System Admin News & Updates

• JPX: BCP Test
• TFEX: Extended Trading Hours
• TFEX: Extended Trading Hours
• CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
• B3 Binary Protocol
• NSE: Change in Expiry for BANKNIFTY Monthly and Quarterly Contracts
• JPX: Addition of Prime 150 Index Futures
• JPX: Addition of Weekly Contracts on Electricity Futures
• JPX: Revision of Tick Size for LNG Futures
• IDEM: Migration to Euronext
• Euronext: Support for Euronext’s Self Trade Prevention (STP) functionality
• HKEX: Introduction of the 10-year China Ministry of Finance Treasury Bond Futures
• WSE: Native Support for Order Entry
• GFO-X : New market for cryptocurrency derivatives
• HKEX: Self-Match Prevention Service Enhancements
• LME: New Trading Platform
• SGX: Industry-wide BCP Exercise
• TFEX: New Currency Futures
• JPX: Change of Derivatives Market Trading Hours

JPX: BCP Test

January 7

JPX is conducting a Business Continuity Planning Exercise scheduled for Sunday, January 7 2024. Participation in the BCP exercise is not mandatory for Members, but TT will host and support testing during the event. Members who would like to participate should contact their TT Service Manager or Onboarding Representative.

Additional details about connecting to TT for participation will be provided in the coming weeks.

TFEX: Extended Trading Hours

January 15

TFEX has announced plans for an extension of trading hours for Non-Equity Products with an effective date tentatively set for January 15. The exchange is planning a 2-phased approach for implementation of the changes with Phase 1 changes starting in January and Phase 2 changes tentatively scheduled to go into effect in February at a yet-to-be-determined date.

The exchange requires that Members verify the new trading hours in the TFEX “NEXT-B” Test Environment which all Members may access at any time (pending exchange availability of the feature) in the TT UAT “TFEX_DEV” Environment.

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.

TFEX: Extended Trading Hours

January 20

TFEX has announced the Order Entry Gateway Rebalance for Q1/Q2 2024. For all members using a TFEX User Login that needs to change the gateway, an email should have been received from the exchange between 18 and 22 December containing information about the ID slated for rebalancing, and attendance confirmation survey, test schedule and the test script.

All members who received such an email are requested to contact TT Onboarding or Service Management to discuss plans.

On Jan 20, 2024 there is a connectivity test that is mandatory for all Members who are required to change their user logins. Members 

CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW

TBD

CME is introducing iLink3 on Convenience Gateways (CGW) for trading futures and options on CME Globex. TT is targeting UAT to be available in Q2 2024. More details will follow in upcoming System Updates.

CME will be going live in Production in February, however TT will not support CGW on ilink3 until later in the year. TT will provide customers with the ability to participate in Mock testing sessions which we will coordinate with CME and communicate details at a later date. CME will decommission CGW iLink2 on Jan 31, 2025 and all customers must migrate by December 31.

TT will provide a high-level project milestone/timeline document and will share a migration guide as we get closer to the go-live. Customers may be familiar with the MSGW ilink3 upgrade that occurred in 2019, and this CGW upgrade to ilink3 will be very similar.

B3 Binary Protocol

B3 has introduced new, lower latency Binary protocols for Market Data via the Unified Market Data Feed (UMDF) and Order Entry via Simple Binary Encoding (SBE). 

TT is currently developing support for B3’s binary protocols both for market data and order entry, which will be available in UAT in Q1 2024. 

Please note that B3 continues to support the legacy protocols in parallel with the new Binary offering, and the TT migration will follow a phased approach:

• Phase 1: TT will update its Market Data feed to use the new UMDF protocol, which is compatible with both the new SBE Order API and the legacy order entry protocol – no changes are expected for end users
• Phase 2: TT will allow customers to continue using their existing order connections, and in parallel will allow customers to configure and use new connections using SBE
• Phase 3: TT will discontinue support of the legacy orders API, and customers will need to utilize new SBE connections

In January, TT will provide a milestone based timeline detailing dates and deliverables for each of these phases.

NSE: Change in Expiry for BANKNIFTY Monthly and Quarterly Contracts

March 1

The expiry of all monthly and quarterly contracts on BANKNIFTY will be modified to Wednesday from the existing expiry of Thursday.

• At EOD of Feb 29, the expiry date of all existing monthly and quarterly BANKNIFTY contracts will be revised from existing Thursday to the last Wednesday of every month. 
• If Wednesday is a trading holiday, the expiry day will be the previous trading day.
• Any new contracts created on / after the EOD of Feb 29 will be as per these revised expiry days.
• The first Wednesday monthly expiry will be on March 27.
• There is no change to expiry of weekly contracts.

This change does not directly impact TT, and the updated expiry dates will be automatically available on TT from March 1.

Additional Resources

NSE Circular

JPX: Addition of Prime 150 Index Futures

March 18

JPX has announced the Addition of Prime 150 Index Futures with an effective date of March 18. The product code for the new product is JP150 and it will be available for testing in UAT starting from mid-to-late December, 2023. For Production, Prime 150 Index Futures will be available on TT for Risk Limit setup and other configurations starting from January 15.

Additional Resources

• English: Data & Statistics: JPX Prime 150 Index
• 日本語: マーケット情報： JPXプライム150指数

JPX: Addition of Weekly Contracts on Electricity Futures

March 18

JPX has announced the Addition of Weekly Contracts on Electricity Futures with an effective date of March 18. The product codes are listed below and they will be available for testing in UAT starting from mid-to-late December, 2023. For Production, the products will be available on TT for Risk Limit setup and other configurations starting from January 15.

• EEBW (East Area Weekly Baseload Electricity Futures)
• EWBW (West Area Weekly Baseload Electricity Futures)
• EEPW (East Area Weekly Peakload Electricity Futures)
• EWPW (West Area Weekly Peakload Electricity Futures)

Additional Resources

• English: Addition of Weekly Contracts on Electricity Futures and Revision of Tick Size for LNG Futures
• 日本語: 電力先物に係る週間物取引の追加及びＬＮＧ先物の呼値の単位の見直しについて

JPX: Revision of Tick Size for LNG Futures

March 18

JPX has announced a change of Tick Size for LNG Futures with an effective date of March 18. Tick Size changes are routine changes on the TT Platform and as such the updates will be applied to all TT environments automatically, immediately upon being sent out on the exchange’s Market Data Feed. The changes will be available for testing in UAT starting from December 6, 2023. The changes will be available in Production starting from March 18.

Additional Resources

• English: Addition of Weekly Contracts on Electricity Futures and Revision of Tick Size for LNG Futures
• 日本語: 電力先物に係る週間物取引の追加及びＬＮＧ先物の呼値の単位の見直しについて

IDEM: Migration to Euronext

March 25

On March 25, Euronext will complete the migration of Borsa Italiana (IDEM) products to the Euronext exchange. On TT, the IDEM market will be decommissioned and these products will be available to trade on the Euronext market. 

Notable changes with this migration:

• In addition to the currently supported Euronext order types of Market and Limit, Stop Market and Stop Limit will be enabled for IDEM Derivatives, and will be supported on TT 
• TT will introduce support for the Euronext Self-Trade Prevention (STP) functionality, which will be supported on both Euronext and IDEM products. 

TT will release these changes to UAT in 2 phases:

• Phase 1, December 22, 2023 (Available in TT UAT)
  • IDEM market data and order routing will be available to users on the Euronext market on their existing credentials
  • TT will not support Stop orders or Euronext’s STP functionality in this phase
• Phase 2, by end of January 2024
  • Stop orders will be supported in the TT UAT environment for IDEM products
  • In Setup, Administrators will be required to permission users for access to IDEM market data on Euronext, as well as to allow trading
  • Exchange Self Trade Prevention functionality will be available for both Euronext and IDEM products

The following are the anticipated milestones for this project:

Further details on the IDEM to Euronext migration will be communicated in due course.

Euronext: Support for Euronext’s Self Trade Prevention (STP) functionality

March 25

TT will implement support for Euronext’s Self Trade Prevention (STP) functionality on 25 March 2024. This will be available to test in the TT UAT environment in Jan 2024. In TT User Setup, users can set the SMP ID and SMP Instruction for this functionality to take effect. SMP Instruction can be set to any of the below options –

• Cancel Resting Order
• Cancel Incoming Order
• Cancel Both Orders

HKEX: Introduction of the 10-year China Ministry of Finance Treasury Bond Futures

Q1

HKEX has announced the long-awaited introduction of 10-year China Ministry of Finance Treasury Bond Futures to their product line-up. The product launch date is tentatively scheduled for Q1 2024. 

Changes to the TT platform are not needed for support of the new product. The product symbol is HTT and it will be available for testing in the UAT Environment starting from the minute that the exchange makes it available on their Test Environment Market Data Feed.

WSE: Native Support for Order Entry

Q1

In Q1, TT will add native support for order entry of Futures and Options on the Warsaw Stock Exchange (WSE). 

WSE is now available in the TT UAT environment, and interested customers can reach out to their Onboarding representative for assistance in getting connected to WSE.

Further details regarding TT’s launch of WSE in Production will be announced in upcoming notices. 

GFO-X : New market for cryptocurrency derivatives

Feb

GFO-X is a new exchange which will support cryptocurrency derivatives. It is planned to go live in Feb , and TT will add native support for order entry on this exchange. 

GFO-X  is now available in the TT UAT environment, and interested customers can reach out to their Onboarding representative for assistance in getting connected to GFO-X.

Further information will be provided in upcoming notices.

HKEX: Self-Match Prevention Service Enhancements

Q2

HKEX has announced enhancements to their Self-Match Prevention Service which will expand the methods of utilizing and accessing the SMP feature. The enhancements have a tentative Go Live date in Q2 2024.

At this time, TT is evaluating the changes to the API and will communicate plans for support of these enhancements in the near future. The already-existing HKEX SMP implementation will continue to operate normally, with no changes, both before and after the rollout of the exchange’s new enhancements.

LME: New Trading Platform

June

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, in Q2. Access is now available in the TT UAT environment.

The following are the anticipated milestones for this project. More details will be provided in January.

SGX: Industry-wide BCP Exercise

May 25

SGX is conducting an Industry-Wide Business Continuity Planning Exercise scheduled for Saturday, May 25 2024. The exchange’s goal is to validate its ability to recover and operate the market in the event of a data center failover scenario and to test its crisis communication capabilities. All Singapore-based Members are required to participate in this exercise.

Additional details about connecting to TT for participation will be provided in due course as the exchange makes them available.

TFEX: New Currency Futures

Q2-Q3

TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of November 20, 2023 Q2-Q3. 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. Members may complete testing at any time (pending exchange availability of the feature) in the TT UAT “TFEX_DEV” Environment.

JPX: Change of Derivatives Market Trading Hours

November 5

JPX has announced that starting from November 5 there will be a change of trading Hours for the Exchange Derivatives Market due to extension of Trading Hours at TSE. Details about changes to the TT platform and availability of testing in UAT will be posted here in System News as they emerge.