Technical User Group. Monday 31 March Page 1

Transcription

1 Technical User Group Monday 31 March 2014 Page 1

2 Agenda Introduction Group Ticker Plant Update EuroTLX Migration to Millennium IT Settlement Cycle changes (T+2) CC&G New Clearing Front-end Q&A session Page 2

3 Group Ticker Plant Update Silvia Petrosillo Technical Account Manager Client Technology Services Italy Borsa Italiana Page 3

4 GTP Overview GTP (Multicast) Level 1 incremental (1st level of book) Level 2 MBO/MBP snapshot (10 levels) Level 2 incremental (Full book) only in GTP Phase 2 GTP lite (TCP compressed) Level1 incremental (1st level of book) Level 2 MBO/MBP snapshot (10 levels) Level 2 incremental (Full book) Page 4

5 GTP Timeline GTP Phase 1 Production GTP Lite CDS Full Book April-2014 GTP Lite Production for MDF/DDM Plus Decommissioning for Borsa Borsa GTP Lite CDS for Borsa GTP and GTP Lite CDS for EuroTLX July 2014 EuroTLX channels will be added to production GTP and GTP Lite GTP Multicast Full Book (GTP Phase 2) Page 5

6 GTP Lite Further Information The GTP documentation has been updated to reflect the new service (GTP Lite) and the new market (EuroTLX); GTP Lite certification will start as soon as you are ready; An additional test cycle has been added for GTP Lite: login to recovery and reply Login to one of the GTP Lite channels, stay connected to listen to GTP Lite datafeed; Software already certified for GTP multicast feed need to be recertified; The certification done for Borsa channels will be also valid for EuroTLX channels. Page 6

7 Contacts Technical Account Management Italy /606/647 Service Desk Italy Toll Free: From mobile: Page 7

8 EuroTLX Migration to Millennium IT Flavio Ravotto Technical Account Manager Client Technology Services Italy Borsa Italiana Page 8

9 New Trading Service (1) EuroTLX will migrate to the Millennium IT platform that is already in use for Borsa Italiana markets (since June 2012) and for London Stock Exchange and Turquoise EuroTLX will remain a separate market, with separate sessions and infrastructure EuroTLX market structure and rules will not replicate Borsa Italiana ones but will remain separate Trading Systems will be hosted in the same Datacentres where Borsa Italiana s Trading Systems are hosted Both PDC and SDC are located in Milan Page 9

10 New Trading Service (2) A MIT matching engine instance and a set of Trading, Post trading and Drop Copy Gateways will be dedicated to EuroTLX Trading activity will be available via: Native Protocol (Native Trading Gateway), optimized for latency sensitive customers, fixed width messages based on TCP/IP protocol, binary format FIX Protocol (FIX Trading Gateway) version 5.0 Connection to Drop Copy Gateway and Post Trade Gateway (FIX 5.0 protocol) will be available for order status and deal capture in real time or via OOBD/OTBD queries Page 10

11 Front-Office Comp IDs (1) Broker activity: Broker Front-Office Comp IDs will be allowed to trade on all segments the Trading Participant is member of 30 tps will be given to each Market Member Market Members will be allowed to purchase 30 additional tps Member Firms will be allowed to distribute tps (in sets of 10 tps) among different Comp IDs Page 11

12 Front-Office Comp IDs (2) Liquidity Provider activity: Liquidity Provider Front-Office Comp IDs will be dedicated to market segments Liquidity Providers will be given one Liquidity Provider Front-Office Comp IDs per market Segment on which they have instruments on which the Participant is Liquidity Provider on the number of tps for Liquidity Provider Front-Office Comp IDs is under discussion Page 12

13 Market Data Service EuroTLX Market Data feed will be distributed through the following services: ITCH Group Ticker Plant (GTP) GTP Lite GTP and GTP Lite are available in CDS environment since March 27 th EuroTLX Market Data will be disseminated via channels separate from Borsa Italiana (different multicast groups and different IP addresses and ports for TCP/IP services) Page 13

14 Reference Data & Reconciliation Files Reference Data will be disseminated via: EuroTLX files already available for the current EuroTLX platform (ANA and TLX_Listino.txt, both already available in current version) MIT 305 and MIT 306 files, already available for Borsa Italiana markets that run on MIT platform Reconciliation Files will be disseminated via TLX RCG Files (already available in current version) Page 14

15 Connectivity Access to CDS (test) and production environments available through: Network infrastructure used to access to LSEG markets: Bit Network LSE Extranex LSE Customer Managed Connectivity Milan and London Co-Location services Via Borsa Italiana authorized Service Providers, list available at the following link: Page 15

16 Certification Tests Certification Tests will be mandatory prior to go live with the new platform for all Trading and all Market Data applications, even if already conformed for Borsa Italiana Certification Test will have to be performed by: Software Vendors Member Firms that develop in-house trading and/or market data applications Information Vendors that develop in-house market data applications Certification Tests will be organized and performed with the support of the Borsa Italiana Service-Desk Page 16

17 Migration Plan Technical documentation for Trading and Market Data Services already released in February 2014 CDS environment for Trading and Market Data feed services already available Conformance Tests will be scheduled starting from 2 nd half of April Conformance Test documentation and guide will be published in April Go-live is planned for July 2014 Prior to the go-live, Saturday dress rehearsals will be scheduled in June and July Page 17

18 Contacts Migration Documentation is available at the following link: All communications related to migration project will be provided via EuroTLXNews, please refer to EuroTLX for subscribing this service Contact for migration queries: EuroTLX IT Operations contacts: /2 CTS of Borsa Italiana contacts: /647/348 Conformance Test and Customer Support Desk: Service Desk Italy Toll Free: From mobile: Service-desk@borsaitaliana.it Page 18

19 Settlement Cycle changes (T+2) Flavio Ravotto Technical Account Manager Client Technology Services Italy Borsa Italiana Page 19

20 Settlement Cycle changes (T+2) All Italian trading venues Settlement Cycle will move from T+3 to T+2 on October 6 th 2014 The implementation of T+2 is one part of the extensive reforms aimed at removing the barriers to cross border settlement, to increase the efficiency in Europe s clearing and settlement process and the harmonization in view of T2S and to reduce counterparty risk In particular the Central Securities Depository Regulation (CSDR) is going to state that the transactions executed on trading venues the intended settlement date shall be no later than on the second business day after the trading takes place The migration to T+2 will not have any impact on the of Borsa Italiana trading platforms and protocols Page 20

21 Settlement Cycle changes Venues (1) T+2 migration will include all contracts executed on the following Borsa Italiana markets: MTA MIV MOT SEDEX ETFplus AIM Italia/ Mercato Alternativo del Capitale ExtraMOT TAH T+2 migration will also include all contracts executed on EuroTLX Page 21

22 Settlement Cycle changes Venues (2) The settlement cycle of derivative contracts (IDEM market) that provide the physical delivery of the shares underlying the future and/or option contracts will also be harmonized to T+2 On October also almost all other European markets will move Settlement Cycle to T+2; the currently known exception are: Czech Republic is supposed to move Settlement Cycle to T+2 on October 4 th 2014 Spain will move Settlement Cycle to T+2 in late 2015 Some countries did not issue any official communication yet (Austria, Croatia, Poland) The settlement cycle of contracts on foreign shares traded on the MTA International segment of MTA Market and traded on TAH market will keep following the settlement cycle of the main regulated market of the share Page 22

23 Settlement Dates Trade Date Thursday October 2 nd Friday October 3 rd Monday October 6 th Tuesday October 7 th Settlement Date Tuesday October 7 th Wednesday October 8 th Wednesday October 8 th Tuesday October 9 th Page 23

24 Settlement Cycle changes - Tests In order to let customer test the collapse of the settlement of two trading days in one settlement date (October 8 th ), Borsa Italiana will organize at least 2 test (in CDS) during which we will simulate the above scenario Test description: a sub set of instruments for each asset class will move settlement cycle to T+2 upon customer request, Borsa Italiana will inject some trades in CDS in order to simulate standard trading activity Test are planned on September 10 th 2014 (collapsing settlement of trades of September 5 th and September 8 th ) and September 24 th 2014 (collapsing settlement of trades of September 19 th and September 22 nd ) Test dates will be confirmed in due curse Communications will be sent to collect from customers the necessary information for the test setup (e.g. trade injection) Page 24

25 CC&G New Clearing Front-End Federico Sguera Head of Membership, Product & Service Development Post Trade Services Cassa di Compensazione e Garanzia Page 25

26 The Current Clearing Front-End BCS is the current clearing front end Available since 2006 Trade allocation tool compliant with cutting edge industry standard Continuously updated with new functionalities Page 26

27 The New Clearing Front-End (1) Real time updates for intraday Trades, Positions, Exercise, Assignments, Margin Calls and CC&G Clearing Messages via APIs and GUI Real time post trade risk controls and alerts on Trades and Positions Intraday margins limits calculation and what-if analysis, based on widely spread algorithms and industry standards metrics such as TIMS, will be provided by a new Risk Management Engine. Other algorithms will be added in future product releases. A portfolio management tool will be also provided together with a set of graphic tools on the GUI for intraday portfolios risk monitoring The new clearing front-end will be extended to the Borsa cash markets (MTA, MOT, ETFPlus and SEDEX) and to bonds (Euro TLX, MTS and HIMTF) for query and reporting functionalities Page 27

28 The New Clearing Front-End (2) A new GUI will be provided and the native API will be extended in order to implement the new functionalities Backward compatibility for both GUI and API will be guaranteed Page 28

29 Timeline Technical documentation will be available in July 2014 CDS environment will be available after the summer Tentative go live Q Page 29

30 Q & A Session Page 30