Updated: 25 April, 2017 (Originally published 19 December, 2016).
In 2016, we made more than 27 major updates to the DMA platform to accommodate changes and upgrades at various exchanges around the world. That’s at least 1 update every 2 weeks just to shield customers from exchange change. We did this whilst adding two new venues to the platform, helping new exchanges launch, expanding fully managed services to new and existing co-location centres, adding new clients to the platform, and taking new and existing clients to these new venues. We’re already preparing for a busy combination of the usual exchange upgrades coupled with highly anticipated major regulatory change for 2017, and expect further upgrades to be announced throughout the year.
The global markets landscape is constantly shifting with a steady stream of exchange upgrades, migrations, and product launches. Our team is continually evolving the Object Trading DMA Platform to accommodate exchange upgrades and updates as they occur. For the past few months, we’ve been publishing guidance on what’s happening at various exchanges.
For the end of the year, we thought it might be useful to give you a summary of what happened this year, a view to what’s happening generally at various global markets in 2017, and highlights of the currently planned activity to support those changes where applicable.
So far in 2016, we’ve made more than 27 major modifications to the DMA platform to accommodate changes and upgrades at the various exchanges. Because we’re constantly monitoring and preparing for these changes, your teams won’t have to worry about monitoring exchange updates or updating your trading systems to conform.
Once a firm is on our DMA Platform, they can also access 60+ other exchanges from the same normalised interface. Rarely do the updates from exchanges change the API that our clients connect to, so we shield our clients from the changes at the exchanges.
Global Markets Changes in 2016 – Highlights
CME’s 2015 Market Segment Gateway (MSGW) infrastructure update reduced latency, and this affected exchange access. We certified our conformance in December 2015 and have supported clients on the system since March 2016, all of whom have experienced a reduction in latency and slippage.
Object Trading and G. H. Financials, a conformed broker on Object Trading’s platform, announced on-demand, fully managed DMA services for clients on the ASX 24. Object Trading had already been providing DMA to the ASX 24 since 2001, and expanded its platform in 2015 by co-locating its fully managed DMA services in the Australian Liquidity Centre (ALC).
While we had already supported direct access to the Montréal Exchange on our platform for years, we added fully managed DMA services to M-X hosted in the co-location center.
Object Trading announced it was the first vendor to conform to ASX’s New Trading Platform (NTP).
When CurveGlobal launched, we were ready on the first day of trading to provide direct market access to this new liquidity pool, enabling market makers to meet their day 1 trading obligations.
When LME migrated their matching engine’s primary hosting site to Interxion’s LON-1 data center, we supported clients though the transition, with no impact to our clients’ connectivity.
We were ready when BM&FBOVESPA started requiring all participants to connect directly instead of via CME’s Globex platform. We were already approved as a fully conformed ISV to handle market data, order entry and pre-trade risk constraints for our clients and partners via our Direct Market Access Platform. We also established relationships with key exchange staff and local brokers to facilitate the process for firms needing local relationships in Brazil.
When the ICE made the latest updates to their API, we were ready. We had already modified our platform to accommodate the new order execution and market data interface changes.
When SGX upgraded to their new Titan platform, we were ready in advance. We had been certified as a conformed ISV in May and were ready at go-live to handle market data, order execution and pre-trade risk constraints.
Eurex is in the process of upgrading their entire exchange architecture to improve trading, clearing and connectivity. This is a transformative change, and we’ve been keeping up with all the updates. Most recently, we were ready when they rolled out T7 v4.0 on the 21st of November.
Global Markets Changes Coming in 2017 – Highlights (as of March 2017)
Updated: HKEX Derivatives Market (Hong Kong Futures Exchange) rolls out the new volatility control mechanism on the 16th of January. Object Trading had passed verification testing back in July of 2016.
Updated: The Dubai Gold and Commodities Exchange introduces a cash settled DGCX Shanghai Gold Futures Contract (DSGC) on the DGCX platform effective 10th March.
Updated: The ASX completes their migration of the ASX 24 (futures) platform to the Cinnober New Trading Platform (NTP) on the 20th of March. This new platform will increase ASX’s ability to add functionality in the future with less impact to the users. We were the first vendor providing market access to the ASX to pass conformance testing to the upgraded NTP and were acknowledged as a key partner to the ASX in the process and have been supporting customer testing through the migration.
Updated: LMEselect version 9.0 upgrade goes live on the 27th of March, which includes important MiFID II RTS 24-related changes. Testing began in December 2016 and continues into mid-March 2017. We are supporting customers through each step of the process.
Updated: Borsa Italiana’s IDEM is migrating to SOLA 9.
Euronext introduces its new generation technology platform, Optiq. In April, it will open the test environment for cash order entry. In May, market data for cash and derivatives goes into production. Cash order entry is scheduled for production in October. This includes updates in preparation for MiFID II.
Nasdaq is completing the migration of the ISE to the INET platform. Anticipated Day 1 Trading is 5th June.
Updated: Eurex is upgrading to the new T7 v5.0 platform on 19th June, which will introduce the Trade at Reference Price for Futures products functionality together with some smaller functional and technical enhancements and changes.
Updated: LMEprecious, a new initiative created by the London Metal Exchange, the World Gold Council, and a group of leading industry players, plans to introduce a new suite of exchange-traded precious metals products on 10th July (subject to regulatory approval). It will provide new opportunities for trading, price discovery, risk management and an enhanced market structure.
Updated: Order routing and market data for MexDer products will no longer be available via the CME Globex platform as of 25th August.
Updated: Borsa Italiana’s IDEM plans a MiFID II compliant release.
Updated: Eurex plans to put T7 v6.0 into production on 5th December with updates for MiFID II / MiFIR compliance.
Global Markets Changes Coming in 2018
The key milestone of MiFID II comes into effect starting January, 2018.
The HKEX is decommissioning the OMNet API and migrating to their new Orion Market Data Platform (OMD). This is an integrated low-latency platform delivering market data for all asset classes traded on HKEX markets in a common message format. The change has recently been delayed into 2018 but preparations will start in 2017.
As we obtain the latest information about upcoming upgrades, we’ll publish them here on our blog. Subscribe below if you’d like to be notified of the exchange updates via email.
|By requesting the exchange updates, you are opting in to receive further content from Object Trading. If you wish to unsubscribe, a link is provided in every email.If you have problems with the form or this page, email us.|