System Admin News & Updates

Critical Updates

Nodal: T7 13.0 Upgrade 

December 16

Nodal will release T7 13.0 to Production on December 16..There is no action required on the part of customers as a result of this release. TT will perform the necessary upgrades this weekend, and will participate in exchange connection testing on Saturday. Simulation access for T7 Release 13.0 has been  available in Simulation since September 30

We will closely monitor all services at startup on Monday, December 16.

The following are the anticipated milestones for this project:

TT Impact Analysis and Go-Live Plan:

There is no action required on the part of customers as a result of this release. TT will perform the necessary upgrades the weekend prior to Dec 16, and will participate in exchange connection testing during the go-live weekend. We will closely monitor all services at startup on Monday, Dec 17, and take any action necessary to resolve any issues which may arise.

CME: Mandatory Migration to iLink 3.0 – Available in Production

March 1, 2025

The CME has extended its cutoff date for migrations to iLink 3.0 until 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: 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 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 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 are provided in  iLink3 Migration Guide.

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

Additional Resources

Binary Market Data

Binary Order Entry

TT CME iLink3 Migration Guide

NEW – TT CME iLink3: Pre-Registration Order Entry®

B3: Implied Functionality

December 9 , 2024 

B3 is introducing Implied IN support on DII and DAI Spreads starting December 9, 2024. The underlying futures of these spreads are DI1, and DAP respectively. The primary objective of the Implied functionality is to enhance market liquidity.

Due dates that will be activated:

• December 9, 2024: Week 1: DIIF26F27, DIIF25N25, DIIF27F29, DIIF29F31, DIIN25N26 and DIIF27J27
• December 16, 2024: Week 2: DIIN26F27, DIIF29F30, DIIN25F29, DIIF28F31, DIIF30F33, DIIF33F34, DAIK25Q26 and DAIK29Q30

At launch, TT will support a merged book configuration, while support for a split book (distinguishing implieds from direct) will be introduced later. A separate release note will be issued once this feature is ready for production. Automated tools such as ASE, Aggregator, and ADL will operate with the merged book setup.

Observed behavior with Implieds: When an implied price is partially traded, the remaining portion is canceled. If there is any new order event such as a new order single, cancel/replace, or cancel on the legs or the spread, B3 recreates the remaining implied price. This behavior is unique to B3 and is not observed in other markets supporting implied functionality. B3 has confirmed that this is their expected behavior.

More Information: https://clientes.b3.com.br/en/w/implied-project 

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 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:

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 4th.

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 11, 2025 

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

Once we complete this migration , TT Customers will need to connect to the ASX UAT using their 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 current connections in CDE and create new connections in CDE+ . Please reach out to your TT Onboarding representative with questions around this  

Additional Information :- https://asxonline.com/content/asxonline/public/notices/2024/november/1369.24.11.html

https://www.asxonline.com/content/dam/asxonline/public/documents/asx-trade-refresh-manuals/asxtrade-guide-to-testing-services.pdf

(Updated) LME: New Trading Platform

February 24

LME will introduce a new API for Order Entry and Market Data, LMESelect v10, on February 24, 2025. 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 at the link below: 

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

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_CB_D) = “Pre-Open” on the TT platform

Access to Testing: TT will complete the required conformance with TFEX as per the exchange schedule (between Jan 27 and Feb 14). Further details regarding customer testing will be provided in subsequent system news.

Euronext: IDEM Migration to Core Clearing System

June 30

Euronext has announced that the clearing activity on the Borsa Italiana Derivatives (IDEM) instruments trade on Euronext will be migrated to their new core Clearing System on 30 June, 2025. 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

Disaster Recovery and Mock Testing

LME New Trading Platform Production Connectivity Test (DC1) 

December 14

In preparation for the market cut-over for the new electronic trading platform (LMEselect v10) and new multicast market data platform (LMEsource v4), the LME is mandating all participants complete connectivity tests to production services in both data centres (DC1 and DC2) at least once. 

A connectivity test window has been arranged in the primary data centre (DC1) on Saturday 14 December 2024 to allow participants to test connectivity to LMEselect v10 gateways (both Active and Standby) and/or LMEsource v4 multicast channels.

Activities permitted and expected behaviour 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 LMEselect v10 Active gateway and later the same day to the Standby gateway once the LME promotes it as primary. Note, participants can only connect to Active or Standby gateway at given point of time.

LMEsource v4:

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

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

Nodal Connection Test

December 14

Nodal will release T7 13.0 to Production on December 16. There is no action required on the part of customers as a result of this release. TT will perform the necessary upgrades this weekend, and will participate in exchange connection testing on Saturday. 

We will closely monitor all services at startup on Monday, December 16.

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

Q1, 2025  

TT will start support for NZX20 Index Futures and Spreads hosted on new market NZX . These products will be available for testing for TT customers in simulation environments from Dec 16, 2024 onwards . Interested customers can reach out to their respective onboarding representative to establish connection to this exchange in UAT after Dec 16. 

NZX is already an established exchange .More Information about the NZX20 Index products can be found here :- https://www.nzx.com/markets/NZCX/sp-nzx20-index-futures-relaunch-project

For all enquiries related to NZX20, please email [email protected]

New Products

Please Note: Trading Technologies’ default approach is to support every new product listed, on the products’ 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

EEX : Japan Power Options 

February 3 , 2025 

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 with effect from Monday, 3 February 2025.

The new options contracts will be settled against the average of the JEPX spot prices for the

Tokyo and Kansai market area during the respective delivery month.

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

Additional information :- https://www.eex.com/en/trading-resources/trading-information/rules-and-regulations#7032

https://www.eex.com/en/trading-resources/product-specifications/contract-details-product-codes

EEX : Japan Power Fiscal Year Futures 

Q1 , 2025 

EEX has announced Fiscal Year Futures for Tokyo and Kansai Area .The exact start date will be communicated in January 2025 . In addition to this , the Number of expiries for Seasonal Futures will be extended from the current 4 seasons to 8 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 https://www.eex.com/en/markets/power/spotlight-on-eex-japanese-power-futures

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 their 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, 2025. 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 their launch. Further information on this will be published in subsequent system news.

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 system news.

Additional Resources

Exchange Announcement