Technology Migration
TMX Australia Exchange is migrating to TEAM, TMX's proprietary multi-asset matching engine, offering exceptional performance, efficiency, and resilience. Targeted for Q4 2027, the change is strategically scheduled to avoid industry change freeze windows and key index rebalance events.
ABOUT TMX TEAM ARCHITECTURE
TMX's next-generation, multi-asset matching engine - proprietary technology built to unify TMX's matching engine architecture across its cash and derivatives markets, both locally and globally.
- Proven in production: Successfully launched with AlphaX US in January 2025
- Built for efficiency: Delivers greater automation and streamlined operations
Ahead of the migration, we will host a series of webinars and send weekly update emails. These will run alongside our regular and ad-hoc bilateral engagements with participants, vendors, industry associations, and regulators.
Next Webcast
Our next webcast is scheduled for February 2027. We will share further details and registration information closer to the date.
Key Dates & Roadmap
| Target Date | Milestone / Event | Description |
|---|---|---|
| Late Q4 2026 | Progress Updates | Weekly email progress updates begin for participants. |
| Q1 2027 | Specifications & Ordering | Technical Specification and Impact Document published; ordering process opens for new cross-connects. |
| Early Q2 2027 | General Test Environment | General Test Environment opens, offering up to 6 months of test connectivity. |
| Early Q3 2027 | Pre-Production Environment | Pre-Production environment available for unscripted testing and Industry-Wide Test (IWT) weekends for scripted testing. |
| Q4 2027 | Migration Go-Live | Targeted Migration Go-Live date. |
Requirements for Market Participants
Physical Infrastructure & Cross-Connects
Order new physical cross-connects for dedicated TMX hardware within Equinix SY5/SY2 and DigiCo once the ordering process opens in Q1 2027.
Review New Specifications & Impact Document
To be published in Q1-27
Testing & Validation
From Early Q2 2027 - Connect to the General Test Environment (GTE)
From Early Q3 2027 - Connect to Pre-Production Environment (PROD) for unscripted testing and participate in scheduled Industry-Wide Test (IWT) weekends
Protocol Mapping Matrix
| Functional Area | Existing Cboe Interface | New TMX Interface | Description & Behavior |
|---|---|---|---|
| Order Entry | Standard FIX | Standard FIX | Standard session mechanics. |
| Low-Latency Order Entry | Binary Order Entry (BOE) | Binary Protocol (BIN) | High-performance binary order entry. |
| Ultra Low-Latency | BOE Dedicated Core (DC) | Binary 'Ultra' | BIN with enhanced latency performance |
| Risk & Liquidity | Purge - Amend Port | Purge - Amend Port | Fully supported on TMX platform. |
| Drop Copies | FIX Drop | FIX Trade Feed | Direct trade execution monitoring. |
| Full Activity Monitoring | ODROP | FIX Drop Copy | Full order and trade event monitoring. |
| Full-Depth Market Data | PITCH | ITCH | Binary, event-by-event full order/trade updates at ultra-low latency. |
Key Resources
Technical Support
To request a bilateral engagement or for any other questions, please reach out to the technical support team via email at au.migration@tmx.com or phone +61 2 8078 1701.