SGX: Cobalt and Lithium Contracts
SGX has announced the introduction of SGX FM Cobalt and Lithium Contracts with a launch date of September 26, 2022. The products are available for testing in UAT now. Please note the following two points for UAT testing: (1) TTW traders testing Cobalt and Lithium Contracts will see incorrect Profit and Loss calculations in the TTW Positions Widget. (2) The Product Names will not appear in TTW Widgets or in Product/Instrument downloads of other applications. These two issues will be corrected during the week of September 19 or earlier. These two issues are specific to UAT testing only and will never impact Production.
FIX: Logon Tag Validation
TT FIX has introduced a new feature that will enable FIX sessions in UAT and Production to be routed to a specific host in the environment rather than being randomly assigned a host by the HA Proxy load balancer during Logon. The new feature will give customers and TT greater flexibility in routing sessions for the purposes of testing, diagnosis, early access to new features or roll-back to older versions of the TT FIX servers.
When the new feature is enabled, HA Proxy performs tag validation on the FIX Logon (35=A) message to ensure that the FIX message is well formed. The Logon message may only contain standard tags for that FIX Version, or custom tags in the range 10,000 to 19,999. If the logon contains tags that are outside the permitted range for that version (for example, a FIX 4.2 logon containing FIX 4.4 tags 553 and 554), that logon will be rejected.
The TT FIX Integration team has performed an analysis of current production Logon messages and is contacting customers directly to request removal of any non-standard tags from their FIX 4.2 or 4.4 logons. Customers that connect to dedicated FIX servers bypass the HA Proxy load balancer and are not impacted.
The new feature is currently enabled in UAT only. Production deployment will begin on September 30 and take 3 to 4 weeks to fully deploy to production. Customers must remove any non-standard FIX tags from their Logon messages prior to September 30.
For questions regarding FIX Logon, please contact TT FIX Integration at firstname.lastname@example.org. For information on configuring the new feature in TT Setup, please contact TT Onboading at email@example.com.
CME: E-Mini Nasdaq-100 Tuesday and Thursday Options
Effective Sunday, October 2 (trade date Monday, October 3) pending completion of all regulatory review periods, E-Mini Nasdaq-100 Tuesday and Thursday options will be listed for trading on CME.
|Tuesday Weekly Options on E-mini Nasdaq-100 Index Futures – Week 1 – 5||Q1B-Q5B|
|Thursday Weekly Options on E-mini Nasdaq-100 Index Futures – Week 1 – 5||Q1D-Q5D|
CME: Amendment to Trading Hours for CBOT Mini-Sized Agriculture Futures
Effective Sunday, October 2nd (trade date Monday, October 3rd), the trading hours for the CBOT mini-sized agricultural futures will be amended:
|Product Name||Product Symbol|
|Mini-Sized Corn Futures||XC|
|Mini-Sized KC HRW Wheat Futures||MKC|
|Mini-Sized Soybean Futures||XK|
|Mini-Sized Wheat Futures||XW|
Current Trading Hours:
Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday, 8:30 a.m. – 1:45 p.m. CT
Revised Trading Hours:
Sunday – Friday, 7:00 p.m. – 7:45 a.m. CT and
Monday – Friday, 8:30 a.m. – 1:20 p.m. CT
ICE: Mandatory Requirement of Manual Order Indicator (“Tag 1028”)
From the exchange:
In March 2022, ICE Futures U.S. (“IFUS” or the “Exchange”) issued a notice detailing the mandatory inclusion of a Manual Order Indicator on order messages in FIX Tag 1028 effective October 3, 2022. This is a reminder that ICE Futures U.S. will require the inclusion of the Manual Order Indicator on all order messages for IFUS markets starting on October 3, 2022. The Manual Order Indicator is assigned a “Y” value to indicate manual order entry and “N” to represent automated order entry.
TT currently supports the sending of tag 1028 for ICE and ICE_L.
TFEX: SET BCP Exercise
TFEX is conducting a SET Business Continuity Planning Exercise scheduled for Saturday, October 8, 2022. All Members are required to participate in this test to ensure that the backup trading system can function immediately and continuously in any case where the main trading system is unable to function.
Additional details about connecting to TT for participation will be provided in due course.
The exchange is planning to distribute the test details and additional documentation during the month of September 2022.
FIA: Industry-Wide Testing
The Futures Industry Association will sponsor its annual Industry-Wide Disaster Recovery Testing (IWT) on Saturday, October 15. We will facilitate customer participation for registered TT platform customers.
Testing is 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 CFE, CME and ICE exchanges will be completed by TT staff as required.
HKEX: Extension of Volatility Control Mechanism and Dynamic Price Banding Mechanism to Hang Seng TECH Index Futures
HKEX has announced that the exchange’s Volatility Control Mechanism (“VCM”) and Dynamic Price Banding (“DPB”) mechanism will be extended to Hang Seng TECH Index (“HTI”) Futures starting from October 17, 2022.
Both VCM and DPB are already supported correctly on the TT Platform and therefore no changes are required for including Hang Seng TECH Index Futures support.
Please note that TT will not participate in the Practice Session on September 10, 2022.
TT Platform Impact
Exchange Circular MO/DT/205/22
ASX: 3 Year Bond Futures Minimum Price Increment Changes
In response to current market conditions of the 3 Year Bond Futures contracts, ASX has announced plans to make a change to the minimum price increment to improve market quality and liquidity.
Starting from October 17, 2022, ASX will change the 3 Year Bond Futures minimum price increment from 0.005 to 0.002 during the non-roll period, which is from 17:10 on the 8th of the expiry month (or next business day if the 8th is not a business day) until 16:30 on expiry day.
At the time of the price increment change from 0.002 back to 0.005 (16:30 on expiry day), ASX will purge all working orders that do not conform to the standard 0.005 price increment. All such orders will be removed from the TT system via order expiration update.
TT has verified that the current Production Release version of the TT Platform correctly supports ASX’s improvement with no need for changes. Please note that TT has identified a rare situation in which TTW MD Trader failed to reflect the price increment change. This issue is under low-priority investigation, but TTW Users who encounter the problem can correct it immediately by right-clicking MD_Trader and selecting “Refresh Instrument Definition.”
ASX Exchange Notice 0946.22.09
HKEX: Market Rehearsals for Compression Mechanism
HKEX has announced the introduction of a new compression mechanism to be implemented in the OMD D-Lite Datafeed and Retransmission.
Since the new compression feature is to be initially used only on HKEX’s OMD D-Lite Market Data system, TT systems are unaffected by the change and therefore will not participate in the October 22, October 29 or November Market Rehearsals.
MEFF: Continuity Test
MEFF will hold a Financial Derivatives continuity plan exercise on Saturday, October 22, 2022. Order Entry is not allowed. No customer action is required, other than Registration.
The registration to participate in the tests can be found here:
Members who wish to participate must register on this website. For any questions please contact firstname.lastname@example.org.
MEFF Notice – Continuity Test 10/22/2022
MX: API Upgrade (SAIL B3, HSVF D7)
UAT October 27 / Prod November 14
The Montreal Exchange is upgrading its Order Entry (B3), Market data (D7) and Drop copy protocols.
- GTE (Test environment) availability – August 18, 2022
- The exchange go-live date for the new protocol is November 14, 2022. TT will launch shortly after. TT will continue to support trading using the old protocol until then.
Current API will be active in GTE1 so UAT will still be available.
Our current target date is October 27 for UAT, but we aim to implement new changes and upgrade UAT as soon as possible.
CME: FX Instrument Migration and Market Data Channel Consolidation
On Sunday, October 30 (trade date Monday, October 31), to streamline the dissemination of CME FX market data offerings, CME FX futures and options instruments will be migrated onto distinct existing market segments and their MDP 3.0 market data channels consolidated on CME Globex as follows:
- Migrate all CME FX futures and FX Link instruments to a single market segment (MDP 3.0: Tag 1300-MarketSegmentID=52) from the current two market segments.
- Migrate all CME FX options instruments to a single existing market segment (MDP 3.0: Tag 1300-MarketSegmentID=88) from the current two market segments.
- Consolidate the CME FX futures market data channels to a single market data channel (MDP 3.0: TAG ApplID-1180=314) from the current two market data channels
- Consolidate the CME FX Options market data channels to a single market data channel (MDP 3.0: TAG ApplID-1180=321) from the current two market data channels
While the migration and consolidation will be handled by TT, customers must cancel any GTC/GTD orders on existing segments 52 and 88 before the close on Friday, October 28th. CME will not be cancelling these orders, and if remaining they will be visible but unmanaged through the TT platform. If customers do not cancel GTC/GTD orders by the close on Friday, October 28th, they will need to work with the exchange for further actions.
These changes will be available in the UAT environment on Monday, October 3rd.
With this update the IP configuration for MSGW iLink and Drop Copy sessions will be updated. iLink and Drop Copy Convenience Gateway (CGW) network configurations will not be impacted.
Source IP information for configured firewall or network devices will not be impacted by these changes. These changes will not impact data licensing and entitlement requirements. The updated MDP 3.0 channel config file will reflect the new CME FX futures and options product mapping.
TFEX: New Currency Futures
TFEX has announced the introduction of two new Currency Futures with a tentative launch date of October 31, 2022. The Product Codes will be listed as follows:
- EUR/USD Futures – “EURUSD”
- USD/JPY Futures – “USDJPY”
The products are available for testing in UAT now. Please note that for UAT testing, Product Names will not appear in TTW Widgets or in Product/Instrument downloads of other applications. This issue will be corrected during the coming weeks, is specific to UAT testing only and will never impact Production.
The exchange has arranged for Member testing to take place from 29 to 30 September, 2022 and 6 to 7 October, 2022. The TT UAT Environment will be available for testing throughout this time so that Brokers may complete their verification and submit their readiness survey to the exchange.
SGX: Industry-wide Data Corruption, Reconciliation and Recovery Exercise
SGX has announced participation in the Derivatives Trading and Clearing Industry-wide Data Corruption, Reconciliation and Recovery Exercise (“DRE”) to take place starting October 10 and ending on November 4, 2022. Please note that TT will forego participation in these exercises.
TFEX: New Trading System IWT
Ongoing until November 16
TFEX has announced the start of IWT for their next generation trading system. IWT for the TFEX Derivatives market started on August 8, and ends on November 16, 2022. Participation is mandatory for all brokers.
Access to the IWT Testing system is available via the TT UAT test environment. Details about how to prepare for IWT and access the environment are provided in the TFEX Trading System Upgrade Migration Guide.
All customers participating in IWT should contact the exchange Member Readiness Team (MME_MemberReadiness@set.or.th) directly to make arrangements.
Eurex: T7 11.0 Upgrade
Eurex will be upgrading T7 to version 11.0 on November 21, 2022. More details will be provided in upcoming System News and Updates. Eurex will upgrade the simulation environment on September 12. TT’s UAT environment will be available shortly after the 12th, date TBC.
TT will be supporting the following functional enhancements:
- Monday and Wednesday Weekly Option Contracts will be introduced to supplement the existing Friday Weekly Options contracts introduced by the Next Generation ETD Contracts Initiative.
- Tag 1031 ‘custOrderHandlingInst’ will become mandatory for all agency trading. Order entries and modifications without a submitted ‘custOrderHandlingInst’ when the Trading Capacity Agency is used will be rejected.
Euronext: Change of format for Trading Venue Transaction ID (TVTIC) for Euronext Markets
A new field, Trade Unique Identifier (TUI) will be disseminated within the Order Entry Gateway, Market Data Gateway and Drop Copy and will be used as the new TVTIC (Trading Venue Transaction Identification Code) across all Euronext markets to uniquely identify a trade. TVTIC used for TRS22 purposes will have a new format. TT will implement the new field/format on November 21, 2022. More details to follow in upcoming System Updates.
HKEX: Change of Trading Hours for Selected MSCI & Currency Products
HKEX has announced plans to revise the T Session closing hour and T+1 opening hour (“Late Close”) for selected MSCI Price Return, MSCI Net Total Return (“NTR”) and Foreign Exchange Futures and Options (altogether “Late Close Contracts”) starting from November 21, 2022.
No changes are required for supporting the change of trading hours.
TT Platform Impact
Exchange Circular MO/DT/231/22
CME: Change to Bursa Malaysia Derivatives (BMD) Extended Night Trading Session
In December 2022 and pending final regulatory approval, Bursa Malaysia Derivatives (BMD) will extend its night trading session for selected products on CME. Due to the time difference between Malaysian Time and Central Time, the extended night trading session activities will begin the business day prior to actual trade date in Malaysian time. The new extended night trading session will be open for trading Monday – Thursday.
There will be no Friday night trading session. There is no impact to the current Monday – Friday day trading sessions.
|Current Time||New Time|
|21:00:00 – 23:30:00 (Malaysia Time)||21:00:00 – 02:30:00 (Malaysia Time)|
|FTSE Kuala Lumpur Composite Index Futures||FKLI|
|MINI FTSE BURSE MALAYSIA MID 70 IDX||FM70|
|FTSE Kuala Lumpur Composite Index Options||OKLI|
|BMD Tin Futures||FTIN|
|3 Month Kuala Lumpur Interbank Offered Rate Futures||FKB3|
ICE: Mandatory Migration from LMA to IM-SMA
ICE has started the process of phasing out Locally Managed Accounts (LMAs) by introducing a new set-up feature, called Independently-Managed System Managed Account (IM SMA) in the ICE Clearing Admin tool which is designed to replace LMAs. The timeline for the migration has been set to year-end.
The new ICE IM SMA feature is available within the SMA functionality and is replacing the legacy LMA, which will be phased out completely by December 31, 2022. The new IM SMA feature offers Clearing Members more control over accounts than is available with LMA.
With IM SMA set-up, it is mandatory to send in tags 439 (Clearing Firm) and 440 (Clearing Account) to the exchange. The customer could continue using tag 9207 (CustAccountRefID field) as an optional field to distinguish the customer business. ICE is targeting December 31, 2022, as the end date for LMA access. In line with this milestone, ICE will not support the creation of any new LMA access starting August 1, 2022.
The TT platform already supports the required tags for IM SMA as required by ICE. Below are the mappings between the required tags and the respective fields in the TT user setup.
- Tag 439 – Clearing Firm ID
- Tag 440 – Exchange Account
Customers are requested to get in touch with TT onboarding team in case any assistance is needed for setup.
KRX: Market Data System Upgrade
January 23, 2023
KRX has announced the launch of a new Market Data System (“New MDDS”) scheduled to go into production on January 23, 2023. Updated information will be provided in System News and Updates as it becomes available.
TT Platform Impact
For Users of the TT Platform there will be no observable impact to trading. All users can expect a seamless transition from the current system to the KRX “New MDDS” with no interruptions.
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, OEB4, OEB5 will be listed under the OESB Product Symbol, and will be sequentially integrated into the following month as they expire.
Currently, the Weekly options are:
Current Monthly Option:
At the end of the integration process, the October contracts will be the following:
It is important to note that the Weekly Options will sequentially migrate after each weekly option expires.
For example, in the third week in October, OEB1 and OEB2 have already migrated to their OESB November Week 1 and Week November 2 display names, while weeks 4 and 5 have not migrated yet.
Here is another example with a visual aid:
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.
Eurex Next Generation ETD contracts are now available in UAT for customer testing. The following products are now available, please see the product symbols below and use those for testing purposes:
Active as of July 2022:
T+X MSCI Futures and Spreads (FMEA, FMWN)
Integration of sub-monthly options (NOA3, OGBL, AXA, BAY, CSGN, ROG, ODAX (including end of month contracts), OSMI)
Daily expiring single stock futures (AXAP, BAYP, NO3P, ROGP)
Activation Date in Simulation: September 23, 2022 (integration period until October 18, 2022):
Starting 23 September 2022, Eurex will gradually integrate all weekly expiring contracts OES1/OES2/OES4/OMSX into the standard option OESX. Please find below the detailed migration schedule:
Activation Date September 30, 2022:
Daily expiring contracts in MSCI Futures FMWO, FMJP, FMEF
Activation Date October 6, 2022:
Daily expiring contracts in single stock futures in ADSP, BMWP, UBSP
Please refer to the attached Eurex Simulation Calendar, as the 3-day rolling contracts will follow the Business Day rather than Calendar day.
CME: DR Datacenter Migration and Test Postponed
The mock disaster recovery test previously scheduled for September 10 has been postponed to early March 2023. Additional details, test scripts, and registration information will be announced in future CME Globex Notices.
TFX: Three-month TONA Futures & Options
TFX has announced the introduction of Three-month TONA Futures & Options with a launch date in late March 2023. The new products will be available for testing in UAT prior to product launch. Updated information will be relayed here in System News and Updates whenever it becomes available from the exchange.
IDEM: Migration to Euronext
End of Q2/2023
IDEM products will be migrating to Euronext at the end of Q2/2023. Further details will be provided as the date approaches.