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ICE: Exchanges Data Center Migration, Mexder trading schedule change and More

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ICE: Exchanges Data Center Migration

In March of 2023, ICE will migrate to a new data center. Additional information on the move is available from the exchange here.

Key Dates:

  • COMPLETED: March 4, 2023 – LIFFE Markets Data Center Migration
  • March 18, 2023 – ICE and Endex Markets Data Center Migration

TT participated in the following testing:

  • COMPLETED: November 5-6, 2022 – Weekend Login and Heartbeat testing prior to Mock – Trading Session #1 – No customer involvement 
  • COMPLETED: November 12, 2022 – Mock Trading Session #1 (Production Site)
    • Testing will be supported from 5am to 11am  EST
  • COMPLETED: December 3, 2022 – Mock Trading Session #2 (Disaster Recovery Site)

Simulation / UAT Access

All UAT connectivity has been moved to the new datacenter.

Production Access

For Order Connections, no changes are required on the migration weekends, changes will be made automatically and no customer action is needed.

For Private Order Feed (POF) connections, customers will need to change the target IP and Port for all connections on the respective migration weekends. 

  • ICE_L (Basildon) Connections: After the close on Friday, March 3, and prior to the open on Sunday, March 5, customers must change their IP and Port information as follows:
    • Primary: 158.224.36.15 port 80
    • Backup: 158.224.36.16 port 80
  • ICE (Cermak) Connections: After the close on Friday, March 17, and prior to the open on Sunday, March 19, customers must change their IP and Port information as follows:
    • Primary: 158.224.35.13 port 80
    • Backup: 158.224.35.14 port 80

Mexder trading schedule change

Mexder announced a trading schedule change for the period of 13th March to 3rd November 2023.

  • Trading Session 7:00 hrs. – 14:00 hrs. (Mexico City time)
  • Market Close 14:00 hrs. (Mexico City time)

We have made the necessary changes to accommodate this on our end.

[UPDATED] CME: DR Data Center Migration and Test – Postponed

TBD

The mock disaster recovery test previously scheduled for September 10 and March 4th has been postponed.  A new date and exercise details will be shared in future updates.

TFX: Three-month TONA Futures and Options

March 20

TFX has announced the introduction of Three-month TONA (Tokyo Overnight Average) Futures and Options with a launch date of March 20, 2023. The Product Code is O3 For Futures and Spreads and O3O for Options. The TT platform is fully ready for the new product launch and all Three-month TONA products are available for testing in UAT now.

In the Production Environment, all Three-month TONA Futures and Options will be available on the TT Platform starting from the morning Pre-Open on Friday, March 17 as per the TFX exchange schedule. From this time onwards, TT will support all tasks specific to the new product listing, including creation of Risk Limits, creation of product-specific OTDs, TTW workspace updates, etc.

Additional Resources

News File

SGX: Nikkei 225 Climate PAB Futures

March 20

SGX has announced the introduction of SGX Nikkei 225 Climate PAB Futures with a launch date of March 20, 2023.

The products will be available for testing in UAT as soon as the exchange lists them in their Member Test Environment.

[Update] Eurex: Next-Generation ETD Contracts

March 27

Eurex is aiming to introduce a more flexible set-up of Exchange Traded Derivatives (ETD) products by implementing an enhanced contract identification concept in March 2023 allowing more than one expiration per month on product level (sub-monthly contracts). Weekly contracts will now be sent with the new format of DDMMYYYY (current format: MMYYY), allowing for more than one expiry per month within one product symbol.

Initiative 1: Integration of Weekly Expiring Instruments on Product Level

Example 1: AXA

  • Current PROD:
    • AXA main monthly (week 3) options
    • AXA1, AXA2, AXA4, AXA5 weekly options
      • AXA Jan23 C21.2
      • AXA1 W01Feb-23 C23.2
      • AXA2 W02Jan-23 C23.4
      • AXA4 W04Jan-23 C23.2
  • Current UAT:
    • All options are listed under AXA, with the following display name format:
      • AXA W2-Jan23 P21.4 
      • AXA Jan23 P22.4
      • AXA W4-Jan23 C21.2

Example 2: ODAX

  • Current PROD:
    • ODAX main monthly (week 3) options
    • ODX1, ODX2, ODX4, ODX5 weekly options
      • ODX2 W02Jan-23 P13600
      • ODX4 W04Jan-23 C12650
      • ODX1 W01Feb-23 C13200
      • ODAX Mar23 C13500
  • Current UAT:
    • All options are listed under ODAX, with the following display name format:
      • ODAX W2-Jan23 C12000
      • ODAX Jan23 P12900
      • ODAX W1-Feb23 P14700
      • ODAX Feb23-EOM C12150

Available Products in UAT:

  • OGBL 
  • AXA 
  • BAY 
  • CSGN
  • ROG
  • ODAX (including end of month contracts)
  • OSMI
  • NOA3 (don’t be confused, the ‘3’ here is not the week number)

For a full list of products, please refer to this doc – tab “MainOptionsPlus” and reference columns A and J-N: https://docs.google.com/spreadsheets/d/1We-lEUWma3KLiYa4PM1R4Yul1KeGyGo8/edit?usp=share_link&ouid=110689222129353141429&rtpof=true&sd=true

Initiative 2: Daily Single Stock Futures (for use in Volatility Strategies in Single Stock Options) and new naming convention for Daily contract.

Example 1: AXAP

  • Current Prod: AXAP (just a monthly future)
    • AXAP Jan23
    • AXAP Feb23
    • AXAP Mar23…
  • Current UAT Cal Date Jan 9/Business Day Jan 11 per SIM calendar:
    • AXAP T 
      • LTD/Mat Date = Jan 11 2023

Every day, a contract named “AXAP T” will exist. It will expire each day; the alia’ will be re-used but the instrument ID and LTD/mat dates will always update.

Available Products in UAT:

  • ROGP
  • NO3P
  • BAYP
  • AXAP
  • ADSP
  • BMWP
  • UBSP

Initiative 3: Market-On-Close Futures T+X (Basis Trading in Equity Index Futures)

Example 1: FMEA

  • Current Prod:
    • FMEA Quarterly Contracts
      • FMEA Mar23
      • FMEA Jun23
      • FMEA Sep23…
  • Current UAT:
    • FMEA T
    • FMEA T+1
    • FMEA T+2
    • FMEA Mar23
    • FMEA Jun23…

Very Important to Know:

  • T = Current Business Day = Last Trading Date = Contract Date = Tag 200
  • Maturity Date (Expiry Date) is always LTD + 1 Business Day for these 3-day MSCI Futures
  • When there is a regular Quarterly Contract, there is no “T” contract on that day. 
  • On any Business Day (with the exception of the bullet point above), there is a T, T+1 and T+2 contract. 
  • These contracts roll, so today’s T+2 will become tomorrow’s T+1, and then the following business day will become T0. It will expire on T-1, but no T-1 contract will ever be visible because it has passed the Last Trading Date.
  • Eurex Sim Calendar Link: https://www.eurex.com/resource/blob/2348578/d5cfb2d379d82a32aa3220375a58f2e5/data/P-SimuCal-Eurex-20221219-20230326.pdf
  • In UAT, this is all based on the Eurex SIM calendar, which does not follow a normal schedule. Please refer to Eurex Sim Jan – March MSCI 3 day Futures.pdf for date conversions based on the sim calendar.

In Production, this will apply to all MSCI Futures.

Available Products in UAT:

  • FMEA
  • FMWN
  • FMWO
  • FMJP
  • FMEF

[Update] Additional Note: As a result of the Eurex NextGen ETD initiatives, the instrument name value sent by Eurex and populated in TT’s database in the instrument level field “Name” will change for all contracts. TT plans to update this on the weekend of March 17th, 2023, two weeks prior to the Go-Live date. 

Additional Resources

Eurex Circular

TFEX: New Trading System Market Rehearsal

April 1

TFEX has announced a Market Rehearsal (MR) for their next generation trading system. The Rehearsal is mandatory for all Members and ISVs.

The “Preparing for TFEX Market Rehearsal” TT Factsheet has been prepared to ensure that all customers are provided with Market Rehearsal setup information and requirements.

Euronext: AEX Index Futures – withdrawal of US Direct trading access

April 20

From 20 April 2023, the AEX Index will transition from a broad-based to a narrow-based index. As a consequence, the direct trading access of US Trading Members to AEX Index futures contracts will be withdrawn at that time.

Additional Resources

Euronext Info-Flash 23 January 2023

ASX: Business Continuity Testing

April 29

ASX has scheduled a business continuity test on the production ASX 24 environment for April 29, 2023. This test will include component failure from the primary ASX data centre (ALC) to the Secondary Data Centre (SDC). Further details are awaited from ASX, and will be included in subsequent System News and Updates.

TFEX: New Trading System Upgrade

May 8

TFEX has rescheduled the official Go-Live date of their new Trading System Upgrade for May 8, 2023. Prior to Go-Live there will be a migration period in which TT staff will work together with customers to ensure preparedness for the upgrade.

The TFEX Trading System Upgrade Migration Guide is will continue to be updated with new details and information as the Go-Live date draws nearer. It is recommended that customers check the document from time to time so that new updates will be received in a timely manner.

BIST: BISTECH 3.0 Dress Rehearsal

May 13

TT plans to participate in the Dress Rehearsal for the BISTECH 3.0 scheduled by the exchange for 13 May, 2023. This Dress Rehearsal will be conducted in the TT Production Environment on the said date. This participation is dependent on BIST providing all the required details before the Dress Rehearsal date. Further details regarding this, once announced by BIST,  will be provided in subsequent System News and Updates.

SGX Titan & SGX GIFT City: Industry-wide BCP Exercise

May 13

SGX is conducting an Industry-Wide Business Continuity Planning Exercise scheduled for Saturday, May 13 2023. SGX will simulate an intra-day failure at its PDC. All Singapore-based Securities and Derivatives Trading, and Clearing Members are required to participate in this exercise.

Additional details about connecting to TT for participation will be provided in due course.

JPX: Three-month TONA Futures

May 29

JPX has announced the introduction of Three-month TONA (Tokyo Overnight Average) Futures with a launch date of May 29, 2023. The new products will be available for testing in UAT prior to product launch.

Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.

Additional Resources

English: Market News
日本語: マーケットニュース

JPX: Nikkei 225 Micro Futures and Nikkei 225 Mini Options

May 29

JPX has announced the introduction of Nikkei 225 micro Futures and Nikkei 225 mini Options linked to the Nikkei Stock Average with a launch date of May 29, 2023. JPX ‘s decision to launch the new products is in response to recent trends toward smaller investment units in the cash equity market as well as the increasing demand for more precise risk management tools.

Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.

Additional Resources

English: Market News
日本語: マーケットニュース

JPX: ESG Index Futures

May 29

JPX has announced the introduction of three new ESG Index Futures with a launch date of May 29, 2023. The new contracts will be utilized in asset management taking into account ESG (Environmental, Social, and Governance) factors. Listing them is part of JPX’s effort to assist in the creation of a society in which sustainability-focused information, products and services are easily accessible to all.

Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.

Additional Resources

English: Market News
日本語: マーケットニュース

JPX: Contract Unit Change for Silver Futures and Palladium Futures

May 29

JPX has announced a change of the Contract Unit for Silver Futures and Palladium Futures with an effective date of May 29, 2023.

Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.

BIST: BISTECH 3.0

June 12

A new phase of the BISTECH system, called BISTECH 3.0, is announced to be launched by the exchange on June 12, 2023. As part of this, 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 9 June 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 9 June.

Final production connection details are awaited from the exchange, and hence further details will be provided in subsequent System News and Updates.

IDEM: Migration to Euronext

Late 2023

IDEM products will be migrating to Euronext at the end of 2023. Further details will be provided as the date approaches, which can be found here.