SGX: Gift City Market Launch
SGX and NSE IFSC announced their partnership in 2019, which is now culminating in the launch of the SGX GIFT City market, providing SGX members with offshore access to the NSE Nifty market on a new platform that is mutually beneficial to both exchanges. The launch of GIFT Connect is now July 29.
TT is currently preparing for the launch with the introduction of our new “SGX_GIFT” market, which is now available for testing in the UAT test environment.
For detailed information about SGX Gift City on the TT platform, please refer to the SGX Gift City User Guide. This document contains several new, important updates as of July 8, and TT recommends that all users be sure to review carefully.
Please note also that on July 1, the exchange sent a PDF document entitled “SGX-ICI GIFT Connect Technical Advisory Notes” to all Members. TT strongly encourages all users to read the document carefully as the information therein impacts all trading on Inauguration of SGX’s GIFT City office and the launch of GIFT Data Connect
GIFT Connect Newsletter #6 – Mock Trading Updates
CME: Changes to Silver and Copper Weekly Monday and Wednesday Options: Resting Order Eliminations
Effective Sunday, August 7 (trade date Monday, August 8) pending regulatory approval, the match algorithm for silver and copper weekly Monday and Wednesday options will be amended.
To facilitate this change, customers should cancel all Good ‘Til Cancel (GTC) and Good ‘Til Date (GTD) orders for these contracts by the close on Friday, August 5. After 16:00 CT on Friday, August 5, any remaining GT orders on these markets will be removed by CME.
TTFIX.crt: Update Notice
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.
On July 23, 2022, TT will update the stunnel.zip file located in the Download Center 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 August 19, 2022.
Added TT Platform STAR.TRADE.TT; valid from July 11, 2022 – August 12, 2023 (DC)
Please download the updated stunnel.zip here:
Directions for configuring a stunnel with TTFIX.crt can be found on the TT FIX Help Site.
SGX Titan: Industry-wide BCP Exercise
SGX is conducting an Industry-Wide Business Continuity Planning Exercise scheduled for Saturday, 27 August 2022. 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.
CME: Listing Pack Spreads on 3-Month SOFR Futures: Resting Order Eliminations
Effective Sunday, August 28 (trade date Monday, August 29), pack spreads on 3-Month SOFR futures for 1-year average priced bundle future spreads will be listed for trading on CME.
To facilitate this change, customers must cancel all Good ‘Til Cancel (GTC) and Good ‘Til Date (GTD) orders for existing 1-year average priced bundle future spreads by the close on Friday, August 26. After 16:00 CT on Friday, August 26, any remaining GT orders on these markets will be removed by the CME.
These spreads will be available for testing in UAT on Monday, August 1st.
ASX: Intraday changes to ASX 24 NTP System
ASX has announced that effective September 1, the exchange will begin making changes to products intraday whenever needed for the resolution of issues in Production. TT worked together with ASX and completed all testing necessary for this update to exchange policy. It was confirmed that all intraday changes will be handled correctly without issue.
CME: DR Datacenter Migration and Test
CME is announcing the move and upgrade of the backup datacenter. To ensure customers can connect to the new backup datacenter, CME will hold a Mock Disaster Recovery Test on Saturday, September 10.
Please note: TT will remain in our Production Environment for this test.
Customers must register in advance to participate.
JPX: Introduction of Holiday Trading
JPX has announced the introduction of Holiday Trading with a launch date of September 20 2022. This new exchange initiative will allow trading during Japan public holidays for Index Futures and Options and all Commodity Futures and Options (including TOCOM products). Securities Options, JGB Futures and Options on JGB Futures will not be tradable during holidays.
For support of order management and trading during holidays, changes to TT Order Connector (OC) are currently in progress and will be deployed to UAT for testing as soon as possible. To ensure correct display of trading status during holidays, a TT Market Data Server (MDS) change is needed. This MDS change is now available for testing in UAT.
A few days prior to the August 24 deadline, TT will provide the completed J-GATE3.0_Holiday_Trading_Checklist・ConfirmationForm.xlsx document for all customers to submit to the exchange.
For detailed information about JPX Holiday Trading on the TT Platform, please refer to the JPX Holiday Trading document. This document will be kept up to date with the latest information as it becomes available, so customers are encouraged to check periodically to get the newest updates.
JPX: System Reboot
JPX has announced the introduction of Recovery by system reboot with a launch date of September 20 2022. This new exchange initiative is to allow the exchange to resume trading following certain failure scenarios. JPX is rolling this out as a response to Arrowhead failures experienced by the exchange during the 2021 Calendar year.
TT Platform will fully support all elements of the System Reboot process including all sequence number changes, settlement price updates and post-reboot order workflow. TT Business and Engineering Teams will coordinate efforts to verify correct platform response during the pre-scheduled test environment weekday test events.
For additional information about JPX Holiday Trading on the TT Platform, please refer to the JPX System Reboot TT Factsheet.
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.
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 the 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 01, 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 set up.
- Tag 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 the set up.
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 in mid July, date TBD.