System Admin News & Updates

Critical Updates

(Updated) CME: Mandatory Migration to iLink 3.0 – Available in Production

UPDATE – December 15, 2024

Update: In anticipation of the seasonal change freezes beginning in December, and the potential penalties imposed by CME for not migrating to iLink 3.0 by the end of 2024, TT has extended its deadline to December 15, 2024, 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 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. 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.

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.

Additional Resources

Binary Market Data

Binary Order Entry

TT CME iLink3 Migration Guide

NEW – TT CME iLink3: Pre-Registration Order Entry

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.

Support for the trading hours change is now available for testing in UAT.

Additional Resources

Factsheet – JPX Trading Hours Change on TT

Eurex/EEX: T7 13.0 Upgrade

November 18

Eurex plans to release T7 13.0 to Production on November 18. Simulation access for T7 Release 13.0 will become available in Simulation on September 9.

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:

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 Nov 18, and will participate in exchange connection testing during the go-live weekend. We will closely monitor all services at startup on Monday, Nov 19, and take any action necessary to resolve any issues which may arise.

TT will submit its Readiness Statement to the exchange in due course, once testing is completed.

Additional notes on this upgrade:

• With T7 12.1, Eurex had announced an enhancement to Self-Match Prevention. TT will add support for SMP after T713.0 go-live.
  • Additional details on this functionality may be found in the Eurex Functional Technical Release Notes
  • TT will provide a more concrete timeline for release of this feature in the near future, and will communicate implementation details at that time

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.

ICE: API Upgrade

November 12

ICE is undergoing a minor API upgrade in November 2024. TT will not introduce any new features and will remain compatible with the upgrade. TT will conduct testing and continue to support the existing features.

Nodal:T7 13.0 Upgrade 

December 16

Nodal plans to release T7 13.0 to Production on December 16.  Simulation access for T7 Release 13.0 will become available in Simulation on September 30.

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.

TT will submit its Readiness Statement to the exchange in due course, once testing is completed.

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.

(Updated) LME: New Trading Platform

February 24, 2025

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.

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.

Additional dates on the above timeline are pending exchange communication of an updated go-live date.

TFEX: STEC Restructuring Plan

TBD

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.

Disaster Recovery and Mock Testing

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.

UPDATE: CME – Bursa Malaysia Derivatives(BMD): Business Continuity test

November 23

BMD will be conducting its Annual Business Continuity Plan (BCP) Test on Saturday, 23 November 2024. TT had previously planned to participate in this test, however the exchange has now communicated that customers and ISV’s who connect via CME Globex are excluded from this exercise. 

New Markets

GFO-X: New Market for Cryptocurrency Derivatives

February 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.

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 Weekly Stock Option Contracts

November 4

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:

• 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

Customers may conduct any testing required by the exchange in TT UAT at any time prior to the exchange due date of October 10.

The new products will be available on TT in Production starting from November 4, 2024, just prior to the exchange’s opening auction trading period. 

Additional Resources

Exchange Circular EQD/09/24

TFEX: New Currency Futures

November 4

Summary: TFEX has announced plans for a production launch of the new Thailand Currency Futures with a tentative date of November 4, 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 test.

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: In preparation for production release, the exchange has arranged for a third round of testing from October 7 to 10, 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.

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