System Admin News & Updates

CME: Mandatory iLink 3 Binary Order Entry Protocol for MSGW and BrokerTec Migration

Q1 2021

CME Group will be launching iLink 3, a new order-entry protocol for trading futures, options and BrokerTec products on CME Globex. All customers connected via Market Segment Gateway (MSGW) are encouraged to migrate to iLink 3 as early as possible prior to the iLink decommission. iLink 2 and iLink 3 for MSGW will run in parallel until February 26, 2021, and at that time will incur additional charges by CME. On March 28, 2021, iLink 2.0 for MSGW will be decommissioned. 

BrokerTec products will migrate to CME in Production on January 31, 2021 and will only be available on iLink 3 MSGW. Customers will need to obtain a dedicated iLink Session ID to be used for only the BrokerTec market segment. CGW will remain on iLink 2 and will not be impacted.

MSGW iLink3 for CME products is now available in UAT for customer testing. BrokerTec products will be available in upcoming weeks and communicated in future updates.

CME will be holding Saturday Mock Sessions for BrokerTec. TT will announce the date of the next Mock we will support, the date will be sometime in January but is still TBD. Once TT announces a date, Customers who wish to participate should register with the CME via this link and contact your Onboarding/Customer Success Manager to confirm with TT. 

For the iLink 2 to 3 migration, CME Group does not require customers to obtain new iLink sessions. Customers will have the ability to migrate their existing iLink sessions from iLink 2 to 3 within the CME Request Center. For all existing migrated sessions, standard Session Policy Charges will apply. 

X_TRADER® Platform Impact
X_TRADER will not support iLink 3.0 for MSGW or BrokerTec products that will migrate to CME on January 31, 2021. 

Customers keeping Link 2.0 MSGW connections will need to move their connections to CGW to maintain access to CME. Customers are strongly encouraged to migrate to the TT platform in early Q1/2021.

TT® Platform Impact
We will support both the iLink 3.0 upgrade and the BrokerTec US migration to CME on the TT platform. iLink 3.0 for CME products is currently available in UAT for customer testing. BrokerTec products are now available in UAT.

Additional Resources
Globex Notice October 1, 2020

CME: Product Changes – Resting Order Elimination

November 22

Effective this Sunday, November 22 (trade date Monday, November 23), changes will be made for the following products:

• Russian Ruble/U.S. Dollar and South African Rand/U.S. Dollar Options 
  • Tag 969-MinPriceIncrement
  • Tag 9787-DisplayFactor
  • Tag 9850-Mincabprice

• Chicago Ethanol (Platts) Futures
  • Tag 969-MinPriceIncrement

 See Additional Resources for more information.

X_TRADER and TT Platform Impacts
To facilitate the change, customers should cancel all Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders after the close on Friday, November 20. After 16:00 CT on Friday, November 20, all remaining GT orders for these products will be cancelled or deleted by CME Global Command Center.

Additional Resources:
Globex Notice November 16, 2020 – 6R and RO
Globex Notice November 16, 2020 – CU

Eurex: T7 9.0 Upgrade

November 23

Eurex will move forward with the T7 9.0 upgrade this weekend.

Eurex recommends that members participate in the connectivity test on Saturday, November 21 from 16:00-18:00 CET (9:00-11:00am Chicago time). 

Details on Eurex T7 Release 9.0 are now available on the exchange website at https://www.eurexchange.com/exchange-en/technology/t7/release9.

Customers should pay particular attention to the following:

Trading Capacity
Note that with T7 Release 9.0, a new exchange-side validation will verify whether the usage of the trading capacity with Agency is compliant with the client service authorization of the corresponding trading participant. As a consequence, any on-book or TES (trading transaction requiring the specification of the trading capacity (e.g. on-book order add, TES trade approval) will be rejected in case a trader is using the trading capacity with valid value Agency but the business unit he belongs to is not compliant with the client service authorization. For full details, please see the T7 Release 9.0 Release Notes

In short, if Trading Capacity is set to Agency (Any Other Trading Capacity) the Account Type should be set to A1-A9. Please refer to the following table provided by Eurex:

On TT screens, the exchange Trading Capacity values are mapped as follows:

• Agency = Any Other Trading Capacity
• Market Maker = Match
• Proprietary = Deal

Tag 1031 (Execution Source Code / Customer Order Handling Instruction) Changes

With the introduction of T7 Release 9.0, the entry of the Execution Source Code will be mandatory in case of Agency business execution (Trading Capacity A) according to valid values as specified by FIA (see Eurex Release 9.0 Notes). If no value for the Execution Source Code is entered to an on-book order or TES approval, the order respective TES trade will not be rejected but a default value (D) for the Execution Source Code will be added automatically instead. In case an invalid value is entered, the order respective TES trade will be rejected.

X_TRADER Platform Impact
On September 14, Eurex simulation became available on the T7 9.0 API. Access in DDE is now available for customer testing on Eurex Gateway 7.18.60.

Please note that FIX Tag 1031 is not supported on the X_TRADER platform on the Eurex Gateway. 

Eurex Gateway 7.18.60 has been released to support the T7 9.0 upgrade. Customers must upgrade to this version after the close on November 20, and prior to the market open on November 23.

To participate in the connection test on November 21, participants must:

1. Stop TTChron on the Eurex Gateway.
2. Manually start the Price Server and Order Server.
3. Verify the Price Server is initialized and fully green in Guardian.
4. Verify the Order Server has successfully performed session and trader logons for each session configured in the hostinfo.cfg file by locating the following messages in <drive letter>:\tt\logfiles\*OrderServer*.log:
   • Ses. <Session ID> received session logon for session credential…
   • Trader Login <MemberGroupTrader> success
     Note the Order Server will remain in the initializing state in Guardian. 
5. Upon verification, restart TTChron to stop the Price Server and Order Server.

TT Platform Impact
On September 14, Eurex simulation became available on the T7 9.0 API and is available for testing in UAT.

On the TT platform, tag 1031 is supported at the Account level. For information on configuring tag 1031, please refer to the documentation.

We will participate in the connection testing on November 21.

SGX: New Production Additions – SGX USD/INR (USD) Futures and SGX FTSE Equity Index Futures

November 23

SGX is launching new products to be available for trade date of Monday, November 23. See below table for details.

X_TRADER Platform Impact
To trade these products, apply an updated pMerge file to all SGX Gateways:

1. Copy the SGX.pmg file to <drive letter>:\tt\config.
2. Stop GuardServer.
3. Navigate to <drive letter>:\tt\bin.
4. Double-click pMerge.exe. The Enter Exchange Name window appears.
5. Specify the exchange name and flavor and click OK. The Open Guardian product table merge file window appears.
6. Navigate to <drive letter>:\tt\config and select the SGX.pmg file. pMerge will update the existing Guardian Product Table with the correct values. After pMerge completes its tasks, the pMerge status bar displays Finished.
7. Close the pMerge status bar.
8. Start GuardServer.

The above listed steps need to be repeated for each SGX Gateway

After pMerge runs, verify that the Guardian Product Table contains the following values:

TT Platform Impact
No customer action required; Products will be available automatically.

HKEX: New Production Addition – Hang Seng TECH Index Futures and Options

November 23, January 18

HKEX is launching Hang Seng TECH Index Futures on November 23, 2020 and Hang Seng TECH Index Options on January 18, 2021. 

X_TRADER Platform Impact
To trade these products, apply an updated pMerge file to all HKEX Gateways:

1. Copy the HKEX.pmg file to <drive letter>:\tt\config.
2. Stop GuardServer.
3. Navigate to <drive letter>:\tt\bin.
4. Double-click pMerge.exe. The Enter Exchange Name window appears.
5. Specify the exchange name and flavor and click OK. The Open Guardian product table merge file window appears.
6. Navigate to <drive letter>:\tt\config and select the HKEX.pmg file. pMerge will update the existing Guardian Product Table with the correct values. After pMerge completes its tasks, the pMerge status bar displays Finished.
7. Close the pMerge status bar.
8. Start GuardServer.

The above listed steps need to be repeated for each HKEX Gateway

After pMerge runs, verify that the Guardian Product Table contains the following values:

TT Platform Impact
No customer action required; Products will be available automatically.

CME: Changes to Minimum Price Increment and Spread Type for Palladium Futures – Resting Order Elimination

December 6

Effective Sunday, December 6th (trade date Monday, December 7), Palladium Futures will be changed as follows:

• Tag 969-MinimumPriceIncrement
• Tag 762-SecuritySubType

X_TRADER and TT Platform Impact
To facilitate the change, customers should cancel all Good ‘Till Cancel (GTC) and Good ‘Till Date (GTD) orders after the close on Friday, December 4th. After 16:00 CT on Friday, December 4th, all remaining GT orders for these products will be cancelled or deleted by CME Global Command Center.

Additional Resources:
Globex Notice November 16, 2020

ASX: New Production Addition – 5 Year Treasury Bond Future (VT)

November 27

ASX intends to list a 5 Year Treasury Bond Futures contract (VT) on the ASX24 market on November 27 (evening session of November 27 for the trading day of November 30) subject to regulatory approval and internal/external readiness. The VT contracts will be available for trading from the start of that evening session on Nov 27 at 17:10 AEST. The first expiry month is expected to be the March 2021 contract. The 5 Year Treasury Bond Futures contract is designed to complement the existing interest rate futures complex and support the evolving structure of the underlying market. The contract will provide an additional liquidity point and hedging tool at the 5 year point on the curve, allowing participants to manage their risk exposure in a more efficient and effective manner. 

X_TRADER Platform Impact
No customer action required; Products will be available automatically.

TT Platform Impact
No customer action required; Products will be available automatically. 

Additional Resources:
ASX to launch 5 Year Treasury Bond Future
5 Year Treasury Bond Futures technical update

[UPDATED] Euronext: Oslo Børs Optiq Migration

December 7

Following Euronext’s acquisition of Oslo Børs in June 2019, Oslo Børs’ trading systems across asset classes will migrate from the Millennium Exchange and SOLA systems to the Euronext Optiq systems. The migration timeline is as follows:

• April 13: Availability in p-EUA
• November 14: Dress rehearsals in Production successfully completed on the TT Platform
• December 7: Production go-live

The Oslo Børs Migration Guidelines and Guide to New Trading System documents are available in the IT Documentation section of the Euronext Connect customer portal.

X_TRADER Platform Impact
Oslo Børs products will not be supported on the X_TRADER platform.

TT Platform Impact
Oslo Børs products are available for customer testing in UAT. 

TT: FIX SSL Certificate Update

December 11

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 October 5, 2020, TT updated the stunnel.zip file located in the Download Center in order to update the soon-to-be-expired certs from the TTFIX.crt bundle. All customers who use STunnel will need to download a new zip file and apply it by December 11, 2020.

• Added TT platform STAR.TRADE.TT expiry September 20, 2021 (DC)

Additional Resources
Stunnel.zip file
Directions for configuring stunnel with TTFIX.crt 

FIA: Execution Source Code Schema Initiative (Tag 1031) 

Timeline varies by exchange

Multiple exchanges, in cooperation with the FIA Execution Source Code Schema Initiative, are moving forward with plans to implement FIX tag 1031 (CustOrderHandlingInst) on their APIs.

Exchange-Specific Plans

• CME: Tag 1031 is supported and is mandatory.
• ICE: Tag 1031 is supported, but not required. 
• Eurex: Tag 1031 is supported, but not required. 
• CurveGlobal/IDEM: Tag 1031 is supported with the SOLA 14 Upgrade on February 3, but is not required.

X_TRADER Platform Impact
For CME, tag 1031 is now available in production. Customers should enter a valid value in the FFT6 field in Customer Defaults and/or FIX Account Defaults. For FIX Order Routing applications, FFT6 maps to tag 16903. If no value is set, a default value of “Y” will be sent. CME Gateway 7.18.49 was released on October 18. 

For ICE, tag 1031 is now available with ICE Gateway 7.18.29. Customers should use FFT6 to send the value to the exchange. The field is optional for ICE.

TT Platform Impact
For CME, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults. 

For ICE, tag 1031 is now available for use in Production. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for ICE.

For Eurex, support of tag 1031 on the TT platform is now available. Customers should select a valid value in Setup or set Order Tag Defaults to send the value to the exchange. Customers can choose not to select any value as this is an optional field for Eurex. On the X_TRADER platform, tag 1031 is not currently supported.

For CurveGlobal and IDEM, support for tag 1031 was added on February 3 for both exchanges.

Additional Resources
FIA Indirect Clearing Documentation

PRODUCT RELEASES
Eurex Gateway 7.18.60.2p95