Change Summary
Mandatory Change
Background
ExecutionAcknowledgement/ 35=BN is commonly supported by most ECNs to ACK or NACK the client ExecutionReport. MarketFactory considers the ExecAck as the end of the trade life cycle on the maker workflow (where the MF clients are the market makers).
However, Integral does not send an ExecutionAcknowledgement to notify that the client ExecutionReport is accepted or rejected.
MarketFactory will introduce a synthetic ExecutionAcknowledgement
Affected Venues
Change
Timeline
- - UAT - No support for USI in all 360T APIs and platforms.
- - PROD - Whisperer release 2025.03.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 USI.
Whisperer Client Impact
Change Details
Whisperer clients trading on 360T SEF venue will see the following changes:
- t360_gtx - Support for
LegSEFUSIinLegRegulatoryFieldswill be dropped. - t360_tex_maker - Whisperer clients trading on the SEF venue will start to receive
LegEMIRUTIPrefixandLegEMIRUTIand will not receiveLegSEFUSIPrefixandLegSEFUSIin theExecutionReport. Clients will receiveAllocEMIRUTIPrefixandAllocEMIRUTIinstead ofAllocSEFUSIPrefixandAllocSEFUSIfor 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) andLegEMIRUTI(a Unique TradeID).
360T 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
Overview
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