Oslo Børs Millennium Migration - Project update Technical User Group, London 18 July 2012
Millennium migration on track! Q2/2012 Q3/2012 Q4/2012 Q1/2012 Define market models & Review market models functionality Network/infra-structure Customers ’ network upgrade upgrade Customer interface Updating documentation documentation Consultation Member and Trading Rules Oslo Børs Design & Development Millennium integration ISV and Customer Testing (CDS) and testing Enablement CDS ISVs, vendors and members Conformance testing Enablement PROD Early Access PROD Environment 1st DR Sat 29 2nd DR Sept Sat 13 3rd DR Oct Sat 27 GO LIVE Dialogue with members, vendors and ISVs Oct Mon 12 - Information meetings, TUGs, Developer Forum, one-to-on meetings Nov Please note: Time schedule is subject to client and market readiness 2
Status – the Oslo migration • Customer interface, test and enablement documentation distributed - Continuously updated and new versions distributed via ‘Delta’ web site • Market models equities and fixed income published • DRs and Go live dates published • Member and Trading Rules distributed for consultation - Consultation deadline 13 August • Customer test facility (CDS) made available from 8 May • Enablement process on-going 3
Changes to Member and Trading Rules • Only a few adjustments to the current Rulebook - Consultation sent out to member firms and other interested parties in June - Consultation deadline is 13 August , updated Rulebook to be published in October, in force from go live of Millennium - Consultation documents available from Delta web • Principal adjustments to the Rulebook: - Trade flow type identification - Only two categories: ‘DMA/SA’ or ‘Other’ - Sponsored access (SA) - Same concept as today’s ‘member authorised connection ’, but adjusted requirements (level controls within the trading system, enhanced due dilligence for member firm for example) - Subject to application in each case - Direct market access (DMA) - Same concept as today’s ‘order routing’ (imposes due dilligence requirement for member firms) - General requirement for compliance with ESMA Guidelines 4
Recent Amendments to the proposed Market Models • Trade flow type - Definitions of Direct Market Access (DMA) and Sponsored Access (SA) amended to correspond with Member and Trading Rules • Number of decimals in the price of off book trades increased from 6 to 8 • Only for equities: - Clarified that when a hidden/pegged order is amended, the minimum consideration validation is re-applied against the remaining (unexecuted) quantity - Clarified that if the validation fails for a pegged order, the order is expired 5
Enablement – CDS and live • Enablement process ongoing - Clients who have not sent in the form yet are encouraged to do so as quickly as possible - Priority is given to CDS enablement • Enablement for CDS - Enablement form distributed 24 April - All yellow field to be filled out – details described in section 4.1 Enablement and User Configuration in Guide to New Trading System • Enablement for the production environment (live) - Separate, but similar form – distributed 27 June - Enablement for production required for early access to the pre- production environment • Both forms to be sent to enablement@oslobors.no 6
Use test services provided actively • Customer Development Services (CDS) - Exchange generated order activity in place - Disturbance scripts introduced in June - Trading Gateway failover and recovery every Friday - Market Data failover and recovery every Monday and Thursday (Sequence number gaps) and Friday (primary gateway failure) - Service interruption on the Native Trading Gateway Recovery Channel every hour - Service interruption during Own Book Download on the Drop Copy Gateway every hour • High Volume Service (HVS) - Runs for two hours every evening - Requires a separate enablement - HVS test is not mandatory, but highly recommended • Details on the test schedules described in Guide to Testing Services 7
Access to Pre-production • Early access will be available before the end of August • Enablement for the production environment required • Functional testing: - Oslo Børs aims to open up for order entry in pre-production - Conformance required for functional testing • Connectivity testing: - Available without conformance 8
Conformance testing • All software used to connect to the MIT platform needs to be conformed before the first dress rehearsal • ISVs and vendors must do the conformance • Members without in-house software will only need a network connectivity test • HVS test is no longer mandatory, but highly recommended • All scenarios, both required and optional, will be described in OSLMIT 502 Guide to Application Certification - Document to be released in July 9
Application Certification • You may opt out of a scenario if it is not supported by the application • A form (found in OSLMIT 502 Guide to Application Certification ) describing which scenarios to be tested, needs to be sent to Oslo Børs • All testing will be done in the CDS environment • You may test whenever you want, and as many times as you want • When you have passed all your required tests, contact Oslo Børs to confirm conformance • Oslo Børs will only confirm conformance tests intra day 10
Dress Rehearsals and Go Live Event Planned Date Customer Dress Rehearsal 1 Saturday 29 Sept 2012 Customer Dress Rehearsal 2 with failover Saturday 13 Oct 2012 Customer Dress Rehearsal 3 Saturday 27 Oct 2012 Production Migration and Connection Test Saturday 10 Nov 2012 Go Live Monday 12 Nov 2012 • A Guide to Dress Rehearsals will be published end August - Details of Oslo Børs activities during the dress rehearsals - Expectations regarding activities from members and vendors 11
Mandatory Dress Rehearsals • Exemptions to DR1 (29 September) may only be granted if the member or information vendor - Is already on Millennium Exchange through their LSEG or BIT membership/connection - Only trades in equities (for members) - Has passed conformance by 15 September - Has carried out successful connectivity testing to the production environment by 15 September • All prerequisites necessary • Subject to Oslo Børs approval • DR2 and DR3 mandatory for all Prior to the first DR Oslo Børs will invite ISVs, members and vendors to an information meeting in London 12
Other Relevant Changes • Oslo Børs aims to introduce interoperability for clearing of cash equities from the implementation of Millennium - Oslo Clearing and LCH.Clearnet - Subject to regulatory approval and LCH.Clearnet readiness - Clearing house per trader group need to be specified in the enablement form for the production environment • Oslo Børs to reduce opening hours from 6 August 2012 - Equities market closes at 4:25pm (closing call at 4:20pm) - Derivatives market closes at 4:20pm - Fixed income market closes at 4:00pm (no change) - Will be implemented in TradElect - Market models will be adjusted - Opening hours in CDS may be adjusted 13
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