System Admin News & Updates

• TTFIX.crt: Update Notice
• CME: Mandatory Migration – iLink3 Binary Order Entry Protocol for CGW
• B3 Binary Protocol
• SGX: Service Release 12
• SGX: Mini 10 Year JGB Futures Bait Order Matching
• ICE Q2, 2024 Release
• Eurex T7 12.1 Upgrade
• SGX + SGX_GIFT: Industry-wide BCP Exercise
• WSE: Native Support for Order Entry
• TFEX: SET CONNECT Improvements
• Nodal T7 12.1 Upgrade
• HKEX: Self-Match Prevention Service Enhancements
• GFO-X: New Market for Cryptocurrency Derivatives
• SGX: FIA Tech Execution Source Code
• SGX: Implementation of SGX FX Futures Data as an Independent Data Module
• SGX: GIFT Connect Service Release 2
• MEFF: Extension of trading on IBEX Futures
• TFEX: STEC Restructuring Plan
• SGX: Data Recovery Exercise for Derivatives 
• FMX: Launch of FMX Futures Exchange 
• TFEX: New Currency Futures
• JSE Release 7.7 : Self-Match Prevention
• MX API Upgrade: Client Identifiers
• LME: New Trading Platform
• JPX: Change of Derivatives Market Trading Hours
• HKEX: Introduction of 10-year China Ministry of Finance Treasury Bond Futures

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 April 26, 2024, TT updated 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 June 15, 2024 when the old certificate will expire. Added TT Platform STAR.TRADE.TT; valid from 2024/04/01- 2025/03/31 (DC) 

Additional Resources 

Please download the updated stunnel.zip here: https://library.tradingtechnologies.com/tt-fix/general/stunnel.zip

Directions for configuring a stunnel with TTFIX.crt can be found on the TT FIX Help Site.

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

2024

CME has introduced support for iLink3 on Convenience Gateways (CGW) for trading Futures and Options on CME Globex. CME will decommission CGW iLink2 on Jan 31, 2025 however,  all customers must migrate by December 31 of this year to avoid penalties. 

Development of TT iLink3 Convenience Gateway support is now under way. Customers familiar with the MSGW iLink3 upgrade that occurred in 2019 will find the CGW iLink upgrade familiar.

TT’s plans for support of iLink 3.0 for CGW are as follows:

• iLink 3.0 CGW On-Demand Order Entry
  • UAT – End of May: Support for On-Demand order entry on iLink 3.0 and the initial deployment to UAT is scheduled for the end of May, 2024. 
  • No FIX tag changes for Order Entry or Drop Copy are currently expected with this release
• iLink 3.0 CGW Pre-Registration Support
  • UAT –  Summer, specific details to be published in the near future

Prior to Production launch on TT, we will provide customers with the ability to participate in Mock testing sessions which we will coordinate with the CME, details to be communicated at a later date. 

Further updates regarding timelines, migration, documentation, etc will be shared here in System News.

B3 Binary Protocol

Q2

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). 

On March 19, 2024, TT upgraded the B3 Binary market data protocol in UAT, the release note can be found here: https://library.tradingtechnologies.com/release_notes/uat-2024-03.html

On April 02, 2024, TT deployed the new Binary Order Entry API in UAT. Customers should contact B3 for credentials to be used with the new API. The release note can be found here: https://library.tradingtechnologies.com/release_notes/uat-2024-04.html 

* All clients are strongly encouraged to conduct testing in UAT and provide feedback.

Migration Documentation: https://library.tradingtechnologies.com/downloads/B3_Binary_Protocol_Migration_Guide.pdf

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. This is completed and available in UAT.
• 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. Please note that any GTC/GTDate orders on legacy connections will be canceled when we cut off support for the old API.

The following are the anticipated milestones for this project:

Additional Resources

Binary Market Data

Bianry Order Entry

SGX: Service Release 12

April 29

SGX has announced plans to deploy a new system update, “Titan DT/DC Service Release 12” which includes security improvements and fixes to SGX’s derivatives trading and clearing platform. 

There is no impact to the TT platform in SGX SR12. The exchange is adding a new field to their Fill/TradeCaptureReport message but it’s a message field which has no use or applicability on TT since it is specific to capturing  SGX_GIFT trades on SGX which is not possible on the TT Platform.

The other changes being put into place for SR12 are exclusive to SGX Derivatives Clearing Systems (PTRC, etc), and these are neither supported on nor accessible from the TT Platform.

For TT customers there are no steps to take or tests to complete. There will be no change in functionality or platform behavior as a result of SR12. Customers are welcome to conduct routine testing in the UAT environment to verify, but using the TT Platform there is no way to observe or access the SR12 changes directly.

SGX: Mini 10 Year JGB Futures Bait Order Matching

April 29

SGX has announced that they are extending support of implied out / bait order matching to include Mini 10 Year JGB Futures (JB). Support for implied / bait matching will commence starting from May 6, 2024.

TT platform requires no changes to support this improvement as it is simply an extension of the same implied / bait matching that already happens in production on other products such as EUR/CNH Futures (EC) and TSI Iron Ore CFR China 62% Futures (FEF).

TT has completed internal testing of the platform to ensure that TT Users are able to take advantage of the new arrangement starting immediately from day one.

ICE Q2, 2024 Release

May 10

On March 28, ICE deployed its Q2, 2024 release to their Simulation environment, and on May 10, it will be released to production. For information from the exchange on this release, please refer to this document.

There is no impact to TT software resulting from this release, however, customers are welcome to perform testing in UAT as needed.

Eurex T7 12.1 Upgrade

May 13

Deutsche Börse plans to release T7 12.1 to Production on May 13, 2024. Simulation access for T7 Release 12.1 is now available in the TT UAT environment. 

Additional information from the exchange (including System documentation, circulars and timelines) is available on the T7 12.1 initiative page via the following link: www.eurex.com > Support > Initiatives & Releases > T7 Release 12.1. 

The following are the anticipated milestones for this project:

TT Impact Analysis and Go-Live Plan:

There is no action required on the part of customers as a result of this release. TT will perform the necessary upgrades the weekend prior to May 13, and will participate in exchange connection testing during the go-live weekend. We will closely monitor all services at startup on Monday, May 11, and take any action necessary to resolve any issues which may arise.

TT has submitted its Readiness Statement to the exchange.

Additional notes on this upgrade:

• With T7 12.1, Eurex has announced an enhancement to Self-Match Prevention, which TT will not support on launch, but will support prior to the release of T7 13.0 later this year
  • Additional details on this functionality may be found in the Eurex Functional Technical Release Notes
  • TT will provide a more concrete timeline for release of this feature in the near future, and will communicate implementation details at that time
• Please note the following from Eurex with regard to previously announced MiFID II changes, though there are no updates anticipated on the TT-side for these future amendments:
  • With circular 98/2023 it was announced that MiFID II/MiFIR enhancements for the Short Code (SC) and Algo ID solution will be introduced with T7 Release 12.1. These enhancements will be introduced at a later stage. Information about the new introduction schedule will be provided at a later point in time.

SGX + SGX_GIFT: 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.

Members are required to register their participation via the SGX BCP webpage ( http://www.sgx.com/BCP ) between March 25, 2024 and May 10, 2024.

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

WSE: Native Support for Order Entry

TBD

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 for native order entry, 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. TT is currently working with the exchange to complete the conformance testing, post which the Go Live date for this will be announced.

TFEX: SET CONNECT Improvements

June 4

TFEX has announced a SET CONNECT Improvement plan for Q2 2024. The exchange’s improvement plan includes a number of changes to the trading system, however, all such changes are specific to their SET Equities platform only and do not apply to the TFEX Derivatives platform that is accessed via TT.

The SET CONNECT Improvement changes applicable to the TT platform are the Market data improvements only. TT has made the necessary arrangements and our teams are currently working with the exchange to complete the Market Data Conformance Test which is being conducted from Apr 8 to Apr 26, 2024.

The TT Platform will be fully ready for the Market Data IWT Test scheduled in May, 2024 and the June 4, 2024 Go Live. Additional information regarding scheduling and availability will be provided here in System News as the details become clear.

In addition, please note that TFEX has also announced a second SET CONNECT Improvement plan for Q3-Q4 2024. All of the Q3-Q4 changes are exclusively for the SET Equities platform and are therefore not applicable to the TT Platform.

Nodal T7 12.1 Upgrade

Jun 10

Nodal  plans to release T7 12.1 to Production on Jun 10, 2024. Simulation access for T7 Release 12.1 will be available in the simulation environment from April 29 onwards . 

Additional information from the exchange (including System documentation, circulars and timelines) is available here → https://www.nodalexchange.com/resources/technology/

HKEX: Self-Match Prevention Service Enhancements

June

HKEX has announced enhancements to their Self-Match Prevention Service which will expand the methods of utilizing and accessing the SMP feature. The exchange has tentatively scheduled the enhancements for a production launch in June, 2024. 

Presently, the estimated delivery timeline for UAT testing of the SMP Enhancements is during the last week of May, 2024. Prior to launch, all Participants planning to use the new features are required to complete a Readiness Test. Details specific to TT platform access for the Readiness Test will be provided here in System News pending updated communications from the exchange.

Members are kindly reminded that in order to utilize the exchange’s new SMP features, submission of a Request For Access To Hkats Testing Environment form is required. Please contact the HKATS Support Team at the HKEX for more information.

Initial details for this enhancement are as follows, and will be confirmed with TT’s release to UAT:

• Self Match Prevention (SMP) IDs must be issued by the exchange
  • During SMP ID registration, the SMP Instruction / Behavior (passive or aggressive) is set and cannot be changed
  • Accessing both Passive and Aggressive requires two separate SMP IDs.
• On TT, “Self Match Prevention ID” will be configured in Accounts → HKEX → Exchange Properties
• FIX Impact:
  • SMP overrides will be available on FIX New Order (D /AB) , Cancel/Replace (G / AC) and TradeCaptureReport (AE) messages by sending Tag 7928 (SelfMatchPreventionID) on HKEX
  • SMP ID values will be reported in Tag 7928 for Execution Reports (8), TradeCaptureReportAcks (AR) and TradeCaptureReports (AE) when an SMP ID is specified on the order. 
• SMP is not available during auction matching, therefore the SMP ID is ignored and all orders behave as if the SMP ID does not exist whenever an order is:
  • created during an auction state (such as Pre-Open) OR
  • matched due to it being created during Pre-Open and the product transitions into Open

Please note that the already-existing HKEX SMP implementation will continue to operate normally on TT, with no changes, both before and after the rollout of the exchange’s new enhancements.

GFO-X: New Market for Cryptocurrency Derivatives

Q2

TT will support the GFO-X exchange, the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives, on launch in Q2, 2024.

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.

SGX: FIA Tech Execution Source Code

Q2

SGX has announced the start of support for the FIA Tech Execution Source Code field (FIX Tag 1031) in the SGX Titan DT order flow beginning April 29, 2024. Although the data is currently not forwarded to the exchange, the FIA Tech Execution Source field values are accessible on TT now:

1. Using the Setup Account setting Customer Order Handling Instruction under SGX Exchange Properties. Or,
2. by sending a value in Tag 1031 from FIX Order Routing.

TT Engineers are currently working to add support to the TT Platform so that the FIA Tech Execution Source Code field values will be sent to the exchange during order management. Additional updates will be provided in System News as soon as the TT Platform support is available for testing in UAT.

Additional Resources

Guidelines for the FIA Execution Source Code Schema

SGX: Implementation of SGX FX Futures Data as an Independent Data Module

July 1

SGX has announced that starting from July 1, 2024 the exchange will implement an independent data module “SGX FX Futures” that will be comprised of SGX Instrument Groups “FC”, “EC”, “EP” and “FFC.”

Upon completion of the change, all related SGX ticker symbols will be marketed and permissioned under SGX FX Futures as a standalone offering.

TT Platform Impact

This change brings no impact to the TT Platform or to customers and end-users of TT. Support for these changes is already in place and the SGX market data reporting processes already in place at TT today are compliant with the upcoming changes.

SGX: GIFT Connect Service Release 2

July 1

SGX has announced plans to deploy a new system update, “GIFT Connect Service Release 2” with a target timeframe of July 1, 2024 for production release. The primary impact to TT Platform for SR2 is access to Weekly Options on NSE IX Futures.

From July 1, customers with access to TT’s SGX_OTC offering will be able to create NLT / Wholesale orders on the SGX Weekly Option contracts for Nifty 50 Index (Symbol “GINW”), Nifty Bank Index (Symbol “GINBW”) and Nifty Financial Services Index (Symbol “GINFW”). 

Also following the SR2 changes, TT customers will be able to access Weekly Options on NSE IX Futures via SGX_GIFT. Immediately after the SR2 upgrade, access to Weekly Options on SGX_GIFT will be strictly limited to Market Data only. The actual go-live date for SGX participants to trade and clear NSE IX Weekly Options on SGX_GIFT will be announced by the exchange at a later date, subject to due regulatory process.

TT UAT availability for these changes is expected by the end of May, and we are currently working to make the new Weekly Options available for testing in UAT on both SGX_GIFT and SGX_OTC . Additional information will be provided here in System News as details become available.

Please note that GIFT Connect SR2 includes three other new features for the SGX_GIFT market. TT Platform support is NOT planned for these features at this time:

• Disclosed Quantity Orders: Order routing and Inbound DropCopy support
• 2L/3L (Multi-leg) Orders: Order routing and Inbound DropCopy support
• On-behalf mass order cancellation and Block/Unblock API ID: Inbound Dropcopy support

MEFF: Extension of trading on IBEX Futures

July 1

From July 1, MEFF will extend the trading hours on IBEX 35 Futures, Mini IBEX Futures and Micro Futures till 10 PM CET. The current trading hours for registering pre-arranged trades and RFQ will be maintained till 8:15 PM CET. The rest of the products will maintain the current trading schedule.

TT will deploy the changes required to support these extended trading hours before the exchange announced date of 1 July, so that customers can trade on these futures during these extended hours through TT from Day 1.

TFEX: STEC Restructuring Plan

July 2024

TFEX has announced a restructuring plan for Sino-Thai Engineering and Construction PCL (Symbol = “STEC”). Upon completion of the restructuring plan, TFEX will cease trading on “STEC” and continue trading on a new Holding company with symbol “STECON.”

TT will not automatically move any positions from STEC to STECON. TT will not automatically move any working orders from STEC to STECON. Traders who have open positions on STEC and wish to maintain their positions after the restructuring should work with their Risk Administrators to create SODs or Admin Fills on STECON.

Users who need details regarding SET/TFEX Clearing, Margin, Credit and other concerns related to the STEC restructuring plan should reach out to their Brokers or respective exchange representatives.

TT will provide all customers with the opportunity to test the STEC Restructuring Plan in UAT. Details will be provided in future System News updates after the exchange communicates their plans.

SGX: Data Recovery Exercise for Derivatives

September 14

With reference to Circular No. DT/CCM: 4 of 2023, SGX will conduct a data corruption, recovery, and reconciliation exercise (DRE) in Titan DTDC systems. The objective of this exercise is to practice recovery, reconciliation, trading and clearing resumption with Derivatives Members. This exercise also aims to refresh crisis communication, escalation protocols and procedures between SGX and Members.

Members are strongly encouraged to register their participation via the SGX BCP Information Portal (http://www.sgx.com/BCP) from Wednesday, 6 May 2024. Registration will close on Monday, 10 June 2024.

TT will provide support to any customers who wish to participate in this test. 

FMX: Launch of FMX Futures Exchange

September

FMX Futures Exchange, which will be a marketplace for futures contracts on US Treasuries and SOFR,  is expected to start its operations in September 2024. TT will support trading on this new exchange on its launch. FMX is available in TT UAT environment and interested customers can reach out to their Onboarding representative for assistance in getting connected to FMX.

Further information will be provided in upcoming notices.

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 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.

JSE Release 7.7 : Self-Match Prevention

H2

JSE has announced Release 7.7 , also referred to as MIT Upgrade 2024, which will occur in the latter half of 2024. It will be available in the UAT environment during early Q3 . Exact dates are not yet available from the exchange.The JSE release 7.7 summary can be found here:

https://clientportal.jse.co.za/Content/JSE%20Technology%20Document%20Items/JSE%20Trading%20-%20MIT%20Upgrade%202024%20v2.0.pdf

Of particular note, this release will include the introduction of Self-Match Prevention functionality. It is not a mandatory feature , however , any client interested in using this feature will need to complete conformance testing in the UAT environment. 

TT is currently evaluating the latest specification published by exchange on March 28 , and we will update TT delivery timelines in further updates.

MX API Upgrade: Client Identifiers

Q3

MX has announced a SAIL protocol upgrade (B4), with a soft launch date of June 28, 2024, and a production hard date of October 1, 2024.

This upgrade includes the introduction of the following new fields for regulatory compliance:

• Short Code
• UniqueID
• Sponsored Access Flag
• Algo Trading Flag 

These fields will be configurable on TT User Setup on Accounts. Please refer to the table below for corresponding TT fields to set these fields.

If UniqueID is populated, it must be exactly 10 digits.

TT will always be sending Algo Trading Flag. If the Investment Decision Qualifier is configured on TT User setup on accounts, it will use that value, else TT will set it based on the type of order the user is routing. (TT premium order types: Manual, TT Synthetic order types: Automatic, MX native order types: Manual).

FIX clients can override all these fields with the following tags, 

Investment Decision ID (tag 448), Investment Decision Qualifier (tag 2376), Client ID (tag 448), and Direct Electronic Access (tag 1724)

• Investment Decision ID: 448= <value>,  (452=122) and 2376=22 (Algo) or 2376=24 (Natural Person)
• ClientID: 448= <value>, 452=3, 2376=23 (Firm or legal entity)
• Direct Electronic Access (DEA): 1724=5 (Order from a direct access or sponsored access customer)

The following are the anticipated milestones for this project:

Additional Resources

MX Client and Order Identifiers

LME: New Trading Platform

October 21 (tentative)

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, on October 21, 2024 (tentative date, will be confirmed by LME in September.) Access is now available in the TT UAT environment.

The following are the anticipated milestones for this project. Additional details on expected timelines for delivery will be based on the exchange launch date, which is still to be determined.

LME will provide another update in June and more details will be made available then.

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.

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

TBD

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 will be announced when the preparatory work is completed on the exchange side.

Changes to the TT platform are not needed for support of the new product. The product symbol is HTT and it is available now for testing in the UAT Environment.

Additional Resources

Exchange Circular EBF/FIC/004/24