Critical Updates
CME Resting Order Eliminations: Equity Index Options Variable Tick Expansion
January 23, 2026
Starting in January 2026, CME began expanding variable ticks from two levels to four levels for the following Equity Index Options:
- Effective January 11, 2026 – COMPLETED
- Russell 2000 options: RTO, RTM, R1A, R2A, R3A, R4A, R5A, R1U, R2U, R3U, R4U, R5U, R1C, R2C, R3C, R4C, R5C, R1D, R2D, R3D, R4D, R5D, R1E, R2E, R3E, R4E
- Effective January 25, 2026:
- Nasdaq-100 Options: NQ, QNE, Q1A, Q2A, Q3A, Q4A, Q5A, Q1B, Q2B, Q3B, Q4B, Q5B, Q1C, Q2C, Q3C, Q4C, Q5C, Q1D, Q2D, Q3D, Q4D, Q5D, QN1, QN2, QN3, QN4, MNQ, MQE, D1A, D2A, D3A, D4A, D5A, D1B, D2B, D3B, D4B, D5B, D1C, D2C, D3C, D4C, D5C, D1D, D2D, D3D, D4D, D5D, MQ1, MQ2, MQ3, MQ4
- Effective February 1, 2026:
- S&P 500 Options: SME, ES, EW, E1A, E2A, E3A, E4A, E5A, E1B, E2B, E3B, E4B, E5B, E1C, E2C, E3C, E4C, E5C, E1D, E2D, E3D, E4D, E5D, EW1, EW2, EW3, EW4, MES, EX, X1A, X2A, X3A, X4A, X5A, X1B, X2B, X3B, X4B, X5B, X1C, X2C, X3C, X4C, X5C, X1D, X2D, X3D, X4D, X5D, EX1, EX2, EX3, EX4
To facilitate this change, CME requires customers to cancel all Good Till Cancel (GTC) and Good Till Date (GTD) orders before the close on the Friday prior to corresponding production launch. After 16.00 CT on the Friday of the product’s corresponding production launch, all GT orders for these options will be cancelled or deleted by CME GCC.
Additional Resources
Exchange Announcement: Resting Order Eliminations
Updated – CFE: Upcoming ATS Operator ID Enforcement
January 30, 2026
In order to accommodate customer requests for additional time prior to implementing this functionality, these changes will be deferred until the February 1 trading session.
To ensure compliance with CFE Rules 403(b) and 303A, TT will update system behavior related to the handling of Operator IDs (OEOID – FIX Tag 25004) for manual and automated orders.
As part of this update, TT will:
- No longer substitute the Manual Operator ID when the ATS Operator ID is not configured
- Omit Tag 25004 if the applicable Operator ID is missing, which will result in order rejection by CFE
TT intends to deploy this change to production at the end of the trading session on January 30, 2026. The update will take effect starting with the following trading session, February 1 (Sunday 5.00 pm).
To ensure compliance with CFE rules, and to avoid order rejections once software changes are implemented later this year, customers should review the User configuration in TT Setup and verify that the following fields are populated as needed:
- Manual Operator ID: Used for manual order entry
- ATS Operator ID: Used for orders submitted via automated trading systems
These are separate fields and must be configured independently.
Order behavior is as follows, based on the TT Setup configuration:
- If only the Manual Operator ID is configured:
- Manual orders will be accepted
- Automated orders will be rejected by CFE (Tag 25004 not sent)
- If only the ATS Operator ID is configured:
- Manual orders will be rejected by CFE (Tag 25004 not sent)
- Automated orders will be accepted
- If both Manual and ATS Operator IDs are configured:
- Manual orders will be accepted
- Automated orders will be accepted
- If neither field is configured:
- All orders (manual and automated) will be rejected by CFE
If you are unsure of your current Operator ID configuration or need assistance updating Setup, please contact your TT Onboarding representative or TT Support.
FIX Clients:
FIX users currently use tag 50 (SenderSubID) in the New Order Single (35=D) message to specify the OperatorID. In the Execution Report (35=8), this value is returned within the Party Group (where tag 452=44 and the value appears in tag 448).
There are no changes for FIX clients. However, for compliance purposes, clients must ensure the following:
- When submitting manual orders via FIX, use one specific value for tag 50.
- When submitting automated orders via FIX, use a different value for tag 50.
Additional Resources
CFE ATS Operator ID Reporting and Configuration FAQ
Eurex/EEX: Self Match Prevention (SMP) and Other Enhancements
January/February 2026
TT will provide support for the following Eurex/EEX exchange functionality:
Enhancement to Self Match Prevention:
On December 1, Eurex and EEX are enhancing the Self Match Prevention (SMP) feature to add 3 new types in addition to the current offering. These new SMP types will be configurable via a new drop down at the Account level in TTUS, and the following values will be allowed:
- Cancel Aggressive and Passive (Netting, existing model)
- Cancel Passive (resting order will be cancelled)
- Cancel Aggressive (Incoming order will be cancelled)
Order Entry Rejection Based on Eurex Trading Capacity Requirements:
Eurex requires that, for Agency orders, the Client ID field must be populated, otherwise they will be rejected.
For Proprietary or Market Making orders, the Client ID field may remain empty.
TT will now reject orders prior to submission to the exchange under these conditions:
- Trading Capacity = Any other capacity (Agency)
- Account Type = A1 – A9 (Required when Trading Capacity is Any other capacity / Agency)
- Client ID = Blank
This change is being made to address reporting concerns from customers when orders are sent to the exchange and are rejected because they do not meet these conditions.
TT will deploy both these changes to UAT on January 22 for customer testing. Production deployment dates to be communicated soon.
SGX : Liquidity Switch from PV to PW Contracts
January 16, 2026
Singapore Exchange (“SGX”) will carry out a liquidity switch service (“Liquidity Switch”) to migrate all open interest in the SGX Baltic Panamax Time Charter Average (4 Routes) Futures (“PV Contracts”) to SGX Baltic Panamax Time Charter Average (5 Routes) Futures (“PW Contracts”).
All open positions in PV Contracts on Friday, January 16, 2026 after the end of the T session, which are not netted off in post-trade activities will be automatically migrated by SGX to PW Contracts with clearing date 19 January 2026, Monday.
The PV Contracts will be suspended from trading after the end of the T session on 16 January 2026.
EEX : Open Interest Transfer from 4TC to 5TC
January 16 , 2026
Due to the impending discontinuation of the EEX Baltic Panamax 4TC (P4TC) contract, EEX will transfer all open positions to the Panamax 5TC (P5TC) contract on January 16, 2026. On this date, any remaining open interest in the P4TC contract will transition to the P5TC contract.
This open interest transfer will apply only to Futures contracts. The P4TC options curve has already been shortened to December 2025 with the last P4TC options expiring on 24 December 2025.
EEX will close out P4TC positions and transfer all positions to P5TC at the Baltic fixed differential of US$1,336. This adjustment will be reflected in the respective end-of-day settlement prices on 15 January 2026.
Customers with outstanding positions on the 4TC contract must set their positions on the new contract, 5TC, prior to the market open on January 16. No TT software changes are required for this initiative.
LME : Introduction of Variable Tick Size
January 20, 2026
On January 20, LME will introduce support for variable tick sizes on selected Spread instruments.
Currently, the tick size for all spread instruments is 0.01. With this change, the 3W-3M or 3W-3W spreads of 6 products will have a different tick size. The variable tick size change will apply not only to 3M–3W and 3W–3W spreads for the six base metals, but to any spread where both legs are greater than the 3M prompt, including where the first leg of carry is the 3M prompt. Please see the exchange announcement linked below for additional details and examples.
This change is now available in UAT.
Important: Please note that all GTC orders resting in the book at the end of the day on January 19 will be cancelled if their price is not a multiple of the updated tick size as defined by the LME.
Additional Resources
LME Tick Size Change Announcement
Cboe Europe Derivatives (CEDX) Decommission
February 20
Cboe Europe BV will to wind down its Cboe Europe Derivatives (CEDX) exchange service on the below timelines:
- January 12: All CEDX products will be set to ‘Close Only’ and any products with no Open Interest will be placed into a Trading Halt and subsequently delisted
- February 20: Any remaining open positions will be cash-settled at fair market value
After the close of business on Friday, February 20, TT will decommission all CEDX-related infrastructure.
Additional Resources
Eurex/EEX/NODAL: TLS Upgrade 1.3
Q1, 2026
Support for TLS 1.3 on the Eurex T7 platform was introduced in October 2023, and the exchange has continued to support TLS 1.2 and TLS 1.3 in parallel since that time. Support for TLS 1.2 will be decommissioned in Q1, 2026.
Currently, TT supports TLS 1.2 and will upgrade to TLS 1.3 in advance of the decommission date.
Customer Impact: There will be no impact on the customer experience, and no action is needed from customers.
Updated: B3: Binary Protocol
March 2026
B3 has rolled out new low latency binary protocols for market data via the Binary Unified Market Data Feed (UMDF) and for Order entry (Simple Binary Encoding (SBE).
TT has already migrated its Market Data to the binary UMDF protocol and, for order entry, currently supports both the legacy FIX API and the new binary API.
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- Completed: TT upgraded its Market Data feed to use the new Binary UMDF protocol.
- Phase 2- In Progress: Customers can continue using their existing FIX order connections while also having the option to configure new binary API connections.
- Phase 3- Future: TT will discontinue support for the legacy FIX order entry API, requiring all customers to use the Binary Order Entry API connections. Any GTC/GTDate orders resting on legacy FIX connections will be canceled when the cut-off occurs.
NOTE: B3 has set the length of the “Entering Trader” value to five on the Binary Order Entry API.
TT will discontinue support for the FIX Order Entry API at the end of Q1, 2026. Customers that have not yet moved to the Binary Order Entry API are strongly encouraged to begin planning for this migration.
JPX: H1 2026 Changes
April 13
JPX will introduce the below changes on Apr 13, 2026:
- Revision to the Immediately Executable Price Ranges (DCB Price Ranges) for Gold Futures and Platinum Futures – These DCB price ranges, which are currently defined in fixed JPY values, will be revised to percentages.
- Revision in rules for mini 10 yr JGB FUT – The tick size on the mini 10 yr JGB futures as well as spreads will be revised from JPY 0.005 to JPY 0.01. Please note that all remaining orders for mini 10 year JGB Futures (including those made in strategy trading) will be canceled immediately after the end of the night session for the trading day of April 13, 2026. The night session for the trading day of April 13, 2026 will begin on the previous business Day Of April 10, 2026.
- Change in Trading Hours for Electricity Futures – The current Night session schedule is from 5 PM to 7 PM JST (with a Pre-Open state from 4:45 PM before opening). The modified schedule for the night session will be from 4:30 PM to 7 PM JST (with a Pre-OPen from 4:25 PM before opening). There is no change to the Day session schedule.
No customer action is required as a result of these changes, which will automatically take effect once the modifications are made by JPX.
Euronext: Evening Session for Commodity Derivatives
April 13, 2026
Starting 13 April, Euronext will introduce an evening trading session for their Agricultural Commodities Futures.
- New Evening Session Hours: 18:30 – 20:15 CET
- Contracts: Milling Wheat (yEBM), Rapeseed (yECO) and Corn (yEMA) futures
- Settlement: Daily settlement procedures remain unchanged at 18:30 CET.
- Position Accounting: Trades executed during the evening session will be attributed to the same trading day.
- Allowed Trade Types: Only the Central Order Book (COB) trades will be allowed during the evening session. Large-In-Scale (LIS) / Blocks, Against Actuals (AA) and Exchange for Swaps (EFS) will not be available.
The current TT schedule already covers these extended trading hours, and hence no changes are required on TT to support this. Interested customers can test out this feature in the TT UAT environment.
HKEX: Derivatives After Hours Trading (AHT) Enhancements
Q2 2026
HKEX will introduce the below enhancements to their After Hours Trading (AHT) session in Q2 2026:
- Equity index derivative product coverage expansion for US and UK Holidays
- Currently, on Memorial Day (US) and Spring Bank Holiday (UK), in the AHT session on HKEX, only the Currency and Metals AHT products are enabled for trading. This will be modified to include all AHT eligible products for trading on these US/UK holidays.
- On Christmas day, currently, only the Currency products are eligible for AHT session. This will be modified to include all MSCI and Currency products for trading on Christmas day.
- There is no change to the products that will be available for trading during the Day session on any of the holidays.
- Shortening of the market break between the Day and AHT session
- Currently, the market break between the Day and AHT session is of 45 mins. HKEX plans to start the AHT session 15 mins earlier, by reducing the market break to 30 mins.
- Widening of AHT Price Limits
- Currently, the price limits on all futures contracts traded in the AHT session is + or – 5%, and orders outside these price limits are rejected.
- The stock index futures traded on HKEX will be categorized into 2 baskets – flagship and non-flagship futures. While the initial price limits will be set at + or – 5% for both, those for the flagship products will be subject to a quarterly review, and can be periodically modified by HKEX.
- Index Option – Trade Resumption
- For the options contracts that are halted due to HKEX’s Trade Halt Mechanism, trading will be automatically resumed based on a deterministic model built by HKEX.
- Enhancement to the reference price determination methodology
- HKEX will modify their methodology used for determining the reference prices.
- Orders outside price limit boundary
- For orders entered during the Day session, and which may be outside the AHT price limits (price limits apply only to AHT session) and are carried over to the AHT session, such orders will not be rejected or canceled and can get traded outside the AHT price limits.
None of these proposed changes by HKEX have any direct impact on TT, and will be supported on TT without requiring any additional changes to the software.
WSE: API Upgrade
Q2 2026
WSE has an upcoming upgrade to their trading system APIs for both market data and order entry. The Go Live date for this upgrade is expected to be in Q2 2026 (Date TBD). On the Go Live date of this new API, the current API will be decommissioned and the market will be fully migrated to the new versions.
- No functional changes are being implemented on the market data feed for display on TT
- New OTDs of Account Type and Trading Capacity will be introduced, which can be appropriately configured on TT
- TT will support the Self Match Prevention feature introduced along with this upgrade
- Customers are strongly advised to cancel any pending GTC/GTD/GTT orders before close of trading on the last day of the old API
Further details regarding availability of testing in the TT UAT environment will be provided in the near future.
Disaster Recovery and Mock Testing
SGX : Industry Wide BCP Exercise
May 23 , 2026
SGX will conduct its annual industry-wide exercise to validate its ability to recover and operate the market in the event of a data centre failover scenario and to test its crisis communication capabilities. All Singapore-based Securities and Derivatives Trading and Clearing Members are required to participate in this exercise.
TT will be providing support to all of its clients who are interested in participating in this exercise
Note :- SGX is also planning a BCP exercise which will not involve a failover on Feb 07 . TT is not planning to participate in this exercise
New Markets
Updated: NZX: NZX 20 Index Futures Relaunch Project
April, 2026
In April 2026, 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.
NZX is planning a second Dress Rehearsal for their clients on March 03 and March 04 , 2026 . TT will support this testing in our UAT environment. Interested Participants can reach out to their local TT representative for more details.
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.
ICE_L: ICE Liffe is launching Mini Equity Products
TBD
ICE is introducing additional Equity Derivatives contracts on December 8, 2025 under two new market types,
- Mini Equity Non-US Based (Market Type ID: 261)
- Mini Equity US-Restricted (Market Type ID: 262)
These products will not be supported by TT on Day1, but support will be added in a near future release.
Additional Resources
Euronext: Introduction of Power Derivatives
February 2
Euronext, together with Nord Pool, will launch a new Euronext Nord Pool Power Futures market on the Euronext Optiq trading platform on 2 Feb 2026.
All the supported contracts are available for testing in the TT UAT environment.
Implied Prices are currently not supported by TT on Euronext, and the support for this will be deployed to TT UAT in a later release.
Note that February 2 is the date the power contracts will become tradable on Euronext, but the open interest migration from Nasdaq to Euronext will happen on March 14.
Additional Resources
JPX: Introduction of New Contracts in Apr 2026
April 13, 2026
In April 2026, JPX will introduce the below new products –
- FX Futures
- USD/JPY Futures (Product Symbol – UDJY)
- CNH/JPY Futures (Product Symbol – CHJY)
- EUR/JPY Futures (Product Symbol – ERJY)
- Cash-Settled Futures contracts on metals
- Cash-Settled Futures contracts on Gold (Product Symbol – GD14M)
- Cash-Settled Futures contracts on Platinum (Product Symbol – PT14M)
- Chubu Area Electricity Futures
- Chubu Area Baseload Electricity Futures (Product Symbol – ECB)
- Chubu Area Peakload Electricity Futures (Product Symbol – ECP)
- Chubu Area Fiscal Year Baseload Electricity Futures (Product Symbol – ECBY)
- Chubu Area Fiscal Year Peakload Electricity Futures (Product Symbol – ECPY)
- Currently, JPX supports flexible contracts only for TOPIX Banks Index (Product Symbol – BANK)) Options and TSE REIT Index (Product Symbol – REIT) options. In April 2026, JPX will introduce regular contracts on these products.
TT plans to support these contracts from Day 1, and these contracts are expected to be available in TT UAT for customer testing from Feb 16.
Euronext: Introduction of Container Freight Futures
TBD
Euronext plans to launch container freight futures. While the confirmation on the go live date for these is awaited from Euronext, these contracts are now available in the TT UAT environment for customer testing. Customers who have access to existing commodity derivatives, should be able to trade on these contracts without requiring any additional settings.
Euronext: Introduction of Trade at Settlement Futures
TBD
Euronext plans to launch Trade at Settlement contracts. While the confirmation on the go live date for these is awaited from Euronext, these contracts are now available in the TT UAT environment for customer testing. Customers who have access to existing commodity derivatives, should be able to trade on these contracts without requiring any additional settings.
The product symbols relevant for TAS are –
- yEBMT – Milling Wheat TAS future contracts
- yECOT – Rapeseed TAS future contracts
- yEMAT – Corn TAS future contracts