- This Weekend: ICE: API Upgrade
- Eurex: NextGen ETD new OEXP Daily Options
- Global Multi-Factor Authentication (MFA) Requirement
- NSE: September Mock Session
- NSE: Change in Expiry for BANKNIFTY Weekly Options
- ICE: Support for Futures on Butterfly and Condor strategies on Brent Crude Futures
- ICE: New LegRatioQtyDenominator for Crude Futures – Daily Dated Brent (DDB S)
- SGX: Titan DT/DC Hardware Refresh
- Eurex: Simulation Downtime
- HKEX: Block Trade Facility Enhancement
- FIA: Industry-Wide Testing
- JPX: Name Change of TSE Mothers Index Futures
- TFEX: New Currency Futures
- Eurex/EEX: T7 Release 12.0
- Eurex/EEX: ETI TLS Encryption
- SGX: Titan DT/DC Update
- TFEX: Reactivation of TFEX Bait function
- TFEX: Extended Trading Hours
- CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
- IDEM: Migration to Euronext
- HKEX: Self-Match Prevention Service Enhancements
- LME: New Trading Platform
This Weekend: ICE: API Upgrade
ICE has announced that they will undergo an API upgrade on 26th August 2023.
TT has made two changes for this ICE API upgrade which are now available in UAT for client review.
1. Exchange System ID Enhancement: TT has made the necessary changes to accommodate the extension of ICE generated system IDs. Before, these IDs were up to 9 digits long, but now they can be up to 14 digits long.
2. TVTIC Update: To reduce the risk of duplicate IDs being created, ICE has increased the length of the MiFIR Trading Venue Transaction Identification Code (“TVTIC”) from 42 characters to 51 characters by adding extra padding to the Exchange Deal ID part of the TVTIC. TT has made the necessary changes to accommodate this change.
For additional information from the exchange, please refer to the “Trading Platform API Release Notes – Q3 2023 Release”.
Eurex: NextGen ETD new OEXP Daily Options
Eurex is introducing new OEXP EOD and EOM daily options in production on August 28th. This product is now available in the UAT environment for testing.
Global Multi-Factor Authentication (MFA) Requirement
Cyber security threats in our industry reinforce the importance of all of us instituting all available security tools.
To safeguard our customers and ensure that we deliver TT platform components in the most secure fashion, we will require all TT platform Production environment users to enable two-factor authentication (2FA) by close of business September 1, 2023.
The use of a 2FA method will be mandatory. The following methods are currently available to configure 2FA (in order of preference):
- Google Authenticator
- SMS (strongly discouraged due to weaknesses with SMS)
Please contact email@example.com if you have any questions.
NSE: September Mock Session
TT plans to participate in the mock trading session that will be conducted by NSE on September 2, 2023. Further details regarding this mock session are awaited from the exchange. Once published by the exchange, this will be available on the NSE website at the below link –
NSE: Change in Expiry for BANKNIFTY Weekly Options
The expiry of weekly options on BANKNIFTY will be modified to Wednesday from the existing expiry of Thursday.
- Weekly contracts will expire on the Wednesday of every week, excluding the expiry week of monthly contracts.
- If Wednesday is a trading holiday, then the expiry will be on the previous trading day.
- There is no change to the expiry of Monthly and Quarterly contracts.
The expiry date of all existing weekly options will be modified as per above at EOD on September 1, and will be effective from the trade date of September 4. The first Wednesday expiry will be on September 6.
This change does not directly impact TT, and the updated expiry dates will be automatically available on TT from September 4.
ICE: Support for Futures on Butterfly and Condor strategies on Brent Crude Futures
Starting from September 4, 2023, ICE will introduce backing for Futures Butterfly and Futures Condor strategies for ICE Brent Crude Futures (BRN). TT will support these strategies, and they are all available for testing in UAT.
ICE: New LegRatioQtyDenominator for Crude Futures – Daily Dated Brent (DDB S)
Starting September 9, 2023, ICE will be updating the logic for setting LegRatioQtyDenominator (tag 9623) values for a subset of CFD strategy markets (Strategy Code 411) under the Oil (2) market type. The details of this change can be seen here. TT has evaluated and no changes are required on our end. These are available in UAT for review. The contracts to which this change applies are,
- ID: 6422184 (DDB S Aug29-Sep1)
- ID: 6422185 (DDB S Sep4-Sep8)
- ID: 6422186 (DDB S Sep11-Sep15)
- ID: 6422187 (DDB S Sep18-Sep22)
- ID: 6422188 (DDB S Sep25-Sep29)
- ID: 6422189 (DDB S Oct2-Oct6)
- ID: 6422190 (DDB S Oct9-Oct13)
- ID: 6422191 (DDB S Oct16-Oct20)
- ID: 6422192 (DDB S Oct23-Oct27)
- ID: 6422178 (DDB S Oct30-Nov3)
- ID: 6422179 (DDB S Nov6-Nov10)
- ID: 6422180 (DDB S Nov13-Nov17)
- ID: 6422181 (DDB S Nov20-Nov24)
- ID: 6422182 (DDB S Nov27-Dec1)
- ID: 6422183 (DDB S Dec4-Dec8)
SGX: Titan DT/DC Hardware Refresh
SGX is planning to upgrade all servers, network gateways and network switches to Service Release (SR) 11 which is recompiled with the latest software versions.
To verify participants’ connectivity to the upgraded trading and clearing system, SGX has planned for a mandatory Industry Wide Exercise (“IWT”) on Sept 09 2023 , to ensure that all participants’ systems are able to connect and login to the new system.
Titan DT/DC will be upgraded on 21 Oct 2023.
SGX has provided the test plan in the latest newsletter for SR11 Titan DTDC hardware Refresh published on 31st July 2023. Please refer to it for more details
Titan DTDC Newsletter – Titan DTDC Hardware refresh ( IWT1 ) – 31st July
(SGX Titan Portal password required)
Eurex: Simulation Downtime
August 28 to September 10
Eurex simulation environment will be down from 8/28/2023 to 9/10/2023 for the upgrade to T7 12.0. This means all environments facing Eurex simulation (DEV, STAGE, UAT) will be down during that time. On September 11, TT will work to get DEV connected, and once that is done UAT will be upgraded as soon as possible later that week.
HKEX: Block Trade Facility Enhancement
HKEX has announced enhancements to improve the Block Trade workflow for a tentative Go Live in Q3 2023.
The list of HKEX enhancements is listed below. For support of “Block Trade Order Entry after the Close of T Session,” a new Trading Status is required. The new Block Trade Only trading state will appear in TT as “Post Trade” and these changes are completed, tested and available now for testing in the UAT environment. It has come to TT’s attention that Members have been asked to “confirm that all of your OAPI programs are capable of handling the new Session State on or before Aug 4, 2023.” Members should feel comfortable submitting this confirmation at any time, but should also feel free to confirm this first-hand using the UAT Environment.
For all other enhancements other than “Block Trade Order Entry after the Close of T Session,” it has been verified that there is no impact to the TT Platform. Customers should follow the instructions provided by the exchange for those three enhancements.
- Lower MVT for HSI and HSCEI Back Month Contracts
- Enhanced Block Trade Price Precision by Average Pricing
- Block Trade Order Entry after the Close of T Session
- Reporting Overnight Block Trades for MSCI Futures
Exchange Circular MO/DT/157/23
FIA: Industry-Wide Testing
The Futures Industry Association will sponsor its annual Industry-Wide Disaster Recovery Testing (IWT) on Saturday, October 14. We will facilitate customer participation for registered TT platform customers.
Testing will be 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 relevant exchanges will be completed by TT staff as required.
For additional details, please see the FIA Disaster Recovery Exercise information page.
JPX: Name Change of TSE Mothers Index Futures
JPX has announced that the product name of the TSE Mothers Index Futures will be changed to “TSE Growth Market 250 Index Futures” starting from November 6, 2023. For the TT platform this is a simple change of text value in TTW’s Description field / FIX Tag 107. The change will be reflected on TT starting from November 6, but there is no impact to trading functionality and no action is required on the part of TT end users.
TFEX: New Currency Futures
TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of November
13 20, 2023. 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. The TT UAT Environment is currently being expanded to include NEXT-B connectivity, which will be available for access under the “TFEX_DEV” market starting from the end of August, 2023.
Eurex/EEX: T7 Release 12.0
Eurex is planning a T7 upgrade to version 12.0 on November 20 2023 . Further information will be provided in the coming weeks.
Eurex/EEX: ETI TLS Encryption
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:
|Interface||Mandatory In Simulation||Mandatory in Production|
|ETI LF||04 August 2023||23 October 2023|
|ETI HF||24 November 2023||11 December 2023|
More details will be provided in upcoming Updates.
SGX: Titan DT/DC Update
In a recent newsletter (“Titan DTDC Newsletter – Proposed T+1 Trading for United States Single Stock Futures”) SGX announced plans to extend trading hours for United States Single Stock Futures (Grab, SEA and TSMC Futures) into the T+1 session, with a tentative target timeframe of Q4, 2023.
As part of the implementation for this change, the exchange is making several changes to the behavior of OAPI messages, including the dissemination of Instrument Status (Trading Status) messages.
TT Platform Impact
There is no impact to the TT platform. All of the Titan DT/DC Update changes will be supported on TT automatically; no software changes are required. Customers are welcome to confirm the changes in the TT UAT environment, following the schedule outlined by the exchange in the “Session State Timings in Member Test Environment (MTE)” section of the newsletter.
TFEX: Reactivation of TFEX Bait function
TFEX has announced plans to reactivate their TFEX bait function (implied order matching). TFEX Bait order generation and matching has been disabled on the exchange side since the launch of the New Trading System (since May 8, 2023) and they have now made public their intention to reactivate this feature with a tentative target timeframe of Q4, 2023.
The new functionality is available for testing now in the UAT environment.
TFEX: Extended Trading Hours
TFEX has announced tentative plans for an extension of trading hours for Non-Equity Products effective in Q4, 2023. The exchange is planning a 2-phased approach for implementation of the changes. Q4 is the tentative schedule for Phase 1; Phase 2 is still under consideration by the exchange.
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.
CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
February 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
IDEM products will be migrating to Euronext in March 2024. Further details will be provided as the date approaches, which can be found here.
HKEX: Self-Match Prevention Service Enhancements
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 has no plans to support the new exchange feature enhancements. 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
LME will be introducing a new API for Order Entry and Market Data in Q2/2024. This will be made available in the UAT environment in Q4/2023. More information will be provided in upcoming System News and Updates.