Technical User Group. Milano. 24 June 2015
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1 Technical User Group Milano 24 June 2015 London Stock Exchange Group 24 June 2015 Page 1
2 Agenda Introduction New IDEM Release (SOLA 7) GTP Phase II Annual Certification Update New MIT Release (8.7) Functional Presentation New MIT Release (8.7) Technical Presentation Q & A London Stock Exchange Group 24 June 2015 Page 2
3 IDEM SOLA 7 Flavio Ravotto Professional Services and Technical Account Manager Client Technology Services Italy Borsa Italiana London Stock Exchange Group 24 June 2015 Page 3
4 IDEM SOLA 7 (1) New release of the SOLA platform for the Borsa Italiana IDEM In use for London Stock Exchange Derivatives Market since March 2015 New functionalities: 4 legs Strategies Bundled Orders Self Execution Prevention Third Party Trade Workflow Dissemination of Group Information via HSVF End of Recovery on HSVF London Stock Exchange Group 24 June 2015 Page 4
5 IDEM SOLA 7 (2) No Backward Compatibility is ensured, all Software Applications connecting to SOLA will have to: implement protocol changes perform conformance testing Together with SOLA 7, the Hardware infrastructure of IDEM market will be upgraded in order to: refresh and strengthening of the infrastructure improve system s capacity reduce system s latency London Stock Exchange Group 24 June 2015 Page 5
6 IDEM SOLA 7 (3) The following functionalities are already active in CDS but will not be activated in production at the go-live: 4 legs Strategies Bundled Orders Self Execution Prevention Third Party Trade Workflow The above functionalities will be activated in production together or after the go-live of GTP phase II London Stock Exchange Group 24 June 2015 Page 6
7 4 Legs Strategies On the current live version of SOLA, Member Firms can create their own Strategies (FlexCo) with 2 legs On SOLA 7 it will be possible for Member Firms to create their own Strategies (FlexCo) with up to 4 legs This will allow traders to create more complex Strategies like: Butterflies Straddles Strangles Etc. London Stock Exchange Group 24 June 2015 Page 7
8 Bundled Orders Bundled Orders allow traders to group up to 4 committed cross orders on different Instrument Series (one per cross order) within the same transaction to different counterparties (one per cross order), offering certainty of simultaneous execution of all the individual trade reports included in the BO, or no execution at all Bundled Orders will require traders to specify price, size, counterparty and Instrument Series for each order A Bundled Order is executed only if all the legs can be executed, that is if all counterparties have accepted London Stock Exchange Group 24 June 2015 Page 8
9 Bundled Orders Example (1) Counterparty A initiates: 1. Instrument 1 vs. Counter Party B 2. Instrument 2 vs. Counter Party C 3. Instrument 2 vs. Counter Party D BO Request 3 Trades Notify Counterparty B Accept Trade Notify SOLA Trades to HSVF Counterparty C Accept Trade Notify Counterparty D Accept Trade London Stock Exchange Group 24 June 2015 Page 9
10 Bundled Orders Example (2) Counterparty A initiates: 1. Instrument 1 vs. Counter Party B 2. Instrument 2 vs. Counter Party C 3. Instrument 2 vs. Counter Party D BO Request Reject Notify Counterparty B Accept Reject Notify SOLA Counterparty C Accept Reject Notify Counterparty D Reject London Stock Exchange Group 24 June 2015 Page 10
11 Self Execution Prevention (1) Define set of Trader ID Groups (composed of one or more Trader IDs) whose orders cannot cross each other (independently from order capacity) Possible actions: Cancel Incoming Order (CIO): leaves the resting order while expiring the incoming order Cancel Resting Order (CRO): expires the resting order while allowing the incoming order to aggress (and rest in the book if it is not matched) Cancel Both Orders (CBO), expires both the resting order and the aggressing order Reduce and Cancel (RC): cancels both orders if they are of the same size. For those not of the same size, the smallest order will be cancelled and the larger order will be reduced by the size of the smaller order before executing/resting London Stock Exchange Group 24 June 2015 Page 11
12 Self Execution Prevention (2) Each Trader ID can belong to a single SEP group only Existing Criteria for Price Deviation Dynamic Control will not be impacted SEP will be evaluated before Circuit breaker Exceptions: In the case one of the two orders is a quote, the order expires independently from the action associated to the aggressive order or quote SEP will not apply to execute minimum quantity orders, including icebergs, Fill Or Kill (FOK) and Fill And Kill (FAK) orders SEP will not apply to internal cross orders (with the same counterparty on both sides) London Stock Exchange Group 24 June 2015 Page 12
13 Third Party Trade (1) An Inter Dealer Broker (IDB) will have the possibility to request the execution of a committed order between two market counterparties (Member Firms) IDB initiates a Third Party Trades between Counterparty A and Counterparty B on Instrument 1 Request Notice Notify Counterparty A Accept SOLA Trades to HSVF Trade Notify Counterparty B Accept Trade London Stock Exchange Group 24 June 2015 Page 13
14 Third Party Trade (2) An Inter Dealer Broker (IDB) will have the possibility to request the execution of a committed order between two market counterparties (Member Firms) IDB initiates a Third Party Trades between Counterparty A and Counterparty B on Instrument 1 Request Reject Counterparty A Notify Accept SOLA Counterparty B Notify Reject London Stock Exchange Group 24 June 2015 Page 14
15 Group Information via HSVF Dissemination via HSVF of information regarding the group configured in the SOLA platform Group description Underlying Symbol (will be empty for Strategies) Delivery Type Default Contract Size Impacted HSVF Messages: GR (Group Status) GS (Group Status Strategy) GC (Group Status Schedule Notice) London Stock Exchange Group 24 June 2015 Page 15
16 End Of Recovery A New End of Alignment Message will be added to HSVF protocol to allow customer to recognize the end of recovery after an HSVF reconnection a message will be disseminated as soon as the recovery is completed customer will be able to activate the Recovery via RS gap control (connection message) London Stock Exchange Group 24 June 2015 Page 16
17 Infrastructural Changes Together with SOLA 7, the Hardware infrastructure of IDEM market will be upgraded in order to: refresh and strengthening of the infrastructure improve system s capacity reduce system s latency Production IP addresses and ports will not change with SOLA 7 New IP addresses and ports will be introduced for Disaster Recovery site Now, the same IP addresses and ports are used for production and DR sites (in case of DR internal routing rules are changed to let customers connect to DR) With SOLA 7, IP addresses and ports will be differentiated in order to simplify DR invocation procedures and to help customer do connectivity test to DR site even outside DR tests London Stock Exchange Group 24 June 2015 Page 17
18 Project Timeline Technical documentation published in December 2014 IDEM CDS available since June 1 st 2015 Conformance Tests will start in early July 2015 IDEM target Go-Live: October 10 th 2015 In September, 3 mandatory Dress Rehearsal in the production environment (during Saturday) will be organized before the go-live London Stock Exchange Group 24 June 2015 Page 18
19 SOLA 7 on GTP GTP CDS is currently connected to SOLA 5 CDS GTP CDS will be connected to SOLA 7 CDS starting from July 8 th, together with the go-live of GTP Phase II CDS SOLA 7 will go-live with GTP Phase I Only minor protocol changes exist between GTP Phase I and GTP Phase II Customers will be able to test the new production configuration (SOLA 7 with GTP Phase I) during the Dress Rehearsal in production environment that will be organized before the go-live London Stock Exchange Group 24 June 2015 Page 19
20 GTP UPDATE Flavio Ravotto Professional Services and Technical Account Manager Client Technology Services Italy Borsa Italiana London Stock Exchange Group 24 June 2015 Page 20
21 GTP: Programme Update Group Ticker Plant Phase 2 preparations continue. Group Ticker Plant Phase 2 delivers a full-depth multicast streaming service to our London and Milan estates. Minor changes to the existing Phase 1 services will be delivered as part of Phase 2. These changes are not backwards compatible and customer development is expected. We will shortly release our Technical Specifications to support Phase 2 customer development. The Group will also release indicative bandwidth requirements and performance indications for the full-depth multicast streaming service. The CDS environment will be made available in the coming weeks. London Stock Exchange Group 24 June 2015 Page 21
22 Changes (1) Format of Volume (total and on book), VWAP (total and on book) and Turnover (total and on book) fields of the Statistics message will change Current format: Signed Little-Endian encoded 64bit integer (for Turnover and VWAP) or unsigned integer (for Volume) field with eight implied decimal places New format: Signed Little-Endian encoded 64bit integer (for Turnover and VWAP) or unsigned integer (for Volume) field with four implied decimal places Turnover for MOT, TLX Fixed Income and MTA convertible bonds calculation will change Current calculation : [(p*q) Current calculation : [(p*q)/100 London Stock Exchange Group 25 June 2015 Page 22
23 Changes (2) TAH and MiFID OTC market data feeds will be split from MTA and SeDeX: a new GTP Multicast Channel will be set up for TAH and MiFID OTC market data a new GTP Lite port will be assigned for TAH and MiFID OTC market data new ports will be assigned for TAH and MiFID OTC market data Reply and Recovery services London Stock Exchange Group 25 June 2015 Page 23
24 Project Timeline Technical Documentation for GTP Phase 2 will be published shortly Starting from next Monday (June 29 th ) GTP CDS will be closed for maintenance activities necessary for the delivery to GTP Phase 2 Target date for GTP Phase 2 availability in CDS is July 8 th London Stock Exchange Group 25 June 2015 Page 24
25 Annual Certification Policy Roberto Fumagalli Technical Account Manager Client Technology Services Italy Borsa Italiana London Stock Exchange Group 24 June 2015 Page 25
26 Current Policy In force from 1st July 2013 According to the Policy, ISV and customers with proprietary application are mandated to certify at least twice a year with a minimum of 6 months between tests. A Customer s software application must be recertified if the software code is modified in any way that directly impacts LSEG interfaces Updates to Gateways, Order Management, Execution Management and Quote Management Software Recertification is required regardless of if the software modifications are due to London Stock Exchange Group initiated changes or customer initiated changes. London Stock Exchange Group 25 June 2015 Page 26
27 New Policy In force from 2015 Customers are required to certify twice in a 12 month period per year per venue. The second test can be an confirming that no changes have been applied to the software in the period considered. Each 12 month period will be split into 2 x 6 month blocks. Each client will certify once in each 6 month block. At least one certification in any 12 month period considered must be a full conformance test. A Customer s software application must be recertified if the software code is modified, and regardless the software modifications are due to London Stock Exchange Group initiated changes or customer initiated changes. Clients will have to test their software on each venue where it is in use, except for GTP - Certification on one venue will count as certification for all venues Conformance test required for SOLA 7 and Release will be considered as a valid full annual certification test. London Stock Exchange Group 25 June 2015 Page 27
28 MIT Release (1.8.7) Roberto Fumagalli Technical Account Manager Client Technology Services Italy Borsa Italiana London Stock Exchange Group 24 June 2015 Page 28
29 Enhancements (1) Max quantity validation for Cross/BTF orders No change to the interface, but a new order reject scenario will be introduced Execution of Cross Orders within order book volume-weighted spread No change to the interface Expiration Date Management for GTD Orders Different behavior of a GTD order when the expiration date is reached after an order modification Introduction of new error codes These new functionalities will be activated with the 1 st Drop of CDS environment. London Stock Exchange Group 25 June 2015 Page 29
30 Enhancements (2) SeDeX Market Static and Dynamic Reference Price definition introduction of quoting period Trading Suspended when no Quotes on the Book Introduction of Frozen Period Trades concluded just within the boundary specified by the Specialist. In a scenario where a Specialist quote exists in one side of the order book, the system should generate a virtual quote for the opposite side to define the price boundary within which trading can occur. The new functionalities Specific for SeDeX market will be activated with the 2nd Drop of CDS environment (after the go live date of the 1st Drop). London Stock Exchange Group 25 June 2015 Page 30
31 Conformance Test Can be scheduled after the 1st Drop of CDS environment is available. It is not mandatory to complete a full conformance test before the go live date of the new Release. New functionalities for SeDeX market must be conformed after the 2nd Drop of CDS environment is available, and before the release of these functionalities in production environment (date tbd). The new functionalities will be activated in Production environment together or after the go-live of GTP phase II. London Stock Exchange Group 25 June 2015 Page 31
32 Project Timeline Technical documentation availability (1 st update) end June 2015 Technical documentation availability (2 nd update) beginning of September 2015 CDS availability (1 st Drop) end July 2015 CDS availability (2 nd Drop) beginning of October 2015 Conformance Tests will start in August 2015 Release target Go-Live: October 3 rd 2015 (no Dress Rehearsal) London Stock Exchange Group 25 June 2015 Page 32
33 Contacts Client Technology Services Italy Technical Account Management Telephone: /333/348 Clients-Services@borsaitaliana.it Service Desk Toll Free: From mobile: Service-Desk@borsaitaliana.it London Stock Exchange Group 24 June 2015 Page 33
34 Q & A London Stock Exchange Group 24 June 2015 Page 34
35 A new market model for SeDeX Borsa Italiana LSEG Emanuele Grasso SeDeX Market - Fixed Income Page 35
36 Introduction Page 36
37 Main Objectives Review of SeDeX rules with the general objective of increasing investors protection and prices quality, by giving more responsibility to the specialist, whose quoting activity represents the main guarantee for investors protection. INVESTORS PROTECTION IMPROVE BOOK QUALITY IMPROVE TRADING CONDITIONS Page 37
38 List of enhancements 1. Continuous trading only in Specialist presence and inside his quotes. 2. Strengthening of specialists quotation obligations. 3. Introduction of the pre-trade phase. 4. New trading hours. 5. New calculation of Static and Dynamic Prices. 6. New calculation of the Reference Price. Page 38
39 Continuous trading only in Specialist presence and inside his quotes Page 39
40 Current continuous trading In the current model with continuous trading, trades execution occurs through automatic matching of opposite sign orders displayed on the book and ranked based on the price-time priority. For each executed trade, the price is equal to the price of the order with higher time priority. The partial execution of a limit order shall give rise to the creation of an order for the unfilled quantity that shall remain on the book with the price and time priority of the original order. Page 40
41 Example of continuous trading Example of trades execution with the current market model. The incoming order O5 matches with the orders/quotes already on the book, executing trades with price equal to that of the hit orders/quotes. Bid Ask O O1 Trade 1 at 104 Q Q2 106 O2 Trade 2 at 105 Trade 3 at O3 Page 41
42 Example of continuous trading Example of trades execution with the current market model. The unfilled quantity of order O5 remains on the book. Bid Ask O O3 Q1 100 Page 42
43 New market model Continuous trading only in specialist presence and inside his quotes. The new market model establishes that market operators can only execute trades at prices inside the quotes of the specialist (quotes included). This provision allows a market member to execute a trade with the specialist or with another party that displays a better price. Page 43
44 Example of the new model Example of trades execution with the new market model. Bid Ask Trades can execute only within the quotes boundaries: (100;105) O O1 Trade 1 at 104 Q Q2 106 O2 Trade 2 at 105 No trade can execute at O3 Page 44
45 Exception to the matching logic 1 Example of trade execution with the new market model. Bid Ask O O2 Q O3 The partial execution of an order shall give rise to the creation of an order for the unfilled quantity that remains on the book with the price and the time priority of the original order Inverted Book! except the case in which the order so generated could match with an opposite sign order outside the quotes interval. In this case the remaining order is canceled. Page 45
46 Exception to the matching logic 1 The remaining order (O5 107) is cancelled from the book. The remaining quantity of O5 cannot be executed against matchable orders outside the quotes boundaries and therefore is cancelled. Bid Ask O O2 Q O3 Page 46
47 Exception to the matching logic 2 The Specialist closes the spread to Bid Ask Bid Ask O O1 O Q2 Q Q2 106 O2 108 O3 Q O1 106 O2 108 O3 Page 47
48 Exception to the matching logic 2 The Specialist closes his spread to Q2 should execute against O4 at O4 price (103). But trades may occur only inside the quotes (99 102). To avoid the cancellation of O4, the matching occurs at Q2 price (102) Bid O4 103 Q1 99 Ask 102 Q2 104 O1 106 O2 108 O3 Page 48
49 Exception to the matching logic 2 The Specialist closes his spread to Bid O4 103 Q1 99 Ask 102 Q2 104 O1 106 O2 108 O3 For each trade executed through automatic matching of orders, the price is equal to the price of the order with higher time priority, except the case in which an incoming quote could match with a resting order. In this case the price of the trade is the price of the quote. Page 49
50 Trading suspension without Specialist In absence of the specialist trading is automatically suspended. This type of suspension is called «frozen period» in order to distinguish it form other types of suspensions. This suspension occurs automatically when: -) the specialist cancels his quotes; -) the specialist does not insert the quotes at start of trading; -) both quotes are completely executed. During the frozen period it is not possible to insert or modify orders, but cancel them. Trading is automatically resumed any time the specialist inserts the quotes. Page 50
51 Maximum price variations Current maximum price variations continue to apply to the new market model. Reference Price(EUR) Price Bands vs Static Price Trade Price vs Static Price Trade Price vs Dynamic Price Less than % 150% % 70% 50% % 50% 30% % 50% 25% % 50% 10% % 30% 5% % 20% 5% % 15% 3.5% Greater than % 10% 2.5% Page 51
52 Temporary single-sided specialist In case one side of the quotes is completely executed and only the other side remains on the book: Trading is not suspended and goes on within a price interval defined by the remaining quote plus (or minus) a percentage. Quote on the book Ask Virtual Quote Bid Virtual Quote Less than Bid+X% Max(Ask-X%;0.0001) Bid+X% Ask-X% Bid+X% Ask-X% Bid+X% Ask-X% Bid+X% Ask-X% Bid+X% Ask-X% Bid+X% Ask-X% Bid+X% Ask-X% Greater than 300 Bid+X% Ask-X% Page 52
53 «Bid-only» Specialist In case of a bid-only specialist, a table with wider virtual quotes shall apply. This to avoid the case in which, in presence of a bid order better than the quote and greater than the virtual ask quote, a trading stalemate is created. Bid Ask Bid Quote on the book Ask Virtual Quote Less or equal to Bid+X% Bid+X% Bid+X% Bid+X% Bid+X% Bid+X% Bid+X% Bid+X% Greater than 300 Bid+X% O VQ Q O2 Page 53
54 Segments to which the model applies The new market model shall apply to: -) STRUCTURED/EXOTIC COVERED WARRANTS -) LEVERAGE CERTIFICATES CLASS A (Turbo & Mini Futures) -) INVESTMENT CERTIFICATES CLASS B The current market model goes on for: -) PLAIN VANILLA COVERED WARRANTS -) LEVERAGE CERTIFICATES CLASS B (Constant Leverage) -) INVESTMENT CERTIFICATES CLASS A (Benchmark) Page 54
55 New Trading Hours Page 55
56 Trading Hours Continuous trading on SeDeX spans from 9.00 am to 5:25 pm. 9:00 5:25 Initially, the closing time shall be postponed to 5:30 together with MTA and ETF. With the new market model, the opening hour will be postponed of a minute. This is to prevent trading in a minute in which many underlyings have not yet formed a price and to accommodate the new pre-trade phase. 9:01 5:30 Page 56
57 Introduction of the pre-trade phase Page 57
58 Pre-trade Phase 8:45 9:01 5:30 PRE-TRADE PHASE CONTINUOUS TRADING PHASE The pre-trade phase is a market phase in which no trading can occur, and in which specialists may show quotes as an indication to the market before the opening. The pre-trade phase is functional to the new calculation of the static and dynamic prices before the opening of the continuous trading. Page 58
59 New calculation of static and dynamic prices Page 59
60 Static and Dynamic Prices at start of day Thanks to the new pre-trade phase, the static and dynamic prices at start of day (i.e. valid only until the first trade) shall be equal to the average of the quotes published by the specialist at the end of the pre-trade. After the execution of the first trade, static and dynamic prices shall be equal to that price. This enhancement allows to reduce the risk of a circuit breaker on the execution of the first trade. Page 60
61 New calculation of the reference price Page 61
62 Reference Price Currently the Reference Price is calculated as the average of the last n couples of best bids and asks on the book. This model does not produce a significant price in at least two cases: 1. With a bid-only specialist; 2. When the specialist does not quote in the final minutes. Page 62
63 Reference Price To solve this problem, the reference price shall be calculated as the average of the quotes of the specialist at the end of day. More precisely: The Reference Price is calculated based on: a. A significant number of quotes in bid and in offer displayed on the book during the continuous trading phase, taking into account the most recent; b. Where it is not possible to determine the reference price pursuant to letter a), the reference price shall be equal to a significant number of bid quotes displayed on the order book during the continuous trading phase, giving greater weight to the most recent. c. In case b) where not possible to determine, the reference price is calculated according to the current methodology. d. In case c) is not applicable, the reference price is set equal to that of the previous session. Page 63
64 Thank you Page 64
65 Q & A London Stock Exchange Group 24 June 2015 Page 65
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