System Admin News & Updates

Critical Updates

CME: Mandatory Migration to iLink 3.0 – Available in Production

March 1

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.

NOTE: As of March 1, CME will charge customers $1000 per week for the continued use of iLink 2 credentials.

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.

Access 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: Production Support for CME iLink 3.0 Pre-registration

Support for pre-registration on CME iLink 3.0 is available now in Production. 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

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.

B3 has set the length of Entering Trader trader to five.

The following are the anticipated milestones for this project:

ASX: Bond futures Delinking and Tick Change Testing

March 10 , 2025 

The ASX has confirmed the go-live to the delinking of the Bond Futures contracts for the March rolls starting on the 10th March 2025.

1. The outright market of Bond Futures contracts will be delinked from the calendar spread market during the week of the roll
2. Tick increments in the outright contracts during the roll period will remain at non-roll (wider) increments, while the narrower tick increments during the roll period will be supported in the calendar spreads (roll) market only.

These changes have been in the UAT environment for testing and TT has confirmed readiness with the ASX.

Additional Resources: 

https://asxonline.com/content/asxonline/public/notices/2025/january/0064.25.01.html

ASX Trade Guide to Testing Services

UPDATED – LME: New Trading Platform

March 24

UPDATE 1: LME will conduct a dress rehearsal in Production on Saturday, March 8 from 10am to 12pm UK time. Additional details from the exchange to follow prior to the testing.

Customers should note the following for testing via both TT and LMETrader:

All Customers:

• Customers will be required to accept the Market Data Agreement for access to LME on the LME_NTP market in TT and LMETrader
• Please note that existing workspaces for the LME market will not work for LME_NTP –  Customers will need to configure a new workspace on the LME_NTP market for use during the mock session
• Order entry will only be allowed in the LME NASAAC USD Futures contract (PTRM Symbol: NA / TT/LMETrader Symbol: NADF), all other LME products/contracts will be in trade halt state
• Order entry will be permitted on all outright prompts and pre-defined strategies for NA contract
• LMEptrm v10 GUI: Ensure Risk Management setup is completed in advance of test i.e. creation of Risk Groups, End Clients within risk groups and set up of pre-trade risk limits for the NA contract
• Value of “End Client” created in LMEptrm v10 GUI is configured to be sent in the “Broker Client ID” field/tag on FIX and Binary order entry sessions
• Order entry will be permitted on all outright prompts and pre-defined strategies for NA contract
• LMEptrm v10 GUI: Ensure Risk Management setup is completed in advance of test i.e. creation of Risk Groups, End Clients within risk groups and set up of pre-trade risk limits for the NA contract
• Value of “End Client” created in LMEptrm v10 GUI is configured to be sent in “Broker Client ID” field/tag on FIX and Binary order entry sessions – This is configured on the Account in TT User Setup
• Trading state for NA product will transition as per below times during the test window:
  • Login available from:      10.00am (UK time) 
  • Pre-Open:                       10:15am (UK time)
  • Open:                                    10:30am (UK time)
  • Test window close:       12:00pm (UK time)
• Participants need to logon using the new/changed password of their FIX / Binary order entry and FIX drop copy sessions/users as changed during previous connectivity test windows
• All orders including GTC/GTDs submitted during the test will be removed at the end of the test by the LME

TT-Specific

• Users must use the URL mock.trade.tt when placing LME orders during the dress rehearsal, additional details here.

LMETrader-specific

• LMEtrader v10 GUI: Prior to the test, please ensure user setup, and other configuration is completed by the member Administrator user(s) to allow trading users to be able to login to the LMEtrader v10 GUI
• LME Trader users should continue to use the standard lme.trade.tt URL when placing orders during the dress rehearsal
• Please note that existing workspaces for the LME market  will not work for LME_NTP –  Customers will need to configure a new workspace on the LME_NTP market for use during the mock session

In addition, please note that TT will migrate customer risk and Order Tag Defaults (OTD’s) from the LME market to the LME_NTP market after the close on Friday, March 7. Please note the following:

• Any data which has been configured in Production for LME_NTP already will not be overwritten
• UAT: TT has migrated customer risk and Order Tag Defaults (OTD’s) from the LME market to the LME_NTP market as of February 27 – Customers are encouraged to review the results of the data migration for accuracy, and as a preview of the migration in production
• After the data migration from LME to LME_NTP is completed, customers must validate that their settings are correct, and must complete configuration of all required fields prior to March 24
• Data for LMETrader users cannot be migrated from the LME company to individual customer companies as a part of this effort – LMETrader admins will need to configure risk and OTDs as needed prior to March 24

UPDATE 2: TT will migrate customer risk and Order Tag Defaults (OTD’s) from the LME market to the LME_NTP market after the close on Friday, March 7.

Once this migration is completed, customers are very strongly encouraged to verify their risk and OTD data in Production. Customers will then need to configure any additional settings as needed prior to March 24.

Please note the following:

• Any data which has been configured in Production for LME_NTP already will not be overwritten
• UAT: TT has migrated customer risk and Order Tag Defaults (OTD’s) from the LME market to the LME_NTP market as of February 27 – Customers are encouraged to review the results of the data migration for accuracy, and as a preview of the migration in production
• After the data migration from LME to LME_NTP is completed, customers must validate that their settings are correct, and must complete configuration of all required fields prior to March 24
• Data for LMETrader users cannot be migrated from the LME company to individual customer companies as a part of this effort – LMETrader admins will need to configure risk and OTDs as needed prior to March 24

LME will introduce a new API for order entry and market data, LMESelect API 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 will 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.

IMPORTANT NOTE: Customers are highly encouraged to perform testing in UAT prior to March 8 in order to ensure readiness for this migration.

Note for LMETrader Users: Along with this upgrade and the move to the “LME_NTP” market, LMETrader users, LMETrader Admins, and LMEptrm Admins  will be required to accept the standard TT End User License Agreement, even if they have already signed the LME EULA. The new agreement will be available starting after the close of business on March 7.   

The updated TT LME_NTP v10 Migration Guide is now available here.

SGX : Revision of T+1 Session Trading Hours

April 7 

With effect from Monday, 7 April 2025, the T+1 session trading hours for SGX US Single Stock, Equity Index and Dividend Index Futures (“Equity Futures”) and SGX Equity Index Options (“Equity Options”), collectively, the “Equity Derivatives Contracts”, will be revised as follows:

• Commencement of T+1 session pre-open routine for Equity Futures will be brought forward by 10 minutes;
• T+1 session pre-open routine for Equity Futures will be reduced from 10 to 5 minutes; and
• T+1 session opening time for Equity Options will be aligned with the corresponding Equity Futures. 

There will be no change to the T session trading hours for the Equity Derivatives Contracts.  There is also no change to trade registration hours via Titan OTC for the Equity Derivatives Contracts.

These revisions will provide market participants with an additional 15 minutes of continuous trading during T+1 session.

These changes are already available for customers to test on the UAT environment . 

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 has completed the required conformance tests and shared results with TFEX. Cycle 2 of the Industry Wide Testing will start on 20 Mar, and this will be supported through the TFEX_DEV2 market, which connects to the MME-STAGE environment of TFEX, on TT UAT.

Eurex : 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 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:

TT / ICE Authorized Trader Requirements

June

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 May 30, 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.

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 9

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

The session time for the night session will be from 1800 to 0600 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 on Monday night session will have Tuesday’s date as the trade date. The trades done on Friday night session will have Monday’s date as the trade date.

Although these products will be traded during both the Day and Night sessions, and will have the same ISIN / Security Id, KRX will treat the Day and Night sessions as two separate order books, i.e., two separate instruments. Therefore, these will be maintained as two separate instruments in TT under 2 different product symbols. The night session symbols will have an ‘N’ appended to them.

Trading Firms connecting to KRX through TT are advised to reach out to their brokers to determine any required changes on their venues. TT will also be reaching out to KRX FCMs to agree on an approach for their venue. 

TT plans to participate in the dress rehearsal scheduled by the exchange on May 17. Customers are advised to participate in this test, as participation in the dress rehearsals is mandated by the exchange.

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

MX Client Identifiers

March 31

The Montreal Exchange (MX) introduced Short Codes Client Identifiers last year, with a soft launch on June 28, 2024, and a mandatory production go-live date set for March 31, 2025. Trading Technologies (TT) added support for this functionality in August 2024.

As part of this upgrade, the following new fields have been introduced to enhance regulatory compliance:

• Short Code
• Unique ID
• Sponsored Access Flag
• Algo Trading Flag

For more details, please refer to the following resources:

• MX SAIL B4 API Upgrade
• MX Circular 074-24

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

LME : New Trading Platform – Market Dress Rehearsal

March 08 

LME is planning to conduct a market rehearsal on Mar 08 on their new trading platform . During this test , clients can test their connectivity to exchange and also place orders and view execution reports for LME NASAAC USD Futures contract (Product Code: NA and Contract Code: NADF) . The timing for this test will be from 10:00 AM to 12 noon UK time . 

Interested clients can reach out to their respective onboarding representative 

Eurex / EEX : T7 Disaster Recovery Test

March 15

On Saturday, 15 March 2025, Eurex T7 will offer a test scenario according to its T7 disaster recovery concept for the current T7 Release 13.0.This particular T7 disaster recovery test scenario will simulate a partial outage of the Equinix data centre (FR2) facility.

TT will be participating in this test . No action is needed from customers 

SGX/SGX_GIFT:  Industry Wide BCP test

May 24 

SGX will be conducting an Industry-Wide Business Continuity Planning Exercise on Saturday 24th May . 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 is planning to participate in this test 

New Markets

GFO-X: New Market for Cryptocurrency Derivatives

March 14, 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.

Further information will be provided in upcoming notices.

Cboe Equity Index Options

April 2025

In April, TT will offer clients access to Cboe equity index options, giving TT clients access to the rapidly growing equity options trading space.

Cboe equity index options on the TT platform will enable the firm’s broad client base of institutional market participants and professional traders to easily take positions in Cboe’s popular index products, including its flagship S&P 500 Index (SPX), Cboe Volatility Index (VIX), Russell 2000 Index (RUT) and Mini SPX (XSP) options contracts.

Cboe access will be available in UAT beginning in late March. 

NZX: NZX20 Index Futures and Spreads

Q2 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 29, 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.

Following are the anticipated milestones for this project:

Details regarding trading on this new market on TT, along with details for any FIX tags used is available in the below guide –

MIAX Onboarding Guide

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.

CME: CME Group to Launch Solana (SOL) and Micro Solana (MSL) Futures

March 17, 2025

CME plans to launch Solana (SOL) and Micro Solana (MSL) futures on March 17, 2025, pending regulatory review.

More information: SER and Press Release here.

ICE: New Market Type 255 and Products Listing

February 24, 2025

ICE listed new product under market type 255 and these are available to trade in TT production

• Micro MSCI GCC Countries NTR USD Index Futures GAC 
• Micro MSCI India NTR USD Index Futures INA 
• Micro MSCI Qatar NTR USD Index Futures QAT 
• Micro MSCI UAE NTR USD Index Futures UAE 

Exchange Circular: IFAD Circular 25/002

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

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 

FMX: Introduction of U.S. Treasury Futures

Mar 31

FMX will add futures contracts on U.S. Treasuries on May 31. 

In order to be able to trade on these, users will need to –

• Have the market data permission enabled for U.S. Treasury Futures
• Have a connection type of U.S. Treasury Futures enabled

These contracts will be available on TT UAT .

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 will be available in the TT UAT environment from 1 April.

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 will be available in the TT UAT environment from 1 April.

ASX: Morning and Evening Peak Load Electricity Futures Contracts

June 2025 

ASX intends to 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.

TT will support these new contracts . They will be available for customer to test in UAT environment in April 2025 . 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

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.

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

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

Additional Resources

Exchange Announcement