System Admin News & Updates

Critical Updates

CME: Mandatory Migration to iLink 3.0 – Available in Production

March 1

CME has extended the cutoff date for migrations to iLink 3.0 to March 1, 2025. As a result, TT has extended its deadline to February 17, 2025 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 April 6, 2025 however, all customers must migrate by March 1, 2025 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: The Convenience Gateway for iLink 3.0 on-demand 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.

https://calendar.google.com/calendar/u/0/rAccess to Production: The 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.

Please note: GTC orders will not persist when moving from an iLink 2 connection to an iLink 3 connection. TT recommends that, where possible, customers place GTC orders via iLink 3 sessions as they prepare to fully migrate to iLink 3.

UPDATE: UAT Support for CME iLink 3.0 Pre-registration

Support for pre-registration on CME iLink 3.0 is available now in UAT. This version of the TT CME iLink3 Gateway will continue to support “On Demand” order entry and will also support the CME iLink3 “Pre-Registration” order entry type, allowing orders to be submitted to the exchange using a single order message alone.

For additional information, please refer to the documentation:

https://library.tradingtechnologies.com/downloads/CME_iLink3_Pre_Registration_Order_Entry.pdf

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 on-demand 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 the iLink3 Migration Guide.

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

Additional Resources

Binary Market Data

Binary Order Entry

TT CME iLink3 Migration Guide

NEW – TT CME iLink3: Pre-Registration Order Entry

B3: Binary Protocol

Q4

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 2, 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. 

* All clients are strongly encouraged to conduct in UAT and provide feedback.

Migration Documentation 

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 4.

No changes are required on the client side. 

The remaining products will continue to be sourced via the current infrastructure until the migration is fully completed.

ASX: CDE to CDE+ Change in Cert Environment 

January 24

ASX provides two feeds for certification environments, i.e., CDE and CDE+. CDE provides a shared test environment which is identical to the feed of the production environment, whereas the CDE+ market data feed contains the future version of the ASX 24 software. ASX requires participants to test the new changes in the CDE+ environment. For example, the bond linking and tick changes scheduled for launch in March 2025 are already available for testing in CDE+. 

Currently, TT connects to the CDE market data feed on its certification environment (UAT). We are planning to migrate this connection to CDE+ in January this year, and we do not have any plans to migrate this back to CDE connection. 

Once this migration is completed, TT customers will need to connect to the ASX UAT using CDE+ FIX credentials. If customers do not have CDE+ FIX credentials, they need to reach out to their respective ASX exchange representative and get these credentials. 

Customers will also need to disable their current UAT connections using CDE credentials and create new connections in UAT using CDE+ credentials. Please reach out to your TT Onboarding representative with questions around this  

Additional Resources: 

ASX Bond Futures Delinking and Tick Change Testing Schedule

ASX Trade Guide to Testing Services

LME: New Trading Platform

March 24

LME will introduce a new API for order entry and market data, LMESelect v10, on March 24. Access is now available in the TT UAT environment. Please note that in both UAT and for the production launch, the LME Market ID has become LME_NTP.

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.

UPDATED: The TT LME_NTP v10 Migration Guide is now available here.

TFEX: Auto Pause 

May 6

Summary: TFEX has announced support for a new Auto Pause feature which will trigger when the volume of orders exceeds a threshold that is pre-defined by the exchange. The go-live date for this is announced as May 6.

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 (AUTO_PAUSE_D) = “Freeze” on the TT platform
• Pre-open (PRE-OPEN_P_D) = “Pre-Open” on the TT platform

Access to Testing: TT will complete the required conformance with TFEX as per the exchange schedule (between January 13 and February 14). Industry-wide customer testing through the TT UAT environment will start February 24.

Eurex : T7 13.1 API Upgrade 

May 19

Deutsche Börse plans to release T7 13.1 to Production on May 19, 2025. Simulation access for T7 Release 13.1 will be available on March 31 , 2025 

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:

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

KRX: Night Session

June

KRX will support trading in a night session beginning in June. The below products will be included in the night session:

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

Even though the above products will be traded in both day and night sessions and will have the same ISIN / Security Id, KRX will treat these as two separate order books, i.e., two separate instruments. Hence, these will be maintained as two separate instruments in TT.

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

Disaster Recovery and Mock Testing

LME: New Trading Platform Production Connectivity Test #3

January 25 

A third connectivity test window has been arranged in the primary data centre (DC1) on January 25 to allow participants to test connectivity to LMEselect v10 gateways (both Active and Standby) and/or LMEsource v4 multicast channels.

Activities permitted and expected behavior during connectivity test:

LMEselect v10:

• No order or trade entry will be allowed to the LMEselect v10 production service during the test window.
• Participants can test login (or telnet test) with their production user credentials. Note the password change as part of the login process will be retained.
• Participants can initially connect to the LMEselect v10 Active gateway and later the same day to the Standby gateway once LME promotes it as primary. Note participants can only connect to Active or Standby gateways at a given point in time.

LMEsource v4:

• Only heartbeats will be sent on the LMEsource v4 production multicast channels.

Customers who wish to participate in testing should contact LME to provision production credentials for the v10 migration and ensure they are configured in Setup. Please contact your Onboarding representative for assistance.

TFEX: Order Entry Gateway Rebalance

January 18

TFEX has announced the Order Entry Gateway Rebalance for Q1 2025. For all members using a TFEX user login that needs to change the gateway, an email should have been received from the exchange containing information about the ID slated for rebalancing, and attendance confirmation survey, test schedule and the test script.

All members who received this email are requested to contact TT Onboarding or Service Management to discuss plans.

On January 18, there is a connectivity test that is mandatory for all members who are required to change their user logins. 

New Markets

GFO-X: New Market for Cryptocurrency Derivatives

March 2025 

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 Q1 2025.

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.

NZX: NZX20 Index Futures and Spreads

March 2025 

TT will start support for NZX20 index futures and spreads hosted on new market NZX. These products are available for testing now for TT customers in simulation environments. Interested customers can reach out to their respective Onboarding representative to establish connection to this exchange in UAT.

NZX is already an established exchange. More Information about the NZX20 Index products can be found here.

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

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

June, 2025

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

SGX Derivatives: TAS for Iron Ore Index Futures

January 20

SGX has announced it will enable Trade at Settlement (TAS) functionality for SGX TSI Iron Ore CFR China (62% Fe Fines) Index Futures on SGX Titan DT beginning Monday, January 20. TT Will be able to support this in prod from the launch date . 

This product is now available for TT customers to test in the UAT environment. The product code is FEF _TAS. 

EEX: Japan Power Options 

February 3

The European Energy Exchange (EEX) will expand its Japanese power derivatives offering with the launch of EEX Japanese Power Monthly Options for the Tokyo and Kansai market areas beginning Monday, February 3.

The new options contracts will be settled against the average of the JEPX spot prices for the Tokyo and Kansai market areas during the respective delivery month.

Changes to the TT platform are not needed for support of the new product.

Additional Resources

Exchange Rules

Contract Details and Product Codes

EEX: Japan Power Fiscal Year Futures 

Q1 

EEX has announced Fiscal Year Futures for Tokyo and the Kansai area. The exact start date will be communicated in January. In addition, the number of expiries for seasonal futures will be extended from the current four seasons to eight seasons. The existing calendar year futures will be delisted to pool liquidity in the new contracts. 

Changes to the TT platform are not needed for support of the new product. The product will be available for testing from December 2024.

Additional Resources

Exchange Circular 

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. Further information on this will be published in subsequent system news.

JPX: Introduction of Fiscal Year Contracts on Electricity Futures

May 26

JPX will introduce fiscal year contracts on electricity futures on May 26. 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. TT will support these new contracts on launch. Further information on this will be published in subsequent updates.

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 plans to support this market, and further details, once announced by Euronext, 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.

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

Additional Resources

Exchange Announcement