System Admin News & Updates

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 the new zip file update is applied in each TT environment, which will be:

• May 2, 2024 for UAT
• May 10, 2024 for SIM
• May 17, 2024 for Production – New York
• May 31, 2024 for Production – All other locations

Customers still using the old stunnel.zip file after the dates listed above will not be able to connect to the respective TT environments.

 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
  • Throttle Limits
    • For On-Demand order entry, TT recommends that customers set their Connection level Max Order Rate to 83 transactions per second in order to ensure CME iLink session throttle limits are not exceeded
    • This limit will be applied to New Order Single and Change messages, but Cancel messages will not be throttled by TT
      • Note: Cancel messages are accounted for in the rolling transaction per second queue, but will not be rejected by TT
• iLink 3.0 CGW Pre-Registration Support
  • UAT –  Summer, specific details to be published in the near future
  • Throttle Limits
    • For Pre-Registration order entry, TT recommends that customers set their Connection level Max Order Rate to 166 transactions per second in order to ensure CME iLink session throttle limits are not exceeded
    • This limit will be applied to New Order Single and Change messages, but Cancel messages will not be throttled by TT
      • Note: Cancel messages are accounted for in the rolling transaction per second queue, but will not be rejected by TT

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 + 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.

The TT Production Environment will be available for connections to both SGX and SGX_GIFT for the beginning “Connect to Primary Data Center” testing period as well as the subsequent “Connect to Secondary Data Center” tests. The focus for this testing is on ensuring that participants can successfully connect to and operate through the SGX SDC. Participants must verify that transactions carried out before the failover are accurately reflected and maintained during and after the transition.

TT will not be available during the Exercise Close and Normalization / “Back-to-BAU status” tests on Sunday, May 26.

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

Summary: 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.

Applicable Changes: The SET CONNECT Improvement changes applicable to the TT platform are the Market data improvements only. TT made the necessary arrangements for Market Data Conformance Testing and received confirmation from TFEX that all tests passed successfully.

Member (Weekend) Testing: The TT Platform is fully ready for the mandatory June 2, 2024 Weekend Test. TT will be staffed for the test and Members are responsible for verifying market data tests only. The TT Platform is likewise fully ready for the June 4 (Tentative), 2024 Go Live. All SET CONNECT Improvements can be tested as of now in the UAT environment.

Second 2024 Improvement Plan: In addition, please note that TFEX has 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

June 10

Nodal  plans to release T7 12.1 to Production on Jun 10, 2024. Simulation access for T7 Release 12.1 is now available for testing in UAT.

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

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 June 10, and will participate in exchange connection testing during the go-live weekend. We will closely monitor all services at startup on Monday, June  10, and take any action necessary to resolve any issues which may arise.

TFEX: Annual SET BCP Test

June 8

TFEX has announced plans to conduct their annual BCP (Main Site Down) test on June 8, 2024. The TT Production environment will be available and set up for handling BCP activities. All members are required to participate in the test.

SET will provide to all participants a test script and updated timings for this test in an upcoming “SET-FEED (MME) News” email. Members can also reach out to their respective exchange contacts for these details.

Note that TFEX has planned for both a BCP and a DRP test on the same day. TT will participate in the BCP test only. Members must register for the test by completing the Participation Survey, which was emailed out to all Participants from the SET Contact Center. The exchange has requested that all Members complete the survey by Friday, May 31, 2024.

EEX: Access to EEX Spot Emissions

July 7

We have identified an issue with access to products on EEX whereby all EEX Spot Emissions and EEX Derivatives products are available when only the EEX Derivatives option is selected.

This will be corrected on July 7, and the correct permissioning will be required for access to EEX Spot market data. 

TT Platform Impact

Administrators should ensure that Users who require access to EEX Spot market data are correctly permissioned in TT User Setup. Please speak with your TT Onboarding representative for assistance if needed.

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.

Currently, TT Engineers are actively integrating support into the TT Platform to ensure that the FIA Tech Execution Source Code field values can be sent to the exchange during order management. Further information will be shared through System News once the TT Platform support is ready 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 / SGX_GIFT: GIFT Connect Service Release 2

July 1 

Summary: 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.

Weekly Options Access (SGX_OTC): 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”). 

Weekly Options Access (SGX_GIFT): 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.

UAT Availability: 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.

Additional Features Not Supported: 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: Order Entry Gateway Rebalance

July 6

TFEX has announced an Order Entry Gateway Rebalance for Q3 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.

All members who receive such an email are requested to contact TT Onboarding or Service Management to discuss plans.

On July 6, 2024 TFEX is conducting a connectivity test that is mandatory for all Members who are required to change their user logins. TT will support this testing.

JPX: Revisions to Tick Size for 3-Month TONA Spreads

July 22

Summary: JPX has announced that starting from July 22, 2024 there will be a revision to the Tick Size for Strategy Trading of 3-Month TONA Futures. After the change is implemented, 3-Month TONA (“TOA3M”) Spreads will change from the current 0.0001 tick increment to a tick size increment of 0.0025, thus aligning Spread tick size with their outright Futures.

Software Change for Tick Size: In order to correctly support the tick size change, a simple configuration change on TT JPX Market Data Server is required. After the TT configuration change, UAT will reflect the new tick size immediately, and Production will automatically update to reflect the new tick size as soon as the exchange publishes the new tick size on the morning (before Pre-Open) of July 22. The TT JPX Market Data Server configuration change will be completed before the end of May, 2024.

Expansion of Spread Combinations: As an additional revision to 3-Month TONA Spreads, JPX is also expanding the number of spread combinations from the nearest 6 contract months to include all pairs for the nearest 20 contract months (resulting in 190 pairs in total). No TT changes are needed to accommodate this, and the new instruments have been available in UAT since April 10, 2024. Similarly, Production will automatically reflect the updates when JPX introduces the new instruments on the morning of July 22, 2024, before Pre-Open.

TFEX: STEC Restructuring Plan

July

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.

Although not mandated by the exchange, customers are welcome to test the STEC Restructuring Plan changes for themselves in UAT according to the following schedule:

• May 20 – 24, 2024 in UAT TFEX_DEV

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

HKEX: Self-Match Prevention Service Enhancements

June July

Summary: 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 July, 2024. Currently, the estimated timeline for UAT delivery of TT support for the new SMP Enhancements is: last week of May, 2024.

Readiness Test: For all Participants planning to use the new features, there is a mandatory Readiness Test scheduled for June 15, 2024. TT will be staffed for support of the testing efforts.

Access to Testing: Members are kindly reminded that in order to utilize the exchange’s new SMP features in UAT, HKEX requires submission of a “Request For Access To Hkats Testing Environment” form. HKEX will use the form to issue the SMP IDs / Tokens needed for testing. Please contact the HKATS Support Team at the HKEX for more information.

Legacy, Username-Based SMP: Please note that the already-existing Username-based 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.

Additional Resources

TT Factsheet – HKEX Enhancement to Self-Match Prevention

SGX: Data Recovery Exercise for Derivatives 

September 14 

Summary: 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.

Test Participation and Registration: SGX will conduct the test in the SGX Titan Member Test Environment (MTE) which is accessed on TT via the UAT environment. Members are strongly encouraged to register their participation via the SGX BCP Information Portal (http://www.sgx.com/BCP) as soon as possible, starting from Wednesday, May 6, 2024. Registration will close on Monday, June 10, 2024.

Participation is mandatory for all Trading Members (Agency) and Clearing Members based in Singapore.

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 the 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.

UPDATE: JSE: Release 7.7: Self-Match Prevention

H2

JSE has announced Release 7.7,  occurring in the latter half of 2024. This release will include the introduction of Self-Match Prevention (SMP) functionality, however, the functionality will ONLY be available for the Equities markets, which are not supported on TT.

Should the exchange make SMP functionality available for use on Derivatives markets in the future, TT will offer support.

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

GFO-X: New Market for Cryptocurrency Derivatives

Q3

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.

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.

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.

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

HKEX: Introduction of Weekly Stock Option Contracts

TBD

HKEX has announced plans to introduce weekly expiries for ten single stock option products by the end of 2024.

Additional TT platform information regarding timelines, UAT test availability, etc will be added to subsequent System News updates as the details are provided by the exchange.

Additional Resources

Exchange Circular EQD/03/24