Eurex: T7 10.0 Upgrade
November 22
Deutsche Börse plans to introduce T7 Release 10.0 on November 22. The simulation period for T7 Release 10.0 began on September 13. Additional information from the exchange may be found here.
With this upgrade, Eurex will require that Order Routing System (ORS) providers and users comply with the amended rules and the associated identification obligation that will become effective for Exchange Participants as of 22 November 2021 with T7 Release 10.0. As a result, customers will be conditionally required to provide exchange Member and Trader information on order entry in Tag 2404 ‘ComplianceText’. Details on this initiative may be found here.
Full details from Eurex on the requirements for use of this field may be found in “Eurex Circular 061/21 Order Routing System (ORS): Details for usage” here.
TT Platform Impact
TT will support required changes resulting from the T7 10.0 upgrade, and testing is now available in UAT.
We now support the use of Tag 2404 ‘Compliance Text’ in production. Information on configuration of this field may be found here.
On November 22, Eurex will upgrade to T7 version 10.0 in Production. In preparation for the upgrade, the exchange will hold a connection test on Saturday, November 20. TT will participate in this testing on behalf of customers.
TT has submitted its Readiness Statement to Eurex as required for the upgrade.
SGX: Introduction of NZX Dairy Derivatives
November 22
Earlier this year, SGX announced their partnership with New Zealand’s Exchange (NZX) in which NZX Dairy Derivatives will be listed on SGX and delisted from NZX beginning in November 2021. On November 22, SGX will begin migrating positions currently held on NZX. TT Users must enable the “NZX Dairy Derivatives” feed in Setup under the “Subscriber Market Data” tab for SGX if any of following actions are planned:
- Subscribing to NZX Market Data
- Trading NZX Dairy Derivatives
- Participating in the NZX to SGX position migration
The new Subscriber Market Data feed will be available:
- In UAT starting Wednesday, November 17
- In Production starting Saturday, November 20
Additional Resources
- NZX-SGX Global Dairy Derivatives Partnership
- Migration of NZX Dairy Derivatives to SGX-DT
- SGX Disclosure Obligations In Relation To Trading In Dairy Contracts
- Products
HKEX: Introduction of MSCI China (USD) Index Futures and MSCI China Net Total Return (USD) Index Futures
November 22
HKEX will introduce MSCI China (USD) Index Futures and MSCI China Net Total Return (“NTR”) (USD) Index Futures Contracts (“Proposed Contracts”) with a launch date of November 22, 2021
| Product Name | Product Symbol |
| MSCI China (USD) Index Futures | CHI |
| MSCI China NTR (USD) Index Futures | CHN |
CME: Bursa Malaysia Derivatives (BMD) Night Trading Session
December 6
Effective Sunday, December 5 (trade date Monday, December 6) Bursa Malaysia Derivatives (BMD) will add a night trading session for all active products (excluding FMG5) on CME Globex. Due to the time difference between Malaysian time and Central time, the night trading session activities will begin the business day prior to actual trade date in Malaysian time. The new night trading session will be open for trading Monday – Thursday. There will be no Friday night trading session. Hours will be 21:00:00 hours to 23:30:00 hours (Malaysia time). See Additional Resources for more information.
The following products will be available for the night trading session:
| Product | Product Symbol |
| Crude Palm Oil Futures | FCPO |
| FTSE Kuala Lumpur Composite Index Futures | FKLI |
| Gold Futures | FGLD |
| USD RBD Palm Olein Futures | FPOL |
| Mini FTSE Bursa Malaysia Mid 70 Index Futures | FM70 |
| Crude Palm Oil Options | OCPO |
| FTSE Kuala Lumpur Composite Index Options | OKLI |
| USD Crude Palm Oil Futures | FUPO |
| USD RBD Palm Olein Options | OPOL |
| Crude Palm Kernel Oil Futures | FPKO |
| BMD Tin Futures | FTIN |
| East Malaysia Crude Palm Oil Futures | FEPO |
| 3 Month Kuala Lumpur Interbank Offered Rate Futures | FKB3 |
TT Platform Impact
TT will support the night trading hours. This is available for testing in UAT.
Additional Resources
CME Globex Notice November 15, 2021
CME: Changes to Bloomberg Commodity Index Futures: Resting Order Eliminations
December 6
Effective Sunday, December 5 (trade date Monday, December 6) the Bloomberg Commodity Index Futures outrights and spreads will change display factor and daily settlement methodology. See link below for additional resources.
To facilitate the change, customers should cancel all Good ‘Til Cancel (GTC) and Good ‘Til Date (GTD) orders after the close on Friday, December 3. After 16:00 CT on Friday, December 3, all remaining GT orders for these futures and spreads will be cancelled or deleted by the CME.
Additional Resources
CME Globex Notice November 15, 2021
CME: Changes to Minimum Price Increment for Ether Futures: Resting Order Eliminations
December 6
Effective Sunday, December 5 (trade date Monday, December 6) the minimum price increment for Ether futures will change. See link below for additional resources.
To facilitate the change, customers should cancel all Good ‘Til Cancel (GTC) and Good ‘Til Date (GTD) orders after the close on Friday, December 3. After 16:00 CT on Friday, December 3, all remaining GT orders for these futures and spreads will be cancelled or deleted by the CME.
Additional Resources
CME Globex Notice November 15, 2021
Nasdaq: Nordic Equity Derivatives Trading Replatform
February 21, 2022
High level details on this initiative from the exchange:
Nasdaq is migrating our Nordic Equity Derivatives markets, currently on the Genium INET platform, to a new Global Derivatives Trading System based on INET technology that leverages our Nasdaq Financial Framework (NFF). This Nasdaq next-generation platform is a solution based on global financial standards, for stable, flexible and high-speed services. The new framework with its powerful core technology and standardized access to Nordic liquidity, will in the coming years be the common technical platform utilized across all Nasdaq’s U.S. and European markets and asset classes.
The migration of equity derivatives to the new trading platform is scheduled for implementation on February 21, 2022. Please note that equity derivatives will continue to be cleared in Genium INET after the trading re-platform.
Additional details may be found here.
TT Platform Impact
TT will support this upgrade, and will support NASDAQ’s FIX API for order entry.
We plan to run conformance testing during November, with UAT availability expected in early December.
FIA: Execution Source Code Schema Initiative (Tag 1031)
Timeline Varies by Exchange
Multiple exchanges, in cooperation with the FIA Execution Source Code Schema Initiative, are moving forward with plans to implement FIX tag 1031 (CustOrderHandlingInst) on their APIs.
Exchange-Specific Plans
- CME: Tag 1031 is supported and is mandatory.
- ICE: Tag 1031 is supported, but not required.
- Eurex: Tag 1031 is supported, but not required.
- CurveGlobal/IDEM: Tag 1031 is supported, but is not required.
TT Platform Impact
For CME, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults.
For ICE, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for ICE.
For Eurex, support of tag 1031 on the TT platform is now available. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for Eurex. On the X_TRADER platform, tag 1031 is not currently supported.
For CurveGlobal and IDEM, support for tag 1031 was added on February 3 for both exchanges.