- ICE: API Upgrade
- TTFIX.crt: Update Notice
- BIST: BISTECH 3.0 Dress Rehearsal 3
- KRX: Derivatives Market Rules Improvements
- CFE: Extended Trading Hours for IBHY and IBIG Futures
- BIST: BISTECH 3.0
- NSE: Change in Expiry for MIDCPNIFTY Futures and Options
- 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
- Eurex/EEX: T7 Release 12.0
- Eurex/EEX: ETI TLS Encryption
- SGX: Titan DT/DC Update
- TFEX: Reactivation of TFEX Bait function
- CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
- IDEM: Migration to Euronext
ICE: API Upgrade
ICE has announced that they will undergo an API upgrade during on 26th August 2023.
TT has made two changes for this ICE API upgrade and 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”.
TTFIX.crt: Update Notice
June 23 – July 28
UPDATE July 17: Please note that the deadline for production deployment has changed. All TT customers who use STunnel must download the new zip file and apply it at any time before EOD July 28, 2023.
For customers whose FIX engine natively supports SSL encryption, or who have implemented FIX session encryption using STunnel, TT provides a TTFIX.crt file with the public certificates used by the TT platform FIX endpoint. These certificates expire on an annual basis and must periodically be refreshed to continue functioning.
On June 22, 2023, TT updated the stunnel.zip file located in the TT Help Library in order to update the soon-to-be-expired certs in the TTFIX.crt bundle.
All TT customers who use STunnel must download the new zip file and apply it at any time before July 28, 2023.
Added TT Platform STAR.TRADE.TT; valid from June 16, 2023 – June 15, 2024 (DC)
BIST: BISTECH 3.0 Dress Rehearsal 3
TT plans to participate in the Dress Rehearsal for the BISTECH 3.0 scheduled by the exchange for 29 July, 2023. This Dress Rehearsal will be conducted in the TT Production Environment on the said date. For this test, all BIST systems will open as a normal working day on Saturday morning, but the normal trading session will close at 3:40 PM Turkey Time and no order entry will be allowed after this time. This dress rehearsal will also involve a failover scenario, and the BIST primary servers will be made unavailable any time post 1 PM Turkey time. Post this failover, TT will connect to the BIST secondary servers for the reminder of the day.
Company admins will need to update the order entry connection settings with the latest user details that they may have received from the exchange for this test.
KRX: Derivatives Market Rules Improvements
KRX has announced a list of Derivatives Market Rules Improvements with a Go Live date of July 31, 2023.
KRX improvements include the New Listing of KOSPI 200 Monday Weekly Options. The Symbol for the new product is WKM and it is available now for testing in UAT.
For all other Improvements announced by KRX (listed below) there is no impact to the TT platform.
- Earlier Derivatives Market Opening
- Changes to Negotiated Block Trades
- New Listing of Single Stock Futures·Options
- Segmentation of SSF / SSO Order Quantity Limit
CFE: Extended Trading Hours for IBHY and IBIG Futures
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|
- 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
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.
On the go live date of 7 August, company admins will need to update the order entry connection settings with the latest user details that they may have received from the exchange, in order to be able to enter orders post this change.
NSE: Change in Expiry for MIDCPNIFTY Futures and Options
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.
Eurex: NextGen ETD new OEXP Daily Options
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
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.
SGX: Titan DT/DC Hardware Refresh
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 will provide the detailed test plan for the IWT by July 2023.
Titan DTDC Newsletter – Titan DTDC Hardware Refresh
(SGX Titan Portal password required)
HKEX: Block Trade Facility Enhancement
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 and 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.
- 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
Exchange Circular MO/DT/157/23
FIA: Industry-Wide Testing
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:
- Montréal Exchange
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.:
Eurex/EEX: T7 Release 12.0
November 20, 2023
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
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
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
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.
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
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. In the coming weeks TT will be removing the LME specific DEA field. For further information on this change, please contact email@example.com.