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Warning
titleMandatory Change

Background

ExecutionAcknowledgement/ 35=BN is commonly supported by most ECNs to ACK or NACK the a client ExecutionReport. MarketFactory considers the ExecAck as the 's ExecutionReport and is considered the end of the trade life cycle on in the maker workflow (where the MF clients are the market makers).

However, Integral is an anomaly and does not send an ExecutionAcknowledgement to notify that the client that their ExecutionReport is accepted or rejected. 

To normalise the maker workflow, MarketFactory will introduce a synthetic ExecutionAcknowledgement ExecutionAcknowledgement in the maker gateways if the venue API natively does not support the message.

Affected Venues

Change

Timeline

In order to address a normalisation gap in the maker workflow, in the absence of a venue ACK response to our client's ExecutionReport, MarketFactory will introduce a synthetic ExecutionAcknowledgement in maker gateways.

Timeline

  • 10 Feb - UAT - No support for USI in all 360T APIs and platforms. MarketFactory will introduce the synthetic ExecutionAcknowledgement message for clients to test the affected venues in UAT.
  • 14 Mar - PROD - Whisperer release 2025.0308.XX.WE will be available for clients to ensure the client systems can handle the changes introduced by MarketFactory to process venue RegulatoryTradeIDs as a UTI and not a USIexpose the synthetic ExecutionAcknowledgement change in PROD.

Whisperer Client Impact

Change Details

Whisperer clients trading on 360T SEF venue Integral will see the following changes:

  • t360_gtx - Support for LegSEFUSI in LegRegulatoryFields will be dropped.
  • t360_tex_maker - Whisperer clients trading on the SEF venue will start to receive LegEMIRUTIPrefix and LegEMIRUTI and will not receive LegSEFUSIPrefix and LegSEFUSI in the ExecutionReport. Clients will receive AllocEMIRUTIPrefix and AllocEMIRUTI instead of AllocSEFUSIPrefix and AllocSEFUSI for SEF trades with allocations.

In addition to the aforementioned changes,

  • t360_tex - Will accept SEF requests from Whisperer clients. The venue UTI value for SEF trades will be handled as LegEMIRUTIPrefix (LEI of the trading venue) and LegEMIRUTI (a Unique TradeID).

change:

  • In response to a client ExecutionReport with ExecType = Filled or Rejected, a synthetic ExecutionAcknowledgement/ 35=BN will be sent to the client with ExecAckStatus = Accepted.


Tip
titleSynthetic ExecutionAcknowledgement - Exception scenarios

A synthetic ExecutionAcknowledgement will not be sent to the client in the following scenarios:

  • Whisperer gateway received a replayed ExecutionReport from a client with PossDupFlag = Y during the recovery/ replay at session synchronisation.
  • Integral did not receive the client ExecutionReport by the end of the preconfigured OrderTimeout interval. In this scenario, the client will receive an OrderTimeout/ 35=OT.
  • The client sent an ExecutionReport after it received an OrderTimeout. In this scenario, the client will receive an ExecutionAck with IsSynthetic flag set to N
Tip
title360T SEF Trading Conditions

Based on the constellation of companies involved in the RFS negotiation and their configuration, 360T will deem a request SEF. The SEF trading conditions are:

  • Both requester and provider entities must be SEF-enabled
  • The requested product is in scope for SEF (NDF and NDS), and
    • The trading party is a US entity/ person. Trading on SEF is mandatory for US entities/ persons
    • .

    Documentation

    Attachments