System Admin News & Updates

Critical Updates

B3: Binary Protocol

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.

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.

NOTE: B3 has set the length of the “Entering Trader” value to five.

TT will announce its schedule for the deprecation of support of the legacy FIX order protocol later in 2025.

Eurex / EEX: T7 13.1 API Upgrade 

May 19

Deutsche Börse will release T7 13.1 to Production on May 19, 2025. Simulation access for T7 Release 13.1 is now available on TT UAT environment 

Additional information from the exchange (including System documentation, circulars and timelines) is available on the T7 13.1 initiative page via the following link: www.eurex.com > Support > Initiatives & Releases > T7 Release 13.1 

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 after the close on Friday, May 16, and will participate in exchange connection testing on Saturday, May 17. We will closely monitor all services at startup on Monday, May 19, and take any action necessary to resolve any issues which may arise.

TT has submitted the readiness document for Eurex T7 13.1.

NODAL: T7 13.1 API Upgrade 

May 19

NODAL will release T7 13.1 to Production on May 19, 2025. Simulation access for T7 Release 13.1 is now available on TT UAT environment 

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 after the close on Friday, May 16, and will participate in exchange connection testing on Saturday, May 17. We will closely monitor all services at startup on Monday, May 19, and take any action necessary to resolve any issues which may arise.

TFEX : Change in Contract Specifications for SET50 Options

May 29

Currently, TFEX supports SET50 options with strike price intervals of 25 points. TFEX will modify this strike price interval to 10 points. 

• For Existing Expiry Month –
  • Existing option series with strike price in intervals of 25 points will be available for trading till their expiry
  • New option series with strike price in intervals of 10 points will be added and will trade along with the existing 25 points series
• For New Expiry Month –
  • Option series will be added with strike price intervals of 10 points only

This does not require any change on TT, and the new option series will be supported on TT, once these are added by TFEX.

SGX : Change in Tick Size of TWD/USD (Full-Sized) Futures

June 2

SGX will make changes to the contract specifications on the SGX TWD/USD (Full-Sized) Futures (the “Contract”), with effect from Monday, June 2. Trading for the Contract based on the new screen tick size shall begin from T-Session on Monday, 2 June 2025. 

Current Tick Size : US$0.0005 per 1,000 TW$ (US$1.50)

New Tick Size :  US$0.0025 per 1,000 TW$ (US$7.50)

It is recommended that trading participants cancel their long-dated orders on this Contract by Friday, May 30. All long-dated orders of this Contract will be purged from the system on T+1 close on Friday, May 30.

Coinbase: Deprecation of Order Entry Support

June 3

On June 3, Coinbase will upgrade its FIX Order Entry Gateway to version 5.0. TT will not support this upgrade, and therefore will no longer support order entry for Coinbase via TT.

Market Data will continue to be available on the platform.

Updated – TT / ICE Authorized Trader Requirements

June 9

Trading Technologies (TT) will implement a mandatory system update in June requiring all customers to populate the Authorized Trader field for ICE and ICE_L user configurations. Currently, TT copies the Routing Trader value to this field if it is left blank. While this accommodates the use case where the Routing Trader and Authorized Trader should match, it can result in incorrect values when these two fields should not match.

Before close of business on June 6, 2025, customers must review their ICE configurations and populate the Authorized Trader field. After this date, TT will disable the automatic copying, and blank Authorized Trader fields will result in rejected orders. This change is required for exchange compliance. Please refer to the attached instructions for updating this field.

These changes are now available for testing in UAT.

Additional Resources

TT / ICE Authorized Trader Configuration

LSEG : Eurex – RIC rename for 2 digit year code 

June 9

On June 9, Refinitiv (LSEG) will rename Eurex RICs representing Futures and Spread contracts both on Real-time and Reference Data Products to support two-digit year codes. Underlying Futures contracts for Options on Futures will be displayed with a 2 digit year code. This change will also be applicable for Market by Price data, Level 2 RICs and delayed data. 

TT will deploy the required changes to Production after the close on Friday, June 9. Changes are now available for testing in UAT.

All currently deployed versions of TT FIX services are compatible with this change. TT customers using RICs for FIX Order Routing, Drop Copy or Market Data are encouraged to test their FIX applications in UAT prior to go-live.

CBOE Digital Migration to CFE

June 9

Effective June 9, 2025, Cboe Digital Exchange (CboeDigital-Derivs) plans to transfer its financially settled margin futures on Bitcoin (FBT) and on Ether (FET) to CFE.

Current CFE products are cleared by OCC, while FBT and FET will be cleared by Cboe Clearing US (CCUS). Clients must coordinate with Cboe to obtain a new EFID configured for clearing through CCUS. Clients must update Tag 115 (OnBehalfOfComp) to reflect the newly assigned EFID when trading FBT and FET

More Information: https://cdt.cboe.com/

KRX: Night Session (Updated)

June 9

On June 9, KRX will introduce support for Night Session trading on a limited set of products.

The session time for the night session will be from 18:00 to 06:00 KST and will be held from Monday to Friday. The trades done on this night session will have a trade date of T+1 i.e. of the next business day. So, the trades done during the Monday night session will have Tuesday’s date as the trade date. The trades done in the Friday night session will have Monday’s date as the trade date.

The products supported on the night session will be as follows:

• KOSPI 200 Futures/Options (Symbol – K2I)
• Mini-KOSPI 200 Futures/Options (Symbol – MKI)
• KOSDAQ 150 Futures (Symbol – KQI)
• KOSPI 200 Weekly Options (Symbol – WKI, WKM)
• USD Futures (Symbol – USD)
• 3Y KTB Futures (Symbol – BM3)
• 10Y KTB Futures (Symbol – BMA)

The same instruments that trade in the Day session, will be opened for trading in the Night session, and hence, the night session instruments will not be separately identifiable on the TT systems.

Since the order entry exchange channels for the day and night sessions will be separate, customers will need to ensure they have appropriate logic at their end to route orders to the appropriate exchange channels / endpoints. There will not be any indicator on the TT FIX order gateway messages to indicate whether the order is for Day session or Night session.

The availability of these changes in the TT UAT environment will be announced in subsequent System News.

KRX has scheduled three mock sessions in May/Jun, and the TT plans for these are as below –

• May 17 – TT will perform connectivity test with the exchange
• May 31 – This will be a full mock involving customer participation. Customers will be able to enter orders / trade through TT at the below times as per the exchange schedule –
  • 10:45 to 11:45 KST – Day Session
  • 13:50 to 15:00 KST – Night Session
• Jun 6 – No customer participation will be supported through TT for this mock. Since this is a Friday and not a weekend, Live trading will be on going on other exchanges, and hence TT will not be able to support mock trading on this day.

MEFF: Extension of Trading Hours

June 23

MEFF has announced that from June 23, the trading hours for IBEX 35 Futures, Mini IBEX Futures, and Micro Futures on the electronic order system will be extended until 10:00 PM CET. In accordance with this, the TT sessions too will be available for trading till 10:00 PM CET to support these extended hours.

Euronext: IDEM Migration to Core Clearing System

June 30

Euronext has announced that the clearing activity on the Borsa Italiana Derivatives (IDEM) instruments that trade on Euronext will migrate to their new core clearing system on June 30. While the TT systems are not impacted by this change, customers are advised to perform front-to-back tests on IDEM through the TT UAT environment to avoid any adverse impact to their clearing systems due to this migration.

Additional Resources

Euronext Notification

Eurex: TLS Upgrade 1.3 

Q1, 2026

Eurex Launched Support for TLS 1.3 in October 2023 . They have been supporting TLS 1.2 and TLS 1.3 in parallel , and they have now confirmed that they will continue support for TLS 1.2 for one more year . This support will now be decommissioned in Q1 next year.

The TT platform currently works on TLS 1.2 . We are working actively to ensure that we upgrade to TLS 1.3 before decommissioning .

Customer Impact : There should be no impact on the customer experience , and no action is needed from customers . 

Disaster Recovery and Mock Testing

Eurex / EEX / NODAL : T7 13.1 Connectivity test 

May 17

On May 19, EEX, Eurex and NODAL will upgrade to T7 version 13.1 in production. On May 17, these exchanges will provide a testing window to allow verification of connectivity prior to the go-live. TT will participate in this testing.

SGX/SGX_GIFT:  Industry Wide BCP test

May 24 

SGX will conduct an Industry-Wide Business Continuity Planning Exercise on Saturday May 24. SGX will simulate an intra-day failure at its PDC. All market participants will be required to connect their production sites to SGX’s backup systems at its SDC and perform functionality tests.

This Exercise is important for members to familiarise with the recovery steps to be taken and communications sent out when SGX executes a failover from its Primary Data Centre (“PDC”) to its Secondary Data Centre (“SDC”). All Singapore-based Securities and Derivatives Trading, and Clearing Members are required to participate in this exercise.

TT will participate in this test. 

ASX : Business Continuity Testing

June 28 

On Saturday 28 June 2025, ASX will conduct a business continuity test in the production ASX 24 environment, including component failover from the primary ASX data centre (ALC) to the Secondary Data Centre (SDC).  It is expected that all trading participants will participate in the test.

Additional Resources

https://asxonline.com/content/asxonline/public/notices/2024/august/0982.24.08.html

New Markets

Cboe Equity Index Options

May 9, 2025

On May 9, TT launched access to Cboe equity index options, including support for standard options on popular Cboe products such as the S&P 500 Index (SPX), Cboe Volatility Index (VIX), Russell 2000 Index (RUT), and Mini-SPX (XSP).

Support for complex instruments (strategies) and strategy creation via the TT platform will be introduced at a later stage. We will communicate the timeline for this enhanced functionality as soon as it is finalized.

Access to Cboe equity index options is currently available in TT UAT.

Supported features:

• Standard TTW, TT desktop order routing
• FIX API and .NET SDK
• Options only (Futures, Spreads, and Strategies are not included)

Currently unsupported features:

• Exchange created strategies
• Strategy creation from TT
• Auto tools (ASE, Aggregator, ADL)
• TT Order Types, TT Premium Order Types
• Charts
• Options chain and advanced options features

Support for option strategies and strategy creation will be introduced in the coming weeks.

Clients must configure the following settings for their FIX order entry ports with the Cboe:

• Report Working Price: Yes
• Carried Order Restatements: Yes
• Done For Day Restatements: Yes

With regard to the ‘Report Working Price’: TT recommends setting this to Yes so that if Cboe changes the order’s price due to NBBO rules, TT will receive the updated working price in tag 9690. The order book will then reflect this adjusted price. If this setting is not enabled and Cboe adjusts the price, the user will not see the updated price in the order book. When the NBBO widens, Cboe may update the price again but does not send any notifications or restatements. When this happens, TT users will continue to see the original working price instead of the adjusted one.

With regard to Carried Order Restatements and Done For Day Restatements: These attributes must be set to Yes for GTC and GTDate orders to persist across sessions.

GFO-X: New Market for Cryptocurrency Derivatives

May 9 , 2025

On May, 9, TT launched support for the GFO-X exchange along with the exchange go-live. Interested customers should reach out to their Onboarding representative for assistance in getting connected.

GFO-X is the UK’s first regulated and centrally cleared trading venue dedicated to digital asset derivatives.  

MIAX Futures: New Market for Minneapolis Hard Red Spring Wheat Futures

June 29, 2025

The Minneapolis Grain Exchange, LLC (MGEX) will transition the trading and market data dissemination of MGEX products from CME Globex to a new market, MIAX Futures, in June 2025. The initial launch in June will include trading on futures on Minneapolis Hard Red Spring Wheat.

Following are the anticipated milestones for this project:

This is now available in the TT UAT environment for customer testing. Interested customers can refer to the MIAX Onboarding Guide or contact TT Onboarding for assistance in setting up their company / users for trading this market.

Implied prices are not currently supported on this market in TT UAT, and will be added in a subsequent release.

Please note the below details for the first dress rehearsal testing on 17 May –

• Test Schedule (time in ET) –
  • 08:30 – MIAX Systems will open for establishing connections
  • 08:45 – First Pre-Open. Live Order Window Starts.
  • 09:30 – Open (continuous trading phase)
  • 10:00 – Second Pre-Open
  • 10:30 – Open (continuous trading phase)
  • 12:00 – Session Close
  • 12:30 – Live Order Window ends
• Implied Prices and Strategy Creation will not be supported on TT for the 1st Dress Rehearsal.

NZX: NZX 20 Index Futures Relaunch Project

Q3, 2025 

In Q3, NZX will move forward with its S&P/NZX 20 Index Futures Relaunch Project which will be supported on the TT platform as a new market, NZX. NZX20 index futures and spreads will be supported.

NZX is now available for testing in UAT. Interested customers should reach out to their Onboarding representative to gain access to the market.

More Information about the NZX20 Index products can be found here.

For all inquiries related to NZX20, please email [email protected].

New Products

Please Note: Trading Technologies’ default approach is to support every new product listed, on the product’s 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.

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

FMX: Introduction of U.S. Treasury Futures

May

FMX will add futures contracts on U.S. Treasuries in May 2025 (exact date TBD). These will be supported on a new market, FMX_USTF, on TT. Interested customers will need to replicate their user, account and connection setup from the FMX market to the FMX_USTF market in order to trade these products. FMX_USTF is now available in both TT UAT as well as TT Production environments.

Dress Rehearsals –

In preparation for the launch of these US Treasury Futures, FMX has added US Treasury Futures contracts in their production environment, which can be used for performing any dress rehearsal testing.

• Customers can participate in this dress rehearsal by using this FMX_USTF market on TT.
• Since this mock trading on US Treasury Futures will happen during regular exchange trading hours on weekdays, it is strongly recommended that a separate account be set up on TT for trading during the dress rehearsal, so that the actual Live PnL can stay on separate accounts. TT also recommends that only the USTF test instruments (which will be indicated by TF in the instrument display name) be used for this testing.

Any customers who have resting GTC / GTD orders on any US Treasury Futures on the FMX_USTF market on TT, are advised to cancel these by end of day on Friday (16 May). These may become stale and inaccessible on TT from 19 May.

JPX: Introduction of Wednesday Expiry Weekly Options

May 26

In addition to the existing weekly Nikkei 225 mini options which have a Friday expiry (last trading being the trading day before Friday), JPX will introduce Wednesday expiry weekly Nikkei 225 mini options (last trading day will be the trading before Wednesday). 

TT will support these new contracts on launch. To differentiate this new series from the existing Friday expiry weekly options, these will be displayed on TT as – 225M + Expiry Term (Wed + Maturity Date) + C/P + Strike Price. Example – 225M WED 05Mar24 C35125. There will be no change to the display name for the existing Friday expiry options.

These contracts are now available on TT UAT for customer testing.

Customers should target completion of their testing for these products by May 1.

JPX: Introduction of Fiscal Year Contracts on Electricity Futures and Shanghai Rubber Futures

May 26

JPX will introduce two new types of contracts on May 26:

Fiscal Year Contracts on Electricity Futures – The underlying period of each fiscal contract will be the following fiscal year (i.e., April 1 to March 31 of next year). The annual average price of the Japan Electric Power Exchange (JEPX) Tokyo area and Kansai area spot markets will be traded in these contracts.

Shanghai Natural Rubber Futures – These will be future contracts with 3 contract months on January, May and September.

TT will support these new contracts on launch. These contracts are now available on TT UAT for customer testing.

Customers should target completion of their testing for these products by May 1.

ASX: Morning and Evening Peak Load Electricity Futures Contracts

June 2 

On June 2, ASX will list new Australian Peak Load Electricity Futures Contracts across the regions of NSW, QLD, VIC and SA. The new contracts are designed to reflect the primary periods of operational demand in the National Electricity Market. This involves the listing of separate Morning and Evening Peak Futures Contracts across each of the regions above, on a quarterly basis out to four years. Strips will be listed over the new Morning and Evening Contracts to allow for efficient trading of the underlying quarters.

These products are now available for customers to test in TT UAT ( ASX CDE+ Environment )  . Please see the customer testing guidelines below for information on contract set up, test cases and contract codes.

Additional Resources

Exchange Announcement 

Customer testing guidelines

SGX : BRL/USD Futures 

June 9 

SGX will launch the SGX BRL/USD Futures (symbol BRL) on Monday, June 9. 12 consecutive contract months will be listed, starting with the July 2025 contract.

Testing of the new contract will be available soon in the TT UAT environment.

Euronext: Introduction of Power Derivatives

Date TBD

Euronext together with Nord Pool plans to launch a new Euronext Nord Pool Power Futures market on the Euronext Optiq trading platform in 2025. TT will support this market, and further details on this will be announced in subsequent updates.

Additional Resources

Exchange Announcement

Euronext: Introduction of Fixed Income Derivatives

September

As part of the Fixed Income Derivatives initiative, Euronext will introduce a set of futures on main European government bonds (10yr BTP, OAT, BUND, BONO and 30yr BTP) on the Euronext Derivatives Milan market. The go-live is planned for September.

These products are now available in TT UAT, and any trader who has access to the Euronext IDEM instruments on TT may trade them. The details of these product symbols are as follows:

Further details on this will be communicated in subsequent System Admin News & Updates.

Additional Resources

Exchange Announcement