Updated: 31 May, 2017
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.
With MiFID II implementation just around the corner, we thought it might be useful to give you a 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, including 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 Exchange Updates and Other Markets Changes in 2017 – Highlights (as of May 2017)
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.
The Dubai Gold and Commodities Exchange introduces a cash settled DGCX Shanghai Gold Futures Contract (DSGC) on the DGCX platform effective 10th March.
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.
London Metal Exchange’s 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 continued into mid-March 2017. We supported customers through each step of the process.
SGX deploys the Titan Service Release 2 into production on 29th May. The Titan DT/DC Service Release 2 (Titan SR2) includes a number of enhancements and fixes to Singapore Exchange’s derivatives trading and clearing platforms. No updates or changes are required to the Object Trading platform from this Titan SR2 update.
Nasdaq is completing the migration of the ISE to the INET platform. Anticipated Day 1 of Trading is 12th June.
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.
Intercontinental Exchange’s ICE Global Derivatives Markets updates its FIX order routing & iMpact price feed APIs for direct access customers and ISVs on 23rd June. This change includes important, new tags and message fields to support the pre-trade transparency requirements of MiFID II RTS 24. The ICE conformance deadline for the new tags is 8th December, 2017.
Borsa Italiana’s IDEM migrates to the SOLA 9 platform on 3rd July. Dress rehearsal (industry-wide testing) dates are on 20th May and 10th June. Object Trading completed its conformance and is supporting customers through each step of the process.
LMEprecious, a new initiative created by the London Metal Exchange, the World Gold Council, and a group of leading industry players, introduces 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.
Euronext introduces its new generation technology platform, Optiq. The market data gateway for cash and derivatives goes into production on 24th July. Dress rehearsals (industry-wide testing) for market data occur from 3rd June through 8th July. The introduction of the new platform includes updates in preparation for pre-trade transparency requirements of MiFID II RTS 24. Cash order entry is scheduled for production in October, with derivatives to follow in 2018.
Order routing and market data for MexDer products will no longer be available via the CME Globex platform as of 25th August.
Borsa Italiana’s IDEM plans a MiFID II compliant release with the upgrade to the SOLA 11 platform.
Nasdaq OMX upgrades Genium INET to version 5.0.0210 on 18th November. This release will ensure that Genium INET is MiFID II compliant on January 3rd, 2018 and will contain mandatory changes impacting members connecting to Nasdaq. First day of Trading and Clearing for Equity Derivatives, Fixed Income and Commodities on the new release will be November 20th, 2017.
Eurex plans to put T7 v6.0 into production on 4th December with updates for MiFID II / MiFIR compliance.
Global Exchange Updates and Other 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 been delayed into 2018 but preparations will start in 2017.
The Euronext Optiq order entry gateway for derivatives goes into production in September, 2018.
As we obtain the latest information about upcoming upgrades, we’ll publish them here on our site. Subscribe below if you’d like to be notified of the exchange updates via email.
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