System Admin News & Updates

Critical Updates

THIS WEEKEND – Action Required: CME Market Data Subscription Agreement Change

October 4

As of September 1, the CME has updated their Market Data Subscription Agreement. 

• From August 11, users in UAT have been prompted to sign a new agreement in order to allow continued access to CME market data
• UPDATED: Deployment of the new Agreement occurred in Production on August 26, 2024, and all users will be required to accept the agreement after the close on Friday, October 4, 2024 in order to allow access to CME market data for trading the following week
• SDK users are required to access TT Setup in order to sign the new agreement, this is not required for FIX users

(Updated) CME: Mandatory Migration to iLink 3.0 – Available in Production

November 15, 2024

Update: In anticipation of the seasonal change freezes beginning in December, and the potential penalties imposed by CME for not migrating to iLink 3.0 by the end of 2024, TT has established a deadline of November 15, 2024, for all clients to complete their migration to CME iLink 3.0 on the platform. Support for CME iLink 2.0 will end after this date.

Summary: 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.

Convenience Gateway Migration from iLink 2.0 to iLink 3.0: Customers familiar with the MSGW iLink3 upgrade that occurred in 2019 will find the CGW iLink upgrade familiar. The steps for migrating are as follows:

1. Coordinate with CME to apply for an iLink3 Convenience Gateway Session.
   1. When applying for a new iLink3 Session, Members should specify TT frontend name “TT CME iLink3 CGW”
2. For each iLink Session, create NEW Connections in Setup
   1. Be sure to use a Session ID created by CME specifically for iLink3 (see #1 above).
   2. Be sure to set the Connection Type to “Convenience Gateway iLink3.”
   3. PLEASE NOTE: Modifying an existing connection’s “Type” (for example, changing a connection from “Convenience Gateway” to “Convenience Gateway iLink3” is not supported. All Customers migrating from iLink2 to iLink3 must create a new connection for iLink3.
3. FIX configurations, Order Tag Defaults, etc. will all continue to function with no changes required since the functionality of TT CGW iLink3 is identical to TT MSGW iLink3.
4. Throttle Limits
   1. For On-Demand order entry, TT recommends that customers set their Connection level Max Order Rate to 250 transactions per second in order to ensure CME iLink session throttle limits are not exceeded.
   2. This limit will be applied to New Order Single and Change messages, but Cancel messages will not be throttled by TT
      1. Note: Cancel messages are accounted for in the rolling transaction per second queue, but will not be rejected by TT

Access to Testing: Convenience Gateway for iLink 3.0 OnDemand Order entry is available now for testing in UAT. Members who have not yet started verifying iLink 3.0 are strongly encouraged to begin testing as soon as possible.

Access to Production: Convenience Gateway for iLink 3.0 OnDemand order routing is available now for Production Trading. Members are welcome to begin migrating as desired. User Acceptance Testing prior to migration is highly recommended.

Documentation/ iLink3 Migration Guide: The TT CME iLink3 Migration Guide is now available at the link below. 

Pre-Registration vs On Demand Order Support: At this time, TT Support of CME iLink 3.0 is limited to OnDemand Orders only. However, TT Engineers are currently working to complete support for the exchange’s new “Pre-Registration” Order entry method. Details about TT handling of Pre-Registration, including implementation details, Max Order Rate settings and delivery schedules are provided in  iLink3 Migration Guide.

Prior to TT’s Production launch of Pre-Registration Support, customers will have the opportunity to participate in Mock sessions which we will coordinate with the CME.

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

Additional Resources

Binary Market Data

Binary Order Entry

TT CME iLink3 Migration Guide – UPDATED!

TFEX: Order Entry Gateway Rebalance

October 5

TFEX has announced an Order Entry Gateway Rebalance for Q4 2024. Prior to the Rebalance Process, all members using a TFEX User Login that requires a gateway change will receive an email from the exchange. The email will contain information about the ID slated for rebalancing, an attendance confirmation survey, the test schedule and the test script.

For all IDs that require a rebalance, the Primary IP and Port as well as the Secondary IP and Port must be updated to match the configuration specified in the exchange email. This update must be completed in TT under Setup  → Connections. Members who receive such an email are requested to contact TT Onboarding or Service Management to discuss plans.

On October 5, 2024 TFEX is conducting a connectivity test that is mandatory for all Members required to complete a rebalance.

EEX: Self Match Prevention Changes

October 28

EEX has announced that as of 28 October 2024, they will adopt a new approach for “on exchange” Self-Match Prevention (SMP), which aligns with the behavior currently in place for Eurex, requiring the configuration and use of a Cross ID. 

Details from EEX on these changes may be found in this notice:

EEX Customer Information – New Approach to Self-Match Prevention Changes at EEX

Details from TT on configuration of a cross ID may be found here:

https://library.tradingtechnologies.com/user-setup/eur-configuring-user-access-to-eurex.html

These changes are available in UAT for customer testing.

JPX: Change of Derivatives Market Trading Hours

November 5

JPX has announced that starting from November 5, 2024 there will be a change of trading hours for the Exchange Derivatives Market due to extension of trading hours at TSE.

Support for the trading hours change is now available for testing in UAT. All customers looking to test the new changes should contact TT support and request “access to the JPX Trading Hours Change in UAT.”

Additional Resources

Factsheet – JPX Trading Hours Change on TT

Eurex/EEX: T7 13.0 Upgrade

November 18

Eurex plans to release T7 13.0 to Production on November 18. Simulation access for T7 Release 13.0 will become available in Simulation on September 9.

Additional information from the exchange (including System documentation, circulars and timelines) is available here → https://www.eurex.com/ex-en/support/initiatives/t7-release13

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 Nov 18, and will participate in exchange connection testing during the go-live weekend. We will closely monitor all services at startup on Monday, Nov 19, and take any action necessary to resolve any issues which may arise.

TT will submit its Readiness Statement to the exchange in due course, once testing is completed.

Additional notes on this upgrade:

• With T7 12.1, Eurex had announced an enhancement to Self-Match Prevention. TT will add support for SMP after T713.0 go-live.
  • 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

B3: Binary Protocol

Q3

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

Please note that on the new binary SBE UMDF market data protocol, B3 does not send Settle and SettlePU prices. B3 plans to address this in Q2, with the solution becoming available to ISVs in Q3. To address this in the new protocol, TT is implementing an interim solution to retrieve Settle and SettlePU from the old protocol at the beginning and end of each trading session. These values will remain constant until the end of the trading session and won’t be updated in real time. Once this feature becomes available via the new protocol, these values will once again be updated in real-time.

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  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:

NOTE:

The phased upgrade of the component responsible for managing the B3 product database to utilize the new B3 binary API price feed, originally scheduled for September 23, was pushed to October 4th.

No changes are required on the client side. 

Products being migrated in the first phase are ITSA4, HASH11, BPAC11, and AZUL4. The remaining products will continue to be sourced via the current infrastructure until the migration is completed.

CFE Options Support – IBHY, IBIG, and VX

October 14

In preparation for production release on October 14, TT has introduced support for CFE’s Options on IBHY, IBIG, and VX Futures in the UAT environment. 

1. Options on Corporate Bond Index, Symbols: IBYO (IBHY Options), IBGO (IBIG Options)

For more information: https://ir.cboe.com/news/news-details/2023/Cboe-Global-Markets-Plans-to-Expand-Corporate-Bond-Index-Offering-with-New-Options-on-Futures-and-Extended-Trading-Hours-for-IBHY-and-IBIG-Futures-06-28-2023/default.aspx

2. Weekly Options on VIX Futures (VX Options), Symbol: VX

For more information: VIX Options on Futures Hub, https://www.cboe.com/VIX-OOF-pipeline-hub/

3. Complex Instruments or Strategies: Complex instruments or strategies on Options created by market participants will be available for trading. TT does not support creating strategies, only trading them.

Order Execution Notes:

4. Both Options and Strategies only support Limit orders

5. Please note the Synthetic Best Bid and Offer (SBBO) mechanism on strategies. From CFE: “The prices at which a complex instrument can be bought or sold based only on the best bids and offers on the single leg book on the Exchange is referred to as the Synthetic BBO (SBBO).” 

Please see https://cdn.cboe.com/resources/membership/US-Options-Complex-Book-Process.pdf Page 8.

6. Algo/ ADL: As only limit orders are allowed, all “go to market” functions for TT Order Types must use a limit order placed x ticks through the market. If a child’s order is subject to the Synthetic BBO logic, it may not fill as expected by the Algo. This could lead to incomplete or failed parent orders.

7. The existing order entry credentials will work for Options.

SGX: FIA Tech Execution Source Code

October 18

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. The FIA Tech Execution Source field is now also accessible for SGX traders on TT:

1. by 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 Platform support for the FIA Tech Execution Source Code is available now for testing in UAT. Support for the feature will be available in Production starting from October 18, 2024.

Additional Resources

Guidelines for the FIA Execution Source Code Schema

NODAL:T7 13.0 Upgrade 

December 16

NODAL plans to release T7 13.0 to Production on December 16.  Simulation access for T7 Release 13.0 will become available in Simulation on September 30.

The following are the anticipated milestones for this project:

Note: TT will restore access to NODAL in UAT as soon as possible during the week of September 30, once internal testing has been conducted upon completion of the upgrade by NODAL. 

TFEX: Auto Halt

Q1 2025

Summary: TFEX has announced support for a new Auto Halt feature which will trigger when the volume of orders exceeds a threshold that is pre-defined by the exchange. TFEX will confirm and announce the Go Live date after the improvements have been approved by the SEC and once the overall readiness of market participants has been met.

Handling of Trading Status: There are two trading statuses associated with the new feature, which will be shown on the TT platform as follows:

• Halt (PAUSE_D) = “Freeze” on the TT platform
• Pre-open (PRE-OPEN_CB_D) = “Pre-Open” on the TT platform

The handling for these status updates is already supported on TT and therefore new software changes are not required.

Access to Testing: Information will be provided once made available on the exchange side.

(Updated) LME: New Trading Platform

Q1 2025

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, in Q1, 2025. 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.

Additional dates on the above timeline are pending exchange communication of an updated go-live date.

TFEX: STEC Restructuring Plan

TBD

Summary: 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.”

Handling of Positions and Orders: 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.

Additional Information: 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.

Access to Testing: The exchange provided opportunities to test the behavior in UAT, and they concluded this testing on May 24, 2024.

Consultation and Verification: Customers looking for specific details about test procedures and verification points should consult with their TFEX exchange representative or Broker.

Disaster Recovery and Mock Testing

THIS WEEKEND: FIA: Industry-Wide Testing

October 5

The Futures Industry Association will sponsor its annual Industry-Wide Disaster Recovery Testing (IWT) on Saturday, October 5. We will facilitate customer participation for registered TT platform customers. 

Testing will be available on the following exchanges:

• CFE 
• CME 
• EEX
• Eurex 
• Euronext
• ICE 
• Montréal Exchange
• Nodal

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.

JSE : DR and BCP Test

October 19 – 20 

TT has received the following notice from JSE:

The JSE conducts a Market-Facing Disaster Recovery and Business Continuity Test annually to evaluate and improve the resilience and recovery capabilities of both the JSE and our clients, should we face a scenario necessitating the activation of the JSE Disaster Recovery process.

Additional Information would be shared after an online information session with JSE on October 02 

TFEX: SET Alternate DR (DC3)

November 9

TFEX has announced plans to conduct their annual SET Alternate DR (DC3) test on November 9, 2024. TT does not provide connectivity to the SET/TFEX “Alternate DR” / Tertiary Data Center. Member participation in the test is not mandatory.

Note that all members are required to register Non-Participation by completing the Participation Survey, which will be sent out to all Members in due time from the SET Contact Center. Any questions or concerns regarding this point should be directed to the SET Contact Center.

New Markets

GFO-X: New Market for Cryptocurrency Derivatives

October 28

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 Q3 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.

New Products

Please Note: Trading Technologies’ default approach is to support every new product listed, on the products’ first day of trading, for all markets available on the TT trading platform. If a new product listing receives high-profile attention or is of significant industry importance, TT may announce support for it below. For all other new products announced by exchanges but not listed below, users should expect that TT provides support unless otherwise noted.

CME: Bitcoin Friday Futures (BFF)

September 30

On September 30, CME will launch support for Bitcoin Friday Futures (BFF). This product is available for testing in UAT, and will be available in Production on the launch date. 

Additional Resources

BFF fact Card

CME BFF Information Website

Euronext: Inter Commodity Spreads

October 14

On October 14, Euronext will launch the below inter commodity spread futures contracts –

• Euronext Milling Wheat No. 2 vs CME Chicago Wheat Spread Futures Contracts
• Euronext Milling Wheat No. 2 vs CME KC HRW Wheat Spread Futures Contracts
• Euronext Milling Wheat No. 2 vs Euronext Corn Spread Futures Contracts

These instruments will be available under the symbols yBCS, yBKS and yBMS respectively on TT. Since the underlying of these futures contracts is a price differential between the mentioned outright futures, these contracts can trade at negative, positive or a zero price. 

These contracts are currently available for testing in the TT UAT environment.

Additional Resources –

Euronext Contract Specifications

HKEX: Introduction of Weekly Stock Option Contracts

November 4

HKEX has announced plans to introduce weekly expiries for ten single stock option products by the end of 2024. The Product Codes for the new Weekly Options are listed on TT as follows and are now available for testing in UAT:

• ALBW : Alibaba Group Holding Ltd.
• BIUW : Baidu, Inc.
• BYDW : BYD Company Limited
• HEXW : Hong Kong Exchanges and Clearing Limited
• HKBW : HSBC Holdings Plc.
• JDCW : JD.com, Inc.
• KSTW : Kuaishou Technology
• METW : Meituan
• PAIW : Ping An Insurance (Group) Company of China, Ltd.
• TCHW : Tencent Holdings Limited

Customers may conduct any testing required by the exchange in TT UAT at any time prior to the exchange due date of October 10.

The new products will be available on TT in Production starting from November 4, 2024, just prior to the exchange’s opening auction trading period. 

Additional Resources

Exchange Circular EQD/09/24

TFEX: New Currency Futures

November 4

Summary: TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of November 4, 2024. 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 test.

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”

Access to Testing: In preparation for production release, the exchange has arranged for a third round of testing from October 7 to 10, 2024. Customers may access the testing events in the TT UAT Environment using the “TFEX_DEV” market (exchange-side “NEXT-B” test environment). Test participation is optional.

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 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