IDEM: Deletion of GTC Orders
From the exchange:
“As a result of a technological upgrade scheduled for SOLA trading platform for derivatives markets, all orders not executed on the IDEM market at the end of Friday, 6th May 2022 trading session will be automatically cancelled, and trading participants will be informed by specific notifications sent by the platform.
This technological upgrade will not have any impact on the customer side.”
TT Platform Impact
Customers should delete working GTC orders prior to the close of trading on Friday, May 6.
HKEX: Derivatives Holiday Trading
HKEX has announced the introduction of Derivatives Holiday Trading with a launch date of May 9 2022 *. This new exchange initiative will allow all MSCI Futures and Options to be traded on Hong Kong public holidays. Schedules will be adjusted to ensure platform availability during holidays, but other software changes for supporting Holiday Trading are not required.
(*) Note that HKEX’s initial Derivatives Holiday Trading announcement provisioned for a launch date of April 15, but the date was moved to May 9 as per exchange circular MO/DT/057/22.
B3: Mock Test
May 14 and June 11
B3 has announced the mock trading sessions for the participants of the market to test the Puma trading system. The test dates have been announced for the mock tests as May 14 and June 11. The purpose of these mock sessions is to help the participants plan changes and implementation in the trading system.
TT will participate in these mock sessions and customers are encouraged to reach out to the respective onboarding contacts in TT if they wish to participate in the same.
The validation scope of the mock trading session with market participation will be announced in due course by the exchange.
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
- 6 June 2022: Go-Live of Aruba DC-IT3 as Primary Data Centre for all Cash & Derivatives markets
TT Platform Impact
TT is currently in the process of completing Technical Testing in the “New Production” environment. Once completed, we will submit the “Test Form Unicast and Multicast – New Production Environment – Aruba Data Centre” form to the exchange, and will also provide customers with a copy for submission, if needed.
TT successfully participated in Dress Rehearsal #1 on April 23.
CME: Exchange-Recognized Eurodollar Options vs. Three-Month SOFR Options UDS: Resting Order Eliminations
Effective Sunday, June 5 (trade date Monday, June 6), a new exchange-recognized Eurodollar options vs. Three-Month SOFR options User Defined Spread (UDS) will be available for trading on CME Globex.
To facilitate this change, customers should cancel all Good ‘Til Cancel (GTC) and Good ‘Til Date (GTD) orders on UDS in the U$ group after the close on Friday, June 3. After 16:00 CT on Friday, June 3, all remaining orders for UDS in the U$ group will be canceled or deleted by CME.
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 June 11, 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 by June 5th, and each individual participant that will test must register with the login ID they will use (GFID and GUS) so it can be permissioned for Saturday testing.
The market will open at 9:00am ET and close at 11:00am ET on Saturday, June 11th, or sooner should all registered firms complete testing before the scheduled close. The test window may be kept open through 12:00pm ET should any firms require additional time to test.
Eurex/EEX: T7 10.1 Upgrade
Eurex has upgraded to the 10.1 version in Simulation, and TT will support this upgrade in UAT in the first week of May. Please note: this upgrade no longer includes the NextGeneration ETD Contracts (see below for more information).
TFEX: New Currency Futures
TFEX has announced the introduction of four new Currency Futures with a tentative launch date of July 18, 2022. The Product Codes will be listed as follows:
- EUR/THB Futures – “EUR”
- JPY/THB Futures – “JPY”
- EUR/USD Futures – “EURUSD”
- USD/JPY Futures – “USDJPY”
Starting from May 2, the new products will be available in UAT for testing and also for access by Brokers for the purpose of verification and submission of the readiness survey to the exchange.
Eurex: Next Generation ETD Contracts
February 6, 2023
Eurex is aiming to introduce a more flexible set-up of Exchange Traded Derivatives (ETD) products by implementing an enhanced contract identification concept in February 2023 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
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 will support the sub-monthly contracts and T+X MSCI Futures in the UAT environment shortly after the T7 10.1 Upgrade on June 27, 2022. More details on the Production rollout plan will be confirmed after UAT support has been added.
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.