Change Summary

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

10 Feb 2025 - UAT - No support for USI in all 360T APIs and platforms.
14 Mar 2025 - 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 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).

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.