System Admin News & Updates

• TFEX: Annual SET BCP Test
• Update: BIST: BISTECH 3.0
• SGX_GIFT: GIFT Connect Service Release 1
• SGX_GIFT: Full-scale Operation of NSE IFSC-SGX
• NSE: BANKNIFTY Contract Expiry Revision
• KRX: Derivatives Market Rules Improvements
• Eurex/EEX: ETI TLS Encryption
• CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
• IDEM: Migration to Euronext

TFEX: Annual SET BCP Test

June 10

The TT Production environment will be available and set up for handling BCP activities. All members are required to participate in the test.

SET has provided to all participants a test script and updated timings for this test in their “SET-FEED (MME) News #6/2023 email”. Members can reach out to their respective exchange contacts for these details . They can also reach out to TT for any clarification .

Note that TFEX has planned for both a BCP and a DRP test on the same day . TT is only planning to participate in the BCP test . 

Update: BIST: BISTECH 3.0

New Date, TBD

A new phase of the BISTECH system, called BISTECH 3.0, is announced to be launched by the exchange. The go live date for this, which was earlier planned for 12th June, has been pushed back by the exchange, and details on the new release date are awaited.

As part of this upgrade, 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 the last business day before the go live date, 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 this date.

On the go live date, company admins will need to update the order entry connection settings with the latest user details that they may have received from the exchange, in order to be able to enter orders post this change.

SGX_GIFT: GIFT Connect Service Release 1

June / July

SGX has announced plans to deploy a new system update, “GIFT Connect Service Release 1” with a target timeframe of June / July 2023 for production trading. TT has completed all required software changes and test verification for this update, and the TT UAT environment is available now to connect to the exchange’s Service Release 1 test environment. All customers who plan to conduct testing on their own are welcome to begin at any time.

To certify preparedness for SGX SR1, all Members are required to submit a declaration to the Exchange. The declaration can be found in Appendix 1 of  “GIFT Connect Newsletter #7” on the SGX Gift Connect Portal here: GIFT Connect Service Release 1 Member Readiness Sign-Off. (Note that this is a password protected file . If you do not have the password, please reach out to your respective Exchange Contact / Business Manager). Once completed, the declaration form should be sent directly to SGX. No other documentation is required to certify preparedness. For this particular system update, preparedness documents sent out from TT to customers of TT are neither available nor required.

SGX_GIFT: Full-scale Operation of NSE IFSC-SGX

July 3

SGX has announced that the full transition of SGX Nifty derivatives to NSE IFSC (SGX GIFT City) will be on July 3, 2023.

SGX GIFT City went live on July 29, 2022. Since that time, the NIFTY products have been trading in parallel on both the “SGX” (Titan) and the “SGX_GIFT” (GIFT City – NSE) platforms.

Starting from July 3, 2023 there will be a permanent shutdown of NIFTY trading on SGX Titan. From that time, all SGX users must trade NIFTY on SGX_GIFT. The exchange is keeping far months available on SGX Titan throughout the transition to aid Risk / Position management.

All of the above points apply to DMA trading only. Users sending Trade Report (NLT / Wholesale / OTC) orders will continue to use the SGX Titan platform even after the transition.

For TT users, there are no specific steps that need to be taken on our platform to prepare. SODs and position tracking on our platform should be managed by the customers as needed, but all other operations will take place entirely on the exchange side.

NSE: BANKNIFTY Contract Expiry Revision

July 7

The expiry of all Futures and Options contracts for Nifty Bank (BANKNIFTY) will be revised from the existing Thursday to Friday. This expiry date revision will be done on 6th July EOD and will be applicable for all expiries (weekly, monthly and quarterly).

• All weekly contracts will expire on the Friday of every week.
• All monthly contracts will expire on the last Friday of the contract month.
• If for any existing contract, the expiry happens to be on a Thursday which is the last day of that month (eg.: 31 Aug, 2023), then the expiry will be preponed to the previous Friday (eg.: 25 Aug, 2023).
• If Friday is a trading holiday, then the expiry will be on the previous trading day.

This change will be effective from the trade date of 7th July, and the first Friday expiry will be on 14th July. 

KRX: Derivatives Market Rules Improvements

July 17 (Tentative)

KRX has announced a list of Derivatives Market Rules Improvements with a tentative Go Live date of July 17, 2023.

KRX improvements include the New Listing of KOSPI 200 Monday Weekly Options. TT KRX Price Server is currently being updated to add support for the new Weekly Option product and an upgrade to the UAT environment is currently targeted to the first week of July.

For all other Improvements announced by KRX (listed below) there is no impact to the TT platform.

• Earlier Derivatives Market Opening
• Changes to Negotiated Block Trades
• New Listing of Single Stock Futures·Options
• Segmentation of SSF / SSO Order Quantity Limit

Additional updates will be provided here in System News as they become available.

Eurex/EEX: ETI TLS Encryption

December

Eurex has implemented mandatory changes regarding data transmission via the T7 trading interfaces. These changes have been made to improve the security of information transmitted via communication networks to further reduce the risk of unauthorized interception, manipulation, or misuse.

Changes will be made by TT to meet these requirements. These changes will be mandatory on the following dates:

More details will be provided in upcoming Updates.

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

Feb 4, 2024

CME is introducing iLink3 on Convenience Gateways (CGW) for trading futures and options on CME Globex. The iLink3 protocol will launch on the existing CGWs beginning Q1 2024. All customers connected via CGW will need to migrate to iLink3 by Q4 2024. More details will follow in upcoming System Updates.

IDEM: Migration to Euronext

March 2024

IDEM products will be migrating to Euronext in March 2024. Further details will be provided as the date approaches, which can be found here.