System Admin News & Updates

• Euronext: Clearing Migration
• CME: Mandatory Migration to iLink 3.0
• B3: Binary Protocol
• ASX : Listing of Environmental Futures 
• SGX: BCP for Backup Systems 
• JPX: Revisions to Tick Size for 3-Month TONA Spreads
• WSE: Native Support for Order Entry
• TFEX: STEC Restructuring Plan
• HKEX: Self-Match Prevention Service Enhancements
• Euronext: Strip Spreads on Salmon Futures
• SGX: Data Recovery Exercise for Derivatives 
• GFO-X: New Market for Cryptocurrency Derivatives
• FMX: Launch of FMX Futures Exchange 
• TFEX: Order Entry Gateway Rebalance
• LME: New Trading Platform
• JPX: Change of Derivatives Market Trading Hours
• TFEX: SET Alternate DR (DC3)
• Eurex/EEX: T7 13.0 Upgrade
• UPDATED: MX: API Upgrade: Client Identifiers
• TFEX: New Currency Futures
• SGX: FIA Tech Execution Source Code
• UPDATE: JSE: Release 7.7: Self-Match Prevention
• HKEX: Introduction of Weekly Stock Option Contracts
• TFEX: Auto Halt
• HKEX: Introduction of 10-year China Ministry of Finance Treasury Bond Futures

Euronext: Clearing Migration

15 July

Euronext will begin its phased Clearing Migration go-live on July 15, dates as follows:

• Commodity Derivatives Go Live Weekend: July 15
• Financial Derivatives Go Live Weekend: Will be announced later, as the date has been postponed by Euronext

Euronext Clearing will no longer process the values sent in the Account (Account Info field on TT) from July 15 for Commodity Derivatives. Customers affected by this are requested to contact their onboarding representatives for any required changes in TTUS configuration.

On the Friday before this Go-Live (i.e. on July 12):

• The evening trading session for the Index Futures on Amsterdam and Paris markets will not take place.
• On Friday, July 15, after Market Closure, Euronext will cancel all resting orders on the Commodity Derivatives Markets. 
• There will not be any impact on the Financial Derivatives and IDEM markets.

NOTE: 

• TT strongly recommends customers to carry out front to back testing with Euronext Clearing from the TT UAT environment to ensure there are no unforeseen issues due to this clearing migration.
• TT recommends that customers cancel their active GTC / GTD orders in the Commodity Derivatives market in the production environment before close of trading on12 July and not rely on the exchange’s order purging to avoid any stale orders on TT.
• Since the Euronext API connectivity is not impacted by this clearing migration, there is no corresponding TT upgrade / release for this.

Additional Resources

Euronext Clearing Migration Go Live Details

CME: Mandatory Migration to iLink 3.0

2024

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 Jan 31, 2025 however, all customers must migrate by December 31 of this year 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. For each iLink Session, create new Connections in Setup
   1. Be sure to use a Session ID created by CME specifically for iLink3.
   2. Be sure to set the Connection Type to “Convenience Gateway iLink3.”
2. 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.
3. Throttle Limits
   1. For On-Demand order entry, TT recommends that customers set their Connection level Max Order Rate to 83 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: Convenience Gateway for iLink 3.0 OnDemand 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: Convenience Gateway for iLink 3.0 OnDemand Order entry will be available in July for Production Trading. Once available, Members are welcome to begin migrating as desired. User Acceptance Testing prior to migration is highly recommended.

Pre-Registration vs OnDemand Order Support: At this time, TT Support of CME iLink 3.0 is limited to OnDemand 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 will be provided during the month of July, 2024.

Prior to TT’s Production launch of Pre-Registration Support, customers will have the opportunity to participate in Mock sessions which we will coordinate with the CME.

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

B3: Binary Protocol

Q3

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 02, 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: https://library.tradingtechnologies.com/release_notes/uat-2024-04.html 

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

Migration Documentation: https://library.tradingtechnologies.com/downloads/B3_Binary_Protocol_Migration_Guide.pdf

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:

Additional Resources

Binary Market Data

Binary Order Entry

ASX : Listing of Environmental Futures

Late July

ASX intends to launch a suite of Environmental Futures products on the ASX 24 Market to support Australia and New Zealand’s energy transition and decarbonisation efforts. ASX plans to list three deliverable Environmental Futures contacts, subject to final internal and regulatory approvals and external readiness. The contracts are:

·       Australian Carbon Credit Unit (ACCU) Futures ( CA) 

·       Large Generation Certificate (LGC) Futures ( CL )  

·       New Zealand Unit (NZU) Futures (CN ) 

These products are now available in TT UAT environment for test and set up . They are scheduled to be launched in production in late July , for which date is yet to be confirmed by ASX . 

For more information , please refer to this link https://asxonline.com/public/notices/2024/may/0523.24.05.html 

SGX: BCP for Backup Systems

July 20

Summary: On July 20, 2024, SGX will conduct a Business Continuity Plan (BCP) test for the sole purpose of  connectivity from ISV/Member backup systems. Participation in the test is optional.

Testing already completed: During the SGX BCP test held on May 25, 2024, TT tested and verified correct SGX connectivity from the TT SGX DR site and all  was completed successfully. TT has no plans to participate in the July 20 test since there is no observable need to repeat the same test again.

JPX: Revisions to Tick Size for 3-Month TONA Spreads

July 22

Summary: JPX has announced that starting from July 22, 2024 there will be a revision to the Tick Size for Strategy Trading of 3-Month TONA Futures. After the change is implemented, 3-Month TONA (“TOA3M”) Spreads will change from the current 0.0001 tick increment to a tick size increment of 0.0025, thus aligning Spread tick size with their outright Futures.

Software Change for Tick Size: In order to correctly support the tick size change, a simple configuration change on TT JPX Market Data Server is required. After the TT configuration change, UAT will reflect the new tick size immediately, and Production will automatically update to reflect the new tick size as soon as the exchange publishes the new tick size on the morning (before Pre-Open) of July 22. The changes are available for testing in UAT now.

Cancellation of Working Orders: On Friday, July 19, 2024, following the end of the night trading session, all remaining 3-Month TONA long orders, for all security types, will be canceled by the exchange. TT End User order books will automatically update to reflect the cancellation after TT JPX Order Connections login to the exchange on Monday, July 22.

Expansion of Spread Combinations: As an additional revision to 3-Month TONA Spreads, JPX is also expanding the number of spread combinations from the nearest 6 contract months to include all pairs for the nearest 20 contract months (resulting in 190 pairs in total). No TT changes are needed to accommodate this, and the new instruments have been available in UAT since April 10, 2024. Similarly, Production will automatically reflect the updates when JPX introduces the new instruments on the morning of July 22, 2024, before Pre-Open.

WSE: Native Support for Order Entry

July 22

TT will add native support for order entry on Futures and Options on the Warsaw Stock Exchange (WSE) on July 22. TT has completed the conformance testing certification with WSE which is required for providing order connectivity with the exchange. 

WSE is available in the TT UAT environment for native order entry, and interested customers can reach out to their Onboarding representative for assistance in getting connected to WSE. 

TFEX: STEC Restructuring Plan

July

Summary: TFEX has announced a restructuring plan for Sino-Thai Engineering and Construction PCL (Symbol = “STEC”). Upon completion of the restructuring plan, TFEX will cease trading on “STEC” and continue trading on a new Holding company with symbol “STECON.”

Handling of Positions and Orders: TT will not automatically move any positions from STEC to STECON. TT will not automatically move any working orders from STEC to STECON. Traders who have open positions on STEC and wish to maintain their positions after the restructuring should work with their Risk Administrators to create SODs or Admin Fills on STECON.

Additional Information: Users who need details regarding SET/TFEX Clearing, Margin, Credit and other concerns related to the STEC restructuring plan should reach out to their Brokers or respective exchange representatives.

Access to Testing: The exchange provided opportunities to test the behavior in UAT, and they concluded this testing on May 24, 2024.

Consultation and Verification: Customers looking for specific details about test procedures and verification points should consult with their TFEX exchange representative or Broker.

HKEX: Self-Match Prevention Service Enhancements

July

Summary: HKEX has announced enhancements to their Self-Match Prevention Service which will expand the methods of utilizing and accessing the SMP feature. The exchange has tentatively scheduled the enhancements for a production launch in July, 2024.

Certification Test: On June 13, 2024, TT was certified by HKEX for correct functioning of all SMP features.

Readiness Test: The Readiness Test was completed successfully in the Production Environment on June 15, 2024.

Access to Testing: The new SMP Enhancement enabled version of TT OrderConnector is available for testing in UAT now.

Legacy, Username-Based SMP: Please note that the already-existing Username-based HKEX SMP implementation will continue to operate normally on TT, with no changes, both before and after the rollout of the exchange’s new enhancements.

Additional Resources

TT Factsheet – HKEX Enhancement to Self-Match Prevention

Euronext: Strip Spreads on Salmon Futures

July

Salmon Futures contracts will be listed on the Euronext Paris Commodity Market in July. These contracts will be available under symbol yESF on TT, and are currently available in the TT UAT environment for customer testing.

Euronext is introducing the Strip type spreads which will be applicable only for these salmon futures contracts. The characteristics of these Strips will be –

• Buy 2 or more consecutive delivery months
• Individual legs have the same volume (i.e. each leg ratio is 1)

TT changes required to allow user creation of these Strips will be released in the TT UAT environment on 15 July.

Exact go live date for these will be communicated in subsequent System News, once it is announced by Euronext.

SGX: Data Recovery Exercise for Derivatives

September 14

Summary: With reference to Circular No. DT/CCM: 4 of 2023, SGX will conduct a data corruption, recovery, and reconciliation exercise (DRE) in Titan DTDC systems. The objective of this exercise is to practice recovery, reconciliation, trading and clearing resumption with Derivatives Members. This exercise also aims to refresh crisis communication, escalation protocols and procedures between SGX and Members.

Test Participation and Registration: SGX will conduct the test in the SGX Titan Member Test Environment (MTE) which is accessed on TT via the UAT environment. Members are strongly encouraged to register their participation via the SGX BCP Information Portal (http://www.sgx.com/BCP) as soon as possible. Registration will close on Monday, June 10, 2024.

Participation is mandatory for all Trading Members (Agency) and Clearing Members based in Singapore.

Access to Testing: All participants will be required to configure their connections to connect to the SGX Conformance Test environment. TT will provide details about preparing the connections in the coming weeks.

GFO-X: New Market for Cryptocurrency Derivatives

September 27

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 Q3, 2024.

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.

FMX: Launch of FMX Futures Exchange

September

FMX Futures Exchange, which will be a marketplace for futures contracts on US Treasuries and SOFR,  is expected to start its operations in September 2024. TT will support trading on this new exchange on its launch. FMX is available in the TT UAT environment and interested customers can reach out to their Onboarding representative for assistance in getting connected to FMX.

Further information will be provided in upcoming notices.

TFEX: Order Entry Gateway Rebalance

October 5

TFEX has announced an Order Entry Gateway Rebalance for Q4 2024. Prior to the Rebalance Process, all members using a TFEX User Login that requires a gateway change will receive an email from the exchange. The email will contain information about the ID slated for rebalancing, an attendance confirmation survey, the test schedule and the test script.

All members who receive such an email are requested to contact TT Onboarding or Service Management to discuss plans.

On October 5, 2024 TFEX is conducting a connectivity test that is mandatory for all Members who are required to change their user logins.

LME: New Trading Platform

October 21 (tentative)

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, on October 21, 2024 (tentative date, will be confirmed by LME in September.) Access is now available in the TT UAT environment.

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.

LME will provide another update in June and more details will be made available then.

JPX: Change of Derivatives Market Trading Hours

November 5

JPX has announced that starting from November 5, 2024 there will be a change of trading Hours for the Exchange Derivatives Market due to extension of Trading Hours at TSE.

TT engineers are currently working to update the platform and provide access to UAT testing for the new changes. The official start of User Acceptance Testing will be announced here in System News before the end of July, 2024.

TFEX: SET Alternate DR (DC3)

November 9

TFEX has announced plans to conduct their annual SET Alternate DR (DC3) test on November 9, 2024. TT does not provide connectivity to the SET/TFEX “Alternate DR” / Tertiary Data Center. Member participation in the test is not mandatory.

Note that all members are required to register Non-Participation by completing the Participation Survey, which will be sent out to all Members in due time from the SET Contact Center. Any questions or concerns regarding this point should be directed to the SET Contact Center.

Eurex/EEX: T7 13.0 Upgrade

November 18

Eurex  plans to release T7 13.0 to Production on Nov 18, 2024. Simulation access for T7 Release 12.1 will be available in UAT on 9 Sep 2024

Additional information from the exchange (including System documentation, circulars and timelines) is available here → https://www.eurex.com/ex-en/support/initiatives/t7-release13

The following are the anticipated milestones for this project:

Note :- This release will not be backwards compatible with T7 12.1.

UPDATED: MX: API Upgrade: Client Identifiers

Q3

MX has announced a SAIL protocol upgrade (B4), with a soft launch date of June 28, 2024, and a new production hard date of March 31, 2025, extended from the original October 1, 2024 deadline. https://www.m-x.ca/f_circulaires_en/074-24_en.pdf

Client identifier changes are now available in TT UAT for testing.

This upgrade includes the introduction of the following new fields for regulatory compliance:

• Short Code
• UniqueID
• Sponsored Access Flag
• Algo Trading Flag 

These fields will be configurable on TT User Setup on Accounts. Please refer to the table below for corresponding TT fields to set these fields.

If UniqueID is populated, it must be exactly 10 digits.

TT will always send the Algo Trading Flag. If the Investment Decision Qualifier is configured on TT User setup on accounts, it will use that value, else TT will set it based on the type of order the user is routing. (TT premium order types: Automatic, TT Synthetic order types: Automatic, MX native order types: Manual).

FIX clients can override all these fields with the following tags, 

Investment Decision ID (tag 448), Investment Decision Qualifier (tag 2376), Client ID (tag 448), and Direct Electronic Access (tag 1724)

• Investment Decision ID: 448= <value>,  452=122(Investment decision maker (IDM)) and 2376=22 (Algo) or 2376=24 (Natural Person)
• ClientID: 448= <value>, 452=3 (ClientID), 2376=23 (Firm or legal entity)
• Direct Electronic Access (DEA): 1724=5 (Order from a direct access or sponsored access customer)

The following are the anticipated milestones for this project:

IMPORTANT NOTE: 

Beginning July 22, 2024, TT will adopt the SAIL B4 version. Customers must log in to the MX Axis portal and begin linking all session IDs to the SAIL B4 version starting today end of the trading session and have until July 21, 2024, to complete this task. Failure to do so will result in order entry session login being denied by the exchange on July 22.

Additional Resources

MX Client and Order Identifiers

TT FIX Tag Directory  PartyGroups

TFEX: New Currency Futures

Q3

Summary: TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of Q2- Q3, 2024. These are the same Currency Futures that were originally scheduled for launch in July of 2022 and Members already verified them during the 2022 IWT – MME .

Since the TT platform was fully updated for handling the products prior to the 2022 IWT tests, no further software changes are required on the TT side at this time. The Product Codes are as follows:

• EUR/THB Futures – “EUR”
• JPY/THB Futures – “JPY”

Access to Testing: Since the previous testing effort was nearly a year ago, the exchange has arranged for a second round of testing from August 5 to 16, 2024. Customers may access the testing events in the TT UAT Environment using the “TFEX_DEV” market (exchange-side “NEXT-B” test environment). Test participation is optional.

SGX: FIA Tech Execution Source Code

Q3

SGX has announced the start of support for the FIA Tech Execution Source Code field (FIX Tag 1031) in the SGX Titan DT order flow beginning April 29, 2024. Although the data is currently not forwarded to the exchange, the FIA Tech Execution Source field values are accessible on TT now:

1. Using the Setup Account setting Customer Order Handling Instruction under SGX Exchange Properties. Or,
2. by sending a value in Tag 1031 from FIX Order Routing.

Currently, TT Engineers are actively integrating support into the TT Platform to ensure that the FIA Tech Execution Source Code field values can be sent to the exchange during order management. Further information will be shared through System News once the TT Platform support is ready for testing in UAT.

Additional Resources

Guidelines for the FIA Execution Source Code Schema

UPDATE: JSE: Release 7.7: Self-Match Prevention

H2

JSE has announced Release 7.7,  occurring in the latter half of 2024. This release will include the introduction of Self-Match Prevention (SMP) functionality, however, the functionality will ONLY be available for the Equities markets, which are not supported on TT.

Should the exchange make SMP functionality available for use on Derivatives markets in the future, TT will offer support.

HKEX: Introduction of Weekly Stock Option Contracts

YE 2024

HKEX has announced plans to introduce weekly expiries for ten single stock option products by the end of 2024. The Product Codes for the new Weekly Options are listed on TT as follows and are now available for testing in UAT starting from July 12, 2024:

• ALBW : Alibaba Group Holding Ltd.
• BIUW : Baidu, Inc.
• BYDW : BYD Company Limited
• HEXW : Hong Kong Exchanges and Clearing Limited
• HKBW : HSBC Holdings Plc.
• JDCW : JD.com, Inc.
• KSTW : Kuaishou Technology
• METW : Meituan
• PAIW : Ping An Insurance (Group) Company of China, Ltd.
• TCHW : Tencent Holdings Limited

The timing of Production availability on TT will match that of HKEX, which is contingent upon Market Readiness and Regulatory Approval on the exchange side. All such details will be provided by the exchange in due time.

Additional Resources

Exchange Circular EQD/03/24

TFEX: Auto Halt

Q1, 2025

Summary: TFEX has announced support for a new Auto Halt feature which will trigger when the volume of orders exceeds a threshold that is pre-defined by the exchange. TFEX will confirm and announce the Go Live date after the improvements have been approved by the SEC and once the overall readiness of market participants has been met.

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

The handling for these status updates is already supported on TT and therefore new software changes are not required.

Access to Testing: Information will be provided once made available on the exchange side.

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