System Admin News & Updates

Critical Updates

Updated: MX Client Identifiers

March 31

The Montreal Exchange (MX) introduced Short Codes Client Identifiers last year, with a soft launch on June 28, 2024, and a mandatory production go-live date set for March 31, 2025. Trading Technologies (TT) added support for this functionality in August 2024.

Important Reminder: As of March 31, compliance with the MX Order and Client Identifiers regulations is required by the exchange. Details from the exchange may be found in MX Circular 074-24.

TT supports the following fields for regulatory compliance on MX:

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

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

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).

For more details, please refer to the following resources:

• MX: API Upgrade – TT Client Identifiers Documentation
• MX Circular 074-24

SGX_GIFT : Revision in expiry day of NSE IFSC Nifty Derivatives contracts

April 4

The expiry day of a few NSE IFSC Nifty futures and options contracts (details can be found in the link below) will be changed to the Monday of the expiry week/month.

The changes will be effective from 4 April 2025 for all existing weekly, monthly and quarterly contracts. The first monthly contract with Monday expiry will be the April 2025 contract, expiring on 28 April 2025.

No action is needed from TT customers for this change

Additional Resources

https://www.nseix.com/api/content/circulars/NSEIFSC_TRADE_2056.pdf

CME: Mandatory Migration to iLink 3.0 – Available in Production

April 6

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.

NOTE: As of March 1, CME will charge customers $1000 per week for the continued use of iLink 2 credentials.

UPDATE: Production Support for CME iLink 3.0 Pre-registration

Support for pre-registration on CME iLink 3.0 is available now in Production. 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

Additional Resources

Binary Market Data

Binary Order Entry

TT CME iLink3 Migration Guide

NEW – TT CME iLink3: Pre-Registration Order Entry

B3: Binary Protocol

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.

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.

NOTE: B3 has set the length of the “Entering Trader” value to five.

TT will announce its schedule for the deprecation of support of the legacy FIX order protocol later in 2025.

SGX : Revision of T+1 Session Trading Hours

April 7 

With effect from Monday, 7 April 2025, the T+1 session trading hours for SGX US Single Stock, Equity Index and Dividend Index Futures (“Equity Futures”) and SGX Equity Index Options (“Equity Options”), collectively, the “Equity Derivatives Contracts”, will be revised as follows:

• Commencement of T+1 session pre-open routine for Equity Futures will be brought forward by 10 minutes;
• T+1 session pre-open routine for Equity Futures will be reduced from 10 to 5 minutes; and
• T+1 session opening time for Equity Options will be aligned with the corresponding Equity Futures. 

There will be no change to the T session trading hours for the Equity Derivatives Contracts.  There is also no change to trade registration hours via Titan OTC for the Equity Derivatives Contracts.

These revisions will provide market participants with an additional 15 minutes of continuous trading during T+1 session.

These changes are already available for customers to test on the UAT environment. 

Coinbase Derivatives (CDE) Data Center Migration to Chicago-Cermak

April 25

Coinbase Derivatives (CDE) exchange is relocating its Primary Data Center from Aurora to Chicago-Cermak, with a hard cut scheduled for April 25, 2025, in Production. GTC/GTDate orders are expected to continue functioning as usual after the migration. The endpoints (IPs and ports) for order entry and market data will remain unchanged in Production. No action is required from clients for this transition. The TT migration date is yet to be determined, and further updates will be provided as they become available

TFEX: Auto Pause and Dynamic Price Band

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 this Auto Pause feature, which will be shown on the TT platform as follows:

• Halt (AUTO_PAUSE_D) = “Freeze” on the TT platform
• Pre-open (PRE-OPEN_P_D) = “Pre-Open” on the TT platform

Along with the Auto Pause feature, TFEX has also added support for Dynamic Price Band. There are no changes required on TT to support the latter, and this will be supported automatically on TT.

Eurex : T7 13.1 API Upgrade 

May 19

Deutsche Börse will release T7 13.1 to Production on May 19, 2025. Simulation access for T7 Release 13.1 will be available on March 31 , 2025 

Additional information from the exchange (including System documentation, circulars and timelines) is available on the T7 13.1 initiative page via the following link: www.eurex.com > Support > Initiatives & Releases > T7 Release 13.1 

The following are the anticipated milestones for this project:

TT plans to update software in UAT for support of T7 13.1 by Friday, April 5, to allow access to Eurex Simulation.

NODAL : T7 13.1 API Upgrade 

May 19

NODAL will release T7 13.1 to Production on May 19, 2025. Simulation access for T7 Release 13.1 will be available on March 31 , 2025 

The following are the anticipated milestones for this project:

TT plans to update software in UAT for support of T7 13.1 by Friday, April 5, to allow access to NODAL Simulation.

TT / ICE Authorized Trader Requirements

June

Trading Technologies (TT) will implement a mandatory system update in June requiring all customers to populate the Authorized Trader field for ICE and ICE_L user configurations. Currently, TT copies the Routing Trader value to this field if it is left blank. While this accommodates the use case where the Routing Trader and Authorized Trader should match, it can result in incorrect values when these two fields should not match.

Before close of business on May 30, 2025, customers must review their ICE configurations and populate the Authorized Trader field. After this date, TT will disable the automatic copying, and blank Authorized Trader fields will result in rejected orders. This change is required for exchange compliance. Please refer to the attached instructions for updating this field.

Additional Resources

TT / ICE Authorized Trader Configuration

CBOE Digital Migration to CFE

June 9

Effective June 9, 2025, Cboe Digital Exchange (CboeDigital-Derivs) plans to transfer its financially settled margin futures on Bitcoin (FBT) and on Ether (FET) to CFE.

Current CFE products are cleared by OCC, while FBT and FET will be cleared by Cboe Clearing US (CCUS). Clients must coordinate with Cboe to obtain a new EFID configured for clearing through CCUS. Clients must update Tag 115 (OnBehalfOfComp) to reflect the newly assigned EFID when trading FBT and FET

More Information: https://cdt.cboe.com/

Euronext: IDEM Migration to Core Clearing System

June 30

Euronext has announced that the clearing activity on the Borsa Italiana Derivatives (IDEM) instruments that trade on Euronext will migrate to their new core clearing system on June 30. 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

KRX: Night Session

June 9

In June, KRX will introduce support for Night Session trading on a limited set of products.

The session time for the night session will be from 1800 to 0600 KST and will be held from Monday to Friday. The trades done on this night session will have a trade date of T+1 i.e. of the next business day. So, the trades done on Monday night session will have Tuesday’s date as the trade date. The trades done on Friday night session will have Monday’s date as the trade date.

Although these products will be traded during both the Day and Night sessions, and will have the same ISIN / Security Id, KRX will treat the Day and Night sessions as two separate order books, i.e., two separate instruments. Therefore, these will be maintained as two separate instruments in TT under 2 different product symbols. The night session symbols will have an ‘N’ appended to them.

Trading Firms connecting to KRX through TT are advised to reach out to their brokers to determine any required changes on their venues. TT will also be reaching out to KRX FCMs to agree on an approach for their venue. 

TT plans to participate in the dress rehearsal scheduled by the exchange on May 17. Customers are advised to participate in this test, as participation in the dress rehearsals is mandated by the exchange.

Further details regarding this change will be communicated in subsequent System Admin News & Updates.

Eurex: TLS Upgrade 1.3 

Q1 , 2026

Eurex Launched Support for TLS 1.3 in October 2023 . They have been supporting TLS 1.2 and TLS 1.3 in parallel , and they have now confirmed that they will continue support for TLS 1.2 for one more year . This support will now be decommissioned in Q1 next year.

The TT platform currently works on TLS 1.2 . We are working actively to ensure that we upgrade to TLS 1.3 before decommissioning .

Customer Impact : There should be no impact on the customer experience , and no action is needed from customers . 

Disaster Recovery and Mock Testing

SGX/SGX_GIFT:  Industry Wide BCP test

May 24 

SGX will be conducting an Industry-Wide Business Continuity Planning Exercise on Saturday 24th May . SGX will simulate an intra-day failure at its PDC. All market participants will be required to connect their production sites to SGX’s backup systems at its SDC and perform functionality tests.

This Exercise is important for members to familiarise with the recovery steps to be taken and communications sent out when SGX executes a failover from its Primary Data Centre (“PDC”) to its Secondary Data Centre (“SDC”). All Singapore-based Securities and Derivatives Trading, and Clearing Members are required to participate in this exercise.

TT is planning to participate in this test 

New Markets

Cboe Equity Index Options

April 2025

In April, TT will offer clients access to Cboe equity index options, giving TT clients access to the rapidly growing equity options trading space.

Cboe equity index options on the TT platform will enable the firm’s broad client base of institutional market participants and professional traders to easily take positions in Cboe’s popular index products, including its flagship S&P 500 Index (SPX), Cboe Volatility Index (VIX), Russell 2000 Index (RUT) and Mini SPX (XSP) options contracts.

Cboe access will be available in UAT beginning in early April. 

GFO-X: New Market for Cryptocurrency Derivatives

Q2 , 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 H1 2025. GFO-X has delayed its initial go live of March 28, 2025. New date is to be determined.

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.

Further information will be provided in upcoming notices.

NZX: NZX20 Index Futures and Spreads

Q2 2025 

TT will start support for NZX20 index futures and spreads hosted on new market NZX. These products are available for testing now for TT customers in simulation environments. Interested customers can reach out to their respective Onboarding representative to establish connection to this exchange in UAT.

NZX is already an established exchange. More Information about the NZX20 Index products can be found here.

For all inquiries related to NZX20, please email [email protected].

MIAX Futures: New Market for Minneapolis Hard Red Spring Wheat Futures

June 29, 2025

The Minneapolis Grain Exchange, LLC (MGEX) will be transitioning the trading and market data dissemination of MGEX products from CME Globex to a new market of MIAX Futures in June 2025. The initial launch in June will include trading on futures on Minneapolis Hard Red Spring Wheat.

Following are the anticipated milestones for this project:

Details regarding trading on this new market on TT, along with details for any FIX tags used is available in the below guide –

MIAX Onboarding Guide

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.

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 Fiscal Year Futures 

April 22

EEX has announced Fiscal Year Futures for Tokyo and the Kansai area which will be launched in production on April 22. In addition, the number of expiries for seasonal futures will be extended from the current four seasons to eight 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. These products are now available for testing in the simulation environment 

Additional Resources

Exchange Circular 

FMX: Introduction of U.S. Treasury Futures

TBD

FMX will add futures contracts on U.S. Treasuries (date TBD). These will be supported from a separate market of FMX_USTF on TT. Interested customers will need to replicate their user, account and connection setup from the FMX market to the FMX_USTF market in order to trade these products. This new market of FMX_USTF is expected to be available in TT UAT by 10 Apr, and in production by 16 Apr.

In order to enable functional testing on these contracts, these are currently made available in the TT UAT environment on the existing FMX market. In order to be able to trade on these, users will need to –

• Have the market data permission enabled for U.S. Treasury Futures
• Have a connection type of U.S. Treasury Futures enabled

Dress Rehearsals –

In preparation for the launch of these US Treasury Futures, FMX has added US Treasury Futures contracts in their production environment, which can be used for performing any dress rehearsal testing.

• The separate market of FMX_USTF is expected to be deployed in TT production by 16 Apr, and any required testing from 16 Apr can be performed by utilizing this market on TT.
• Till 15 Apr, this dress rehearsal testing can be performed from the existing FMX market. Required TT changes to support this will be deployed in TT production by 4 Apr.
  • Since this mock trading on US Treasury Futures will happen in parallel to the live trading on SOFR futures, it is strongly recommended that a separate account be set up on TT for trading the USTF, so that the SOFR and USTF PnL can stay on separate accounts. TT also recommends that only the USTF test instruments (which will be indicated by TF in the instrument display name) be used for this testing.

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 launch. To differentiate this new series from the existing Friday expiry weekly options, these will be displayed on TT as – 225M + Expiry Term (Wed + Maturity Date) + C/P + Strike Price. Example – 225M Wed 05Mar24 C35125. There will be no change to the display name for the existing Friday expiry options.

These contracts will be available in the TT UAT environment from 1 April.

Customers should target completion of their testing for these products by May 1.

JPX: Introduction of Fiscal Year Contracts on Electricity Futures and Shanghai Rubber Futures

May 26

JPX will introduce two new types of contracts on May 26 –

Fiscal Year Contracts on Electricity Futures – 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.

Shanghai Natural Rubber Futures – These will be future contracts with 3 contract months on January, May and September.

TT will support these new contracts on launch. These contracts will be available in the TT UAT environment from 1 April.

Customers should target completion of their testing for these products by May 1.

ASX: Morning and Evening Peak Load Electricity Futures Contracts

June 2025 

ASX intends to list new Australian Peak Load Electricity Futures Contracts across the regions of NSW, QLD, VIC and SA. The new contracts are designed to reflect the primary periods of operational demand in the National Electricity Market. This involves the listing of separate Morning and Evening Peak Futures Contracts across each of the regions above, on a quarterly basis out to four years. Strips will be listed over the new Morning and Evening Contracts to allow for efficient trading of the underlying quarters.

TT will support these new contracts . They will be available for customer to test in UAT environment in April 2025 . Please see the customer testing guidelines below for information on contract set up, test cases and contract codes.

Additional Resources

Exchange Announcement 

Customer testing guidelines

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 on this will be announced in subsequent updates.

Additional Resources

Exchange Announcement

Euronext: Introduction of Fixed Income Derivatives

September

As part of the Fixed Income Derivatives initiative, Euronext will introduce a set of futures on main European government bonds (10yr BTP, OAT, BUND, BONO and 30yr BTP) on the Euronext Derivatives Milan market. The go-live is planned for September.

These products are now available in TT UAT, and any trader who has access to the Euronext IDEM instruments on TT can trade on these. The details of these product symbols are as below –

Further details on this will be communicated in subsequent System Admin News & Updates.

Additional Resources Exchange Announcement