final settlement date.
- Trading hours for Trade at Settlement (TAS) transactions in IBHY futures (“IBHYT”) and IBIG futures (“IBIGT”) will include the regular and extended trading hours above, except for the ETH period from 3:00 PM CT to 4:00 PM CT on a normal business day.
- IBHY and IBIG futures will follow the same holiday trading schedule as Cboe Volatility Index (VX) futures, except that IBHY and IBIG futures will trade until 12:00 PM CT on trading days with a scheduled early close at 12:15 PM CT.
- Daily settlement prices for IBHY and IBIG futures will continue to be calculated at 3:00 PM CT on normal business days.
- Automated price limits will apply to IBHY and IBIG futures during ETH. CFE will reject any limit order to buy an IBHY or IBIG futures contract priced more than 10% above the daily settlement price for that contract on the prior business day and any limit order to sell an IBHY or IBIG futures contract priced more than 10% below the daily settlement price for that contract on the prior business day.
- CFE will not accept market orders in IBHY and IBIG futures, including during both regular and extended trading hours.
BIST: BISTECH 3.0
August 7
A new phase of the BISTECH system, called BISTECH 3.0, is announced to be launched by the exchange on August 7, 2023. As part of this upgrade, the TT platform will support the connection changes required for the FIX Order Entry and TIP channels in the derivatives markets.
Equity Markets, Fixed Income Markets, Precious Metals Markets, exchange’s Drop Copy functionality and ITCH protocol for market data are not supported by the TT platform currently, and hence the TT platform will be unaffected by any changes to these.
On 4 August 2023, in preparation for the transition to BISTECH 3.0, there will be no evening session in the Derivatives market and all GTC, GTD and inactive Stop orders waiting in the system will be deleted by the exchange, and these will not be reinstated post the cutover. Hence, TT recommends that traders cancel such orders on or before 4 August.
As part of the transition to BISTECH 3.0, BIST will be conducting a connectivity test on August 6, 2023 between 9 AM to 11 AM TRT. Customers are requested to update their order entry connection settings with the latest user details that they may have received from the exchange, and set the connection Type to Group 1, and verify that their connections are successfully enabled with these settings during this test period. The order entry connections with these new settings should be used going forward from the BISTECH 3.0 go live date of August 7, 2023.
GIFT SGX-ICI DC||Network Patching
August 12
SGX will be conducting maintenance activity on SGX Gift ICI Data Center on Aug 12 2023, Saturday, between 1700 to 2100 hours SGT. During this time, GIFT SGX-ICI services will be impacted.
There should be no impact to TT , and no action is needed from TT customers for this activity
NSE: Change in Expiry for MIDCPNIFTY Futures and Options
August 17
The expiry of futures and options on MIDCPNIFTY will be modified to Monday from the existing expiry of Wednesday.
- Weekly contracts will expire on the Monday of every week, excluding the expiry week of monthly contracts.
- Monthly contracts will expire on the last Monday of the respective contract month.
- If Monday is a trading holiday, then the expiry will be on the previous trading day.
The expiry date of all existing contracts will be modified as per above at EOD on August 16. The expiry date for the contracts expiring on August 16 will not be modified. The first Monday expiry will be on August 21.
This change does not directly impact TT, and the updated expiry dates will be automatically available on TT from August 17.
Additional Resources
TFEX: Annual Broker DRP #1 Test
August 19
TFEX has scheduled their Annual Broker DRP #1 Test for August 19, 2023. TT is currently working to prepare for hosting the test; all customers will have access to the test procedures on August 19.
Additional details will be provided in next week’s System News and Updates.
HKEX: Data Center Failover Rehearsal
August 19
HKEX has scheduled their Data Center Failover Rehearsal Test for August 19, 2023. TT is currently working to prepare for hosting the test; all customers will have access to the test procedures on August 19.
Additional details will be provided in next week’s System News and Updates. In the meantime, the exchange has asked all Members to confirm participation in the Rehearsal using their Online Test Participation Form on or before August 11, 2023 (refer to the Circular linked below).
Additional Resources
Eurex: NextGen ETD new OEXP Daily Options
August 28
Eurex is introducing new OEXP EOD and EOM daily options in production on August 28th. This product is now available in the UAT environment for testing.
NSE: Change in Expiry for BANKNIFTY Weekly Options
September 4
The expiry of weekly options on BANKNIFTY will be modified to Wednesday from the existing expiry of Thursday.
- Weekly contracts will expire on the Wednesday of every week, excluding the expiry week of monthly contracts.
- If Wednesday is a trading holiday, then the expiry will be on the previous trading day.
- There is no change to the expiry of Monthly and Quarterly contracts.
The expiry date of all existing weekly options will be modified as per above at EOD on September 1, and will be effective from the trade date of September 4. The first Wednesday expiry will be on September 6.
This change does not directly impact TT, and the updated expiry dates will be automatically available on TT from September 4.
Additional Resources
SGX: Titan DT/DC Hardware Refresh
September 9
SGX is planning to upgrade all servers, network gateways and network switches to Service Release (SR) 11 which is recompiled with the latest software versions.
To verify participants’ connectivity to the upgraded trading and clearing system, SGX has planned for a mandatory Industry Wide Exercise (“IWT”) on Sept 09 2023 , to ensure that all participants’ systems are able to connect and login to the new system.
Titan DT/DC will be upgraded on 21 Oct 2023.
SGX has provided the test plan in the latest newsletter for SR11 Titan DTDC hardware Refresh published on 31st July 2023. Please refer to it for more details
Additional Resources
Titan DTDC Newsletter – Titan DTDC Hardware Refresh – 06 Jun
Titan DTDC Newsletter – Titan DTDC Hardware refresh ( IWT1 ) – 31st July
(SGX Titan Portal password required)
HKEX: Block Trade Facility Enhancement
Q3
HKEX has announced enhancements to improve the Block Trade workflow for a tentative Go Live in Q3 2023.
The list of HKEX enhancements is listed below. For support of “Block Trade Order Entry after the Close of T Session,” a new Trading Status is required. The new Block Trade Only trading state will appear in TT as “Post Trade” and these changes are completed, tested and available now for testing in the UAT environment. It has come to TT’s attention that Members have been asked to “confirm that all of your OAPI programs are capable of handling the new Session State on or before Aug 4, 2023.” Members should feel comfortable submitting this confirmation at any time, but should also feel free to confirm this first-hand using the UAT Environment.
For all other enhancements other than “Block Trade Order Entry after the Close of T Session,” it has been verified that there is no impact to the TT Platform. Customers should follow the instructions provided by the exchange for those three enhancements.
- Lower MVT for HSI and HSCEI Back Month Contracts
- Enhanced Block Trade Price Precision by Average Pricing
- Block Trade Order Entry after the Close of T Session
- Reporting Overnight Block Trades for MSCI Futures
Additional Resources
Exchange Circular MO/DT/157/23
FIA: Industry-Wide Testing
October 14
The Futures Industry Association will sponsor its annual Industry-Wide Disaster Recovery Testing (IWT) on Saturday, October 14. We will facilitate customer participation for registered TT platform customers.
Testing will be available on the following exchanges:
- CFE
- CME
- 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.
TFEX: New Currency Futures
November 13
TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of November 13, 2023. 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. The TT UAT Environment is currently being expanded to include NEXT-B connectivity, which will be available for access under the “TFEX_DEV” market starting from the end of August, 2023.
Eurex/EEX: T7 Release 12.0
November 20
Eurex is planning a T7 upgrade to version 12.0 on November 20 2023 . Further information will be provided in the coming weeks.
Eurex/EEX: ETI TLS Encryption
December
Eurex has implemented mandatory changes regarding data transmission via the T7 trading interfaces. These changes have been made to improve the security of information transmitted via communication networks to further reduce the risk of unauthorized interception, manipulation, or misuse.
Changes will be made by TT to meet these requirements. These changes will be mandatory on the following dates:
| Interface | Mandatory In Simulation | Mandatory in Production |
| ETI LF | 04 August 2023 | 23 October 2023 |
| ETI HF | 24 November 2023 | 11 December 2023 |
More details will be provided in upcoming Updates.
SGX: Titan DT/DC Update
Q4
In a recent newsletter (“Titan DTDC Newsletter – Proposed T+1 Trading for United States Single Stock Futures”) SGX announced plans to extend trading hours for United States Single Stock Futures (Grab, SEA and TSMC Futures) into the T+1 session, with a tentative target timeframe of Q4, 2023.
As part of the implementation for this change, the exchange is making several changes to the behavior of OAPI messages, including the dissemination of Instrument Status (Trading Status) messages.
TT Platform Impact
There is no impact to the TT platform. All of the Titan DT/DC Update changes will be supported on TT automatically; no software changes are required. Customers are welcome to confirm the changes in the TT UAT environment, following the schedule outlined by the exchange in the “Session State Timings in Member Test Environment (MTE)” section of the newsletter.
TFEX: Reactivation of TFEX Bait function
Q4
TFEX has announced plans to reactivate their TFEX bait function (implied order matching). TFEX Bait order generation and matching has been disabled on the exchange side since the launch of the New Trading System (since May 8, 2023) and they have now made public their intention to reactivate this feature with a tentative target timeframe of Q4, 2023.
TT is currently working to provide testing access to Bait orders in the UAT environment and availability is currently projected to be implemented before the end of July. Further updates will be provided here in System News as they become available.
TFEX: Extended Trading Hours
Q4
TFEX has announced tentative plans for an extension of trading hours for Non-Equity Products effective in Q4, 2023. The exchange is planning a 2-phased approach for implementation of the changes. Q4 is the tentative schedule for Phase 1; Phase 2 is still under consideration 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.
CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
Feb 4, 2024
CME is introducing iLink3 on Convenience Gateways (CGW) for trading futures and options on CME Globex. The iLink3 protocol will launch on the existing CGWs beginning Q1 2024. All customers connected via CGW will need to migrate to iLink3 by Q4 2024. More details will follow in upcoming System Updates.
IDEM: Migration to Euronext
March 2024
IDEM products will be migrating to Euronext in March 2024. Further details will be provided as the date approaches, which can be found here.
LME: TT User Setup Change to Direct Electronic Access (DEA) Field
TT has duplicate fields for DEA (Direct Electronic Access) in user setup for LME, one LME specific, and the second being the MiFID II DEA field. TT has copied values from the LME specific DEA field to the MiFID II DEA field. Removing the LME specific field will prevent customers from incorrectly populating values that need to be sent to the exchange, and will also match the normalized DEA field used for all other exchanges. Customers are encouraged to validate correct values in the MiFID DEA field. TT will be removing the LME specific DEA field on August 4th EOD. For further information on this change, please contact onboarding@trade.tt.
Global Multi-Factor Authentication (MFA) Requirement
Cyber security threats in our industry reinforce the importance of all of us instituting all available security tools.
To safeguard our customers and ensure that we deliver TT platform components in the most secure fashion, we will require all TT platform Production environment users to enable two-factor authentication (2FA) by close of business September 1, 2023.
The use of a 2FA method will be mandatory. The following methods are currently available to configure 2FA (in order of preference):
- Google Authenticator
- SMS (strongly discouraged due to weaknesses with SMS)
Please contact onboarding@trade.tt if you have any questions.