MX: API Upgrade
February
The Montreal Exchange is upgrading its SAIL Order Entry to B3 and Market data HSVF to D7 protocols.
- SAIL Order Entry (B3) changes on the TT end are deployed in Production on December 19, 2022. The release note for the B3 protocol can be found here.
- MX has communicated that the new ‘Market’ order is pending regulatory approval and will not be available in Production. A future date will be communicated. TT FIX clients can submit orders using the pre-upgrade Market order type implementation from MX by setting tag 40=K, Market-with-Leftover-as-Limit.
- For FIX client apps, if “Intent To Cross” is set on TTUS accounts, it will be set on the order to the exchange. FIX Tag 16130 for ‘Intent To Cross’ will be added to TT FIX order execution reports (message type: 8) and TT FIX drop copy. This tag will be available in execution reports in UAT in January and Production in February 2023. The Order Routing FIX sessions will not support an override of “Intent To Cross” set on TTUS accounts.
- The HSVF D7 prices protocol is expected to be available in UAT and Production in February 2023.
TFEX: New Trading System Market Rehearsal
January 14
TFEX has announced the start of Market Rehearsals (MR) for their next generation trading system. Market Rehearsals will be conducted in the TT Production Environment on Saturdays beginning on January 14, 2023 and ending on January 28, 2023.
Each Broker is required to Pass 2 of the 3 rounds of MR Testing provided by the Exchange.
The “Preparing for TFEX Market Rehearsal” TT Factsheet has been prepared to ensure that all customers are provided with Market Rehearsal setup information and requirements.
HKEX: Revision of Contract Specification for MSCI India (USD) Index Futures
January 16
HKEX has announced a Revision of the Contract Specification for MSCI India (USD) Index Futures with an effective date of January 16, 2023.
Starting from January 16, customers who normally trade MSCI India (USD) Index Futures using product symbol “MDI” will need to start trading on the revised product symbol, “MND.” Please note that trading on MND should be treated the same as trading on any other newly-listed product, and all necessary Risk settings will need to be prepared by customers as needed.
The “Additional Resources” link below contains additional details regarding contract specifications and clearing information.
Additional Resources
KRX: Market Data System Upgrade
January 23
KRX has announced the launch of a new Market Data System (“New MDDS”) scheduled to go into production on January 23, 2023. The API Upgrade version of TT KRX Price Server is now running in UAT and is available for testing as needed. Please note that because the current production version of KRX Market Data is a completely separate system, orders created in UAT will not be reflected in UAT Market Data. KRX is not providing test order routing access for the API Upgrade Environment so there is no way to bring test orders into the upgraded market data.
TT Platform Impact
For Users of the TT Platform there will be no observable impact to trading after the upgrade is complete. Production users can expect a seamless transition from the current system to the KRX “New MDDS” with no interruptions.
[Update] Eurex: Next Generation ETD Contracts
March 27
Eurex is aiming to introduce a more flexible set-up of Exchange Traded Derivatives (ETD) products by implementing an enhanced contract identification concept in March 2023 allowing more than one expiration per month on product level (sub-monthly contracts).
Initiative 1: Integration of Weekly Expiring Instruments on Product Level
Weekly contracts will follow the new format of DDMMYYYY (current format: MMYYY).
Example 1: AXA
- Current PROD:
- AXA main monthly (week 3) options
- AXA1, AXA2, AXA4, AXA5 weekly options
- AXA Jan23 C21.2
- AXA1 W01Feb-23 C23.2
- AXA2 W02Jan-23 C23.4
- AXA4 W04Jan-23 C23.2
- Current UAT:
- All options are listed under AXA, with the following display name format:
- AXA W2-Jan23 P21.4
- AXA Jan23 P22.4
- AXA W4-Jan23 C21.2
- All options are listed under AXA, with the following display name format:
Example 2: ODAX
- Current PROD:
- ODAX main monthly (week 3) options
- ODX1, ODX2, ODX4, ODX5 weekly options
- ODX2 W02Jan-23 P13600
- ODX4 W04Jan-23 C12650
- ODX1 W01Feb-23 C13200
- ODAX Mar23 C13500
- Current UAT:
- All options are listed under ODAX, with the following display name format:
- ODAX W2-Jan23 C12000
- ODAX Jan23 P12900
- ODAX W1-Feb23 P14700
- ODAX Feb23-EOM C12150
- All options are listed under ODAX, with the following display name format:
Available Products in UAT:
- OGBL
- AXA
- BAY
- CSGN
- ROG
- ODAX (including end of month contracts)
- OSMI
- NOA3 (don’t be confused, the ‘3’ here is not the week number)
For full list of products, please refer to this doc – tab “MainOptionsPlus” and reference columns A and J-N: https://docs.google.com/spreadsheets/d/1We-lEUWma3KLiYa4PM1R4Yul1KeGyGo8/edit?usp=share_link&ouid=110689222129353141429&rtpof=true&sd=true
Initiative 2: Daily Single Stock Futures (for use in Volatility Strategies in Single Stock Options) and new naming convention for Daily contract.
Example 1: AXAP
- Current Prod: AXAP (just a monthly future)
- AXAP Jan23
- AXAP Feb23
- AXAP Mar23…
- Current UAT Cal Date Jan 9/Business Day Jan 11 per SIM calendar:
- AXAP T
- LTD/Mat Date = Jan 11 2023
- AXAP T
Every day, a contract named “AXAP T” will exist. It will expire each day, the ‘alias’ will be re-used but the instrument ID and LTD/mat dates will always update.
Available Products in UAT:
- ROGP
- NO3P
- BAYP
- AXAP
- ADSP
- BMWP
- UBSP
Initiative 3: Market-On-Close Futures T+X (Basis Trading in Equity Index Futures)
Example 1: FMEA
- Current Prod:
- FMEA Quarterly Contracts
- FMEA Mar23
- FMEA Jun23
- FMEA Sep23…
- FMEA Quarterly Contracts
- Current UAT:
- FMEA T
- FMEA T+1
- FMEA T+2
- FMEA Mar23
- FMEA Jun23…
Very Important to Know:
- T = Current Business Day = Last Trading Date = Contract Date = Tag 200
- Maturity Date (Expiry Date) is always LTD + 1 Business Day for these 3-day MSCI Futures
- When there is a regular Quarterly Contract, there is no “T” contract on that day.
- On any Business Day (with the exception of the bullet point above), there is a T, T+1 and T+2 contract.
- These contracts roll, so today’s T+2 will become tomorrow’s T+1, and then the following business day will become T0. It will expire on T-1, but no T-1 contract will ever be visible because it has passed the Last Trading Date.
- Eurex Sim Calendar Link: https://www.eurex.com/resource/blob/2348578/d5cfb2d379d82a32aa3220375a58f2e5/data/P-SimuCal-Eurex-20221219-20230326.pdf
- In UAT, this is all based on the Eurex SIM calendar, which does not follow a normal schedule. Please refer to Eurex Sim Jan – March MSCI 3 day Futures.pdf for date conversions based on the sim calendar.
In Production, this will apply to all MSCI Futures.
Available Products in UAT:
- FMEA
- FMWN
- FMWO
- FMJP
- FMEF
Additional Resources
ICE: Exchanges Datacenter Migration
In March of 2023, ICE will migrate to a new datacenter. Additional information on the move is available from the exchange here.
Key Dates:
- October 3, 2022 – Telnet testing begins
- November 5-6, 2022 – Weekend Login and Heartbeat testing prior to Mock Trading Session #1
- November 10-11, 2022 – Weekend Login and Heartbeat testing prior to Mock Trading Session #2
- November 12, 2022 – Mock Trading Session #1 (Production Site)
- December 3, 2022 – Mock Trading Session #2 (Disaster Recovery Site)
- January 21, 2023 – Mock Trading Session #3 (Production Site)
- February 4, 2023 – Mock Trading Session #4 (Disaster Recovery Site)
- March 4, 2023 – LIFFE Markets Data Center Migration
- March 18, 2023 – ICE and Endex Markets Data Center Migration
TT plans to participate in the following testing:
- COMPLETED: November 5-6, 2022 – Weekend Login and Heartbeat testing prior to Mock – Trading Session #1 – No customer involvement
- COMPLETED: November 12, 2022 – Mock Trading Session #1 (Production Site)
- Testing will be supported from 5am to 11am EST
- COMPLETED: December 3, 2022 – Mock Trading Session #2 (Disaster Recovery Site)
Customers should plan to participate in testing on these dates. If testing is successful, TT will not participate in the testing scheduled in January and February.
Simulation / UAT Access
In addition to the Production Datacenter move, ICE will migrate its AP1 test environment to the new datacenter on November 9. TT will make all necessary changes to connectivity, however, ICE requires that customers take the following actions:
- Open a support ticket with ICE listing sessions to be migrated
- Change passwords associated with these sessions
Customers will then need to update passwords for any sessions which they own in UAT. Details from the exchange on this process may be found here.
CME: DR Datacenter Migration and Test
March 4
The mock disaster recovery test previously scheduled for September 10 has been postponed to Saturday, March 4, 2023 at 9:00am ET.. Additional details, test scripts, and registration information will be announced in future CME Globex Notices.
TFEX: New Trading System Upgrade
March 7
TFEX has scheduled the official Go-Live date of their new Trading System Upgrade for March 7, 2023. Prior to Go-Live there will be a migration period in which TT staff will work together with customers to ensure preparedness for the upgrade.
The TFEX Trading System Upgrade Migration Guide is available now and will continue to be updated with new details and information as the Go-Live date draws nearer. It is recommended that customers check the document from time to time so that new updates will be received in a timely manner.
TFX: Three-month TONA Futures & Options
March 2023
TFX has announced the introduction of Three-month TONA (Tokyo Overnight Average) Futures & Options with a launch date in late March 2023. The Product Code is O3 For Futures and Spreads and O3O for Options. All Three-month TONA products are available for testing in UAT now. Updated information will be relayed here in System News and Updates whenever it becomes available from the exchange.
Additional Resources
BIST: BISTECH 3.0
April 10
A new phase of the BISTECH system, called BISTECH 3.0, is announced to be launched by the exchange on April 10, 2023. As part of this, the TT platform will support the connection changes required for the FIX Order Entry and TIP channels in the derivatives markets.
Equity Markets, Fixed Income Markets, Precious Metals Markets, exchange’s Drop Copy functionality and ITCH protocol for market data are not supported by the TT platform currently, and hence the TT platform will be unaffected by any changes to these.
On 7 April 2023, in preparation for the transition to BISTECH 3.0, there will be no evening session in the Derivatives market and all GTC, GTD and inactive Stop orders waiting in the system will be deleted by the exchange, and these will not be reinstated post the cutover. Hence, TT recommends that traders cancel such orders on or before 7 April.
Final production connection details are awaited from the exchange, and hence further details will be provided in subsequent System News and Updates.
JPX: Nikkei 225 micro Futures and Nikkei 225 mini Options
May 29
JPX has announced the introduction of Nikkei 225 micro Futures and Nikkei 225 mini Options linked to the Nikkei Stock Average with a launch date of May 29, 2023. JPX ‘s decision to launch the new products is in response to recent trends toward smaller investment units in the cash equity market as well as the increasing demand for more precise risk management tools. Updated information, including details about test availability, will be relayed here in System News and Updates as it becomes available from the exchange.
Additional Resources
JPX: Three-month TONA Futures
May 29
JPX has announced the introduction of Three-month TONA (Tokyo Overnight Average) Futures with a launch date of May 29, 2023. The new products will be available for testing in UAT prior to product launch.
Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.
Additional Resources
English: Market News
日本語: マーケットニュース
JPX: Nikkei 225 micro Futures and Nikkei 225 mini Options
May 29
JPX has announced the introduction of Nikkei 225 micro Futures and Nikkei 225 mini Options linked to the Nikkei Stock Average with a launch date of May 29, 2023. JPX ‘s decision to launch the new products is in response to recent trends toward smaller investment units in the cash equity market as well as the increasing demand for more precise risk management tools.
Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.
Additional Resources
English: Market News
日本語: マーケットニュース
JPX: ESG Index Futures
May 29
JPX has announced the introduction of three new ESG Index Futures with a launch date of May 29, 2023. The new contracts will be utilized in asset management taking into account ESG (Environmental, Social, and Governance) factors. Listing them is part of JPX’s effort to assist in the creation of a society in which sustainability-focused information, products and services are easily accessible to all.
Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.
Additional Resources
English: Market News
日本語: マーケットニュース
JPX: Contract Unit change for Silver Futures and Palladium Futures
May 29
JPX has announced a change of the Contract Unit for Silver Futures and Palladium Futures with an effective date of May 29, 2023.
Updated information, including details about UAT test availability, will be relayed here in System News and Updates as it becomes available from the exchange.
IDEM: Migration to Euronext
End of Q2/2023
IDEM products will be migrating to Euronext at the end of Q2/2023. Further details will be provided as the date approaches, which can be found here.