System Admin News & Updates

UPDATED: 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
  • This is available now for testing in UAT.
  • In order to begin  in UAT, new Connections must be created: (A) using Session IDs that were created by CME specifically for iLink3, and (B) using Type = “Convenience Gateway iLink3” in TT Setup.
  • Order routing functionality of TT CGW iLink3 is identical to TT MSGW iLink3. Therefore, all existing FIX configurations, Order Tag Defaults, etc. will continue to function as expected.
  • 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 implementation 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  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

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:

Additional Resources

Binary Market Data

Bianry Order Entry

Nodal: T7 12.1 Upgrade

June 10 – Completed

Nodal has released T7 12.1 to Production on Jun 10, 2024. 

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:

CFE: Launch of IEMD Futures

June 17

CFE plans to launch trading in Cboe® iBoxx® $ Emerging Market Bond Index (IEMD) futures on trade date June 17, 2024, subject to regulatory review.

The trading hours for these futures will be as below –

• Extended Trading Hours: Monday through Friday, 5:00 p.m. CT (previous day) – 8:30 a.m. CT
• Regular Trading Hours: Monday through Friday, 8:30 a.m. CT – 3:00 p.m. CT
• Extended Trading Hours: Monday through Friday, 3:00 p.m. CT – 4:00 p.m. CT
• Trading will commence for IEMD futures on Sunday, June 16, 2024 at 5:00 p.m. CT for trade date Monday, June 17, 2024. the pre-opening queuing period for IEMD futures on Sunday, June 16, 2024 will commence at 4:00 p.m. CT.

TT will support trading on these futures on its launch. These futures are currently available in the TT UAT environment for testing.

Additional Resources

CFE Announcement for IEMD Futures

ASX : Business Continuity Test

June 29

ASX will conduct a business continuity test in the production ASX 24 environment on Saturday 29 June 2024.  It is expected that all trading participants will participate in the test.The test is to confirm functionality during ASX 24 component fail over from the primary to secondary ASX site and to confirm connectivity is maintained when primary ASX Net connections are failed over.

Registrations via Appendix 1 should be completed and returned to ASX Customer Technical Support (CTS) by close of business on Friday 21 June 2024 to confirm participation for the test. CTS will not accept any registrations or confirmations of any connections to be used in the test beyond this date.

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 mid-June, 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

ICE: Manual Order Indicator (Tag 1028) 

July 1 

ICE has announced that, in order to meet regulatory requirements, Manual Order Indicator (Tag 1028) will become mandatory for New Order Cross [35=s]. 

TT Impact

This change applies to the  Basis, Block, Cross, and Asset Allocation types in ICE and ICE_L. For these trades placed manually via the front end Blocktrader widget, TT will send 1028=Y to ICE. No user action is required. FIX clients and .NET SDK clients can override Tag 1028. However, if not specified, the default setting is 1028=Y for orders placed by FIX and .NET SDK clients.

ICE is also mandating that Manual Order Indicator (tag 1028) be set in regular orders as well, and TT already handling this requirement as follows: 

• For manually placed orders via the front end such as Limit (Tag 40=2), Market (Tag 40=1), Stop Limit (Tag 40=4), and Stop Market (Tag 40=3), TT will assign 1028=Y. 
• For the orders placed via the front end, but internally managed by the Automated trading server or Algo, TT will set 1028=N. This includes Autospreader, Aggregator, ADL Algo Trading, TT synthetic order types, and TT premium order types.
• FIX clients and .NET SDK clients can override Tag 1028. However, if not specified, the default setting is 1028=N for orders placed by FIX and .NET SDK clients.

More Information from the exchange:

IFEU :

Announcement: https://www.ice.com/publicdocs/circulars/24074.pdf

FAQ: https://www.ice.com/publicdocs/circulars/24074_attach.pdf

ICE Endex: 

Announcement: https://www.ice.com/publicdocs/endex/circulars/E24011.pdf

FAQ: https://www.ice.com/publicdocs/endex/circulars/E24011_attach.pdf

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.

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 to customers when the customers have opted for only the EEX Derivatives option. 

This fix is now available in the UAT environment , and it will be available in prod from July 8. Customers will need to have the correct permissions in TTUS  for access to EEX Spot products. 

TT Platform Impact

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

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 , post which the Go Live date for this will be announced.

SGX: BCP for Backup Systems 

July 20

Summary: On July 20, 2024, SGX will conduct a Business Continuity Plan (BCP) test for the sole purpose of  connectivity from ISV/Member backup systems. Participation in the test is optional.

Testing already completed: During the SGX BCP test held on May 25, 2024, TT tested and verified correct SGX connectivity from the TT SGX DR site and all  was completed successfully. TT has no plans to participate in the July 20 test since there is no observable need to repeat the same test again.

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 changes are available for testing in UAT now.

Cancellation of Working Orders: On Friday, July 19, 2024, following the end of the night trading session, all remaining 3-Month TONA long orders, for all security types, will be canceled by the exchange. TT End User order books will automatically update to reflect the cancellation after TT JPX Order Connections login to the exchange on Monday, July 22.

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.

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.

HKEX: Self-Match Prevention Service Enhancements

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 July, 2024.

Certification Test: On June 13, 2024, TT was certified by HKEX for correct functioning of all SMP features.

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  efforts. In preparation for the test, the new SMP Enhancement enabled version of TT OrderConnector will be deployed to Production during the nighttime hours of June 14, 2025.

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  Environment” form. HKEX will use the form to issue the SMP IDs / Tokens needed for . Please contact the HKATS Support Team at the HKEX for more information. The new SMP Enhancement enabled version of TT OrderConnector is available for testing in UAT now.

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. Registration will close on Monday, June 10, 2024.

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

GFO-X: New Market for Cryptocurrency Derivatives

September 27 

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.

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 .

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  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.

Client identifier changes are now available in TT UAT for testing.

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: Automatic, 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(Investment decision maker (IDM)) and 2376=22 (Algo) or 2376=24 (Natural Person)
• ClientID: 448= <value>, 452=3 (ClientID), 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

TT FIX Tag Directory  PartyGroups

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.

Eurex/EEX: T7 13.0 Upgrade

November 18

Eurex  plans to release T7 13.0 to Production on Nov 18, 2024. Simulation access for T7 Release 12.1 will be available in UAT on 9 Sep 2024

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:

Note :- This release will not be backwards compatible with T7 12.1 .

HKEX: Introduction of Weekly Stock Option Contracts

YE 2024

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 will be listed on TT as follows and will be available for  in UAT starting from the end of June, 2024:

• 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

The timing of Production availability on TT will match that of HKEX, which is contingent upon Market Readiness and Regulatory Approval on the exchange side. All such details will be provided by the exchange in due time.

Additional Resources

Exchange Circular EQD/03/24 

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