Technical User Group Friday 14 September 2012

Transcription

1 Technical User Group Friday 14 September

2 Agenda Introduction London Stock Exchange MIT Functional Release London Stock Exchange - Real Time Information Services - Group Ticker Plant Project Update Turquoise Derivatives, Oslo Bors Derivatives & IDEM - SOLA Enhancements Oslo Bors - Millennium Migration Update London Stock Exchange - Connectivity Services Update Q & A Session 2

3 MIT Functional Release TUG Presentation, London - 14 September 2012

4 New functionality The London Stock Exchange and Turquoise Millennium Exchange systems are being upgraded to support the following functionality: Passive Only Orders Price Differential Indicator Following this upgrade the Turquoise Millennium Exchange functionality will also include an enhancement to the: Trade Liquidity Indicator Dates: CDS Turquoise : Sep 2012, LSE : Oct 2012 Live Production - Turquoise : Q4 2012, LSE : Q

5 Group Ticker Plant Project Update Technical User Group, London Ed Rainer Group Product Manager

6 Project Update The Group Ticker Plant project remains very much on plan. We are pleased to confirm that Phase 1 go-live in Q remains achievable as per schedule published in late A small number of code defects exist in the current codeset live on the CDS environment. These are detailed in the CDS Release Note which is available on the project microsite. Documentation updates will continue to occur throughout this project driven by enhancements, product changes and customer feedback. Documentation updates will be reflected in the issue number of the document and notice will be provided to the project mailing list. A number of documentation updates are scheduled for next week. Including a revised issue of GTP002 Technical Guide and the release of GTP003 Statistics Guide. Contractual notice has now been served for the decommission of both FIX-FAST and MDF/DDM-Plus market data services. Customers should receive this contractual notice shortly, if not already. 6

7 Customer Testing The CDS environment is the core environment for client application development, testing and certification. CDS was made available, as per published plan, on 31 July All clients will be required to pass Certification prior to accessing the Group Ticker Plant Production environment. This Certification will be mandated for all applications irrespective of whether applications are currently live on any of the London Stock Exchange Group Production systems. To certify their application(s), clients will be required to connect to both replay and recovery services and subsequently perform a data request. Group certification is not designed to test an application s ability to process real-time market data or to process data following successful submission of a request. Weekend Dress Rehearsals will not be provisioned prior to Phase 1 Production go-live. Early access to the Production system will not be provided prior to Phase 1 Production go-live. Full details of Group Ticker Plant testing requirements are detailed in GTP005 Testing Guide Issue 2.0, which is available on the project microsite. 7

8 Bandwidth Requirements The Group apologises for the delay in publishing anticipated bandwidth requirements supporting the Group Ticker Plant Phase 1 service introduction. Final analysis and modeling is now underway and we anticipate publishing indicative requirements shortly. Bandwidth requirements will be provided to the project mailing list and onto the bandwidth calculator. 8

9 Our Go-Live Production go-live will be through parallel run service introduction. Phase 1 go-live, excluding FTSE Low Latency, will be in Q The Group will provide further information on our go-live plan in early October. This will be provided to the project mailing list. The Group will provide at least 4 weeks notice prior to Production go-live of Phase 1. FTSE Low Latency is anticipated to be introduced to Production, in a standalone code release, in late Group Ticker Plant guides will be updated to reflect the FTSE Low Latency functionality shortly. Exchange Hosted clients who are interested in receiving the FTSE Low Latency product should liaise with their Exchange Hosting contact. 9

10 Timeline Review 10

11 Phase 2 (1) The Group will shortly finalise service structure Phase 2 of the Group Ticker Plant. Phase 2 will deliver a full depth incremental service for London Stock Exchange and Borsa Italiana markets (including IDEM). It will also deliver a full depth streaming service for the Turquoise Cash Equity and Turquoise Derivatives markets. MTS Markets are also in scope for Group Ticker Plant Phase 2 the product structure for these service lines remains to be defined. Introduction of services will be staggered - London Stock Exchange and Borsa Italiana services introduced first - currently scheduled for H The Group plans to publish performance statistics ahead of Phase 2 service introduction. This will allow clients to make an informed decision on whether they wish to develop to the Group Ticker Plant Phase 2 service lines. 11

12 Phase 2 (2) The Group will introduce a small number of additional messages to support the service lines being introduced in Phase 2 of Group Ticker Plant. TCP/IP replay and recovery message libraries introduced as part of Phase 1 are anticipated not to change as part of Phase 2 service introduction. Multicast messages introduced as part of Phase 1 are not anticipated to change as part of Phase 2 service introduction. Trade management and order book management will be through process of unique message types the current Level 2-ITCH concept of messages such as Order Executed with Price/Size to indicate both execution and order removal will be replaced by a Trade message (current published Phase 1 format) and an Order Delete message (currently not published). The Group will shortly begin a period of client consultation supporting Phase 2. 12

13 Further Information For further information clients should contact their usual Group Contact. Technical Enquiries can be forwarded to the Client Technology Group (UK): Telephone: (+44) Media Enquiries can be forwarded to: Telephone: (+44) Project microsite provides further information and mailing list registration: 13

14 SOLA ENHANCEMENT PROGRAMME Paul Kennedy Technical Account Manager Technical User Group, London 14 September 2012

15 Introduction to SOLA Enhancement Programme The Derivatives Technology Programme has been delivering new Derivatives Trading and Clearing platforms since Phase 1 Successful migration of Turquoise & Oslo Bors derivatives markets Phase 2 Successful migration of Borsa Italiana s IDEM derivatives market Phase 3 Enhancements for Turquoise derivatives product offering Phase 4 New functional enhancements for IDEM, Turquoise and Oslo Bors derivatives markets to be delivered in this project phase. Customers should note that this release of SOLA is not backwards compatible. 15

16 Phase 4 SOLA Enhancements The following enhancements are included in the new release, further information on each will become available in the near future alongside updated customer documentation: - Introduction of cross/committed orders (incl. block size) on strategies Dissemination of the At-The-Money series for IDEM, Turquoise and Oslo Bors derivative markets. Addition of new trading currencies for Turquoise and IDEM derivative markets. Enhanced controls in setting of logical connections 16

17 Impact Analysis On the following page is a list of the protocol flows that will be subject to change. For each flow the names of the messages impacted and the update type is provided. Possible update types: New value: the format of the message has not changed, but new values are supported for a specific field Added field: new field added to an existing message that will impact the length New message: introduction of a new message 17

18 Impact Analysis Cont d Flow Message Name Update HSVF C Option Trade CF Futures Trade CS Strategy Trade D Option Request for Quote (RFQ) E Instrument Schedule Notice Option F Option Quote FF Futures Quote FS Strategy Quote H Option Market Depth HF Futures Market Depth HS Strategy Market Depth I Option Trade Cancellation IF Futures Trade Cancellation IS Strategy Trade J Option Instrument Keys JF Futures Instrument Keys JS Strategy Instrument Keys N Option Summary NF Futures Summary NS Strategy Summary New Values: Data type Price Fraction Indicator 18

19 Impact Analysis Cont d Flow Message Name Update HSVF HSVF HSVF SAIL JS Strategy Instrument Keys J Option Instrument Keys JF Futures Instrument Keys JS Strategy Instrument Keys RS Connection Message MU ATM Monitoring Added fields: Maximum/Minimum threshold Price sign Added fields: Strategy Pricing New values: Supported for Currency field New value: HSVF protocol version New message. SAIL IX Underlying Price New message FIX Execution Report message (35=8) New values: for Error Codes 19

20 Conformance Testing All proprietary applications used to enter orders on all SOLA markets must pass a conformance test before the go-live date of the new release. For IDEM customers, the conformance test will be carried out with the support of the Service Desk team in Milan. For Turquoise and OSLO customers, details will be provided in due course. All customers are expected to connect to the SOLA CDS environment as soon as possible in order to test and make the necessary changes to their applications. Customers applications that have successfully conformed to the IDEM market, will not be expected to re-conform for Turquoise Derivatives or Oslo. 20

21 High-level Timeline September 2012 IDEM customer documentation to be issued October 2012 CDS for IDEM customers available for testing and conformance Turquoise and Oslo Bors customer documentation to be issued December 2012 CDS for Turquoise and Oslo Bors derivative customers available for testing and conformance. Please note again, Turquoise members who pass the conformance test for IDEM will not need to repeat the test. Go Live Dates are to be confirmed 21

22 Contact Information Contacts CTS UK Turquoise Member Services Telephone: +44 (0) CTS UK Client Technology Group Telephone: +44 (0) CTS Milan: Telephone: Derivatives Product Management, London & Oslo Telephone: +44 (0)

23 Oslo Børs Millennium Migration - Project Update Technical User Group, London Stock Exchange, 14 September 2012

24 Oslo Millennium migration on track! Q1/2012 Q2/2012 Q3/2012 Q4/2012 Define market models & functionality Network/infra-structure upgrade Customer interface documentation Review market models Customers network upgrade Updating documentation Consultation Member and Trading Rules Design & Development Oslo Børs Millennium integration and testing Enablement CDS ISV and Customer Testing (CDS) ISVs, vendors and members conformance testing Enablement PROD Early Access PROD Environment Dialogue with members, vendors and ISVs - Information meetings, TUGs, Developer Forum, one-to-on meetings 1st DR Sat 29 Sept 2nd DR Sat 13 Oct 3rd DR Sat 27 Oct GO LIVE Mon 12 Nov Please note: Time schedule is subject to client and market readiness 24

25 Status the Oslo migration Customer interface, test, enablement and conformance documentation released, updated and distributed via the Delta web site Member and Trading Rules consultation finished - Very few comments received Enablement to both the CDS and LIVE environment ongoing - Clients who have not sent in the form yet, are encouraged to do so as quickly as possible Conformance has started - Note: All software used to connect to the MIT platform needs to be conformed before the first dress rehearsal 25

26 Status the Oslo migration, cont. Early Access Service to LIVE environment opened 20 August for clients - Note: Access to the pre-production environment requires separate enablement Oslo Børs and LSE testing ongoing - Networks between Oslo and London up and running - Failover tested and working - CCP connections to clearing house tested Oslo Børs internal total system integration testing ongoing Oslo Børs is so far pleased with test results 26

27 Test services provided Details on the test schedules described in OSLMIT 501 Guide to Testing Services Customer Development Services (CDS) - Exchange generated order activity in place - Different disturbance scripts introduced in June - Instruments for end-to-end testing, incl. the CCP functionality and connection to the VPS Demo System available from early October High Volume Service (HVS) - Available as of 20 August, but dependent on clients network providers - Runs for one hour every trading day from 19:00 to 20:00 - Runs in two 30 minutes cycles - HVS test is not mandatory, but highly recommended 27

28 Test services provided, cont. Early Access Service (EAS) to production (LIVE) environment available as of August 20 - Separate enablement required - Conformance required for functional testing - Connectivity testing available without conformance Market data heartbeat generator activated in EAS - Open on evenings from 18:30-23:00 and Saturdays from 22:00 to Sundays 22:00 TCP responder activated in EAS - Open on evenings from 18:30-23:00 and Saturdays from 22:00 to Sundays 22:00 28

29 Application certification Application certification to be done by ISVs and vendors in the CDS environment Scenarios to be tested and the certification form is found in OSLMIT 502 Guide to Application Certification - Scenarios not supported by the application can be left out Testing can be done at any time and as many times as you want When all the required tests have been passed, contact Oslo Børs to confirm conformance enablement@oslobors.no - Please note that Oslo Børs can only confirm conformance tests intra day 29

30 Dress Rehearsals and Go Live Event Customer Dress Rehearsal 1 (DR1) Customer Dress Rehearsal 2 (DR2) with failover Customer Dress Rehearsal 3 (DR3) Production Migration and Connection Test Go Live Date Saturday 29 Sept Saturday 13 Oct Saturday 27 Oct Saturday 10 Nov Monday 12 Nov 30

31 Exemption to DR1? Exemption to DR1 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 and 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 31

32 Dress Rehearsals program DR Saturdays: Regular, but compressed, trading day - The markets open 09:00 (08:00 UK time) and close 14:25 (13:25 UK time), post close ends 15:00 (14:00 UK time) Market activities provided by Oslo Børs - Eg. halt/suspend instrument, alter circuit breaker limits, delete orders, suspend member etc. Technical activities by both Oslo Børs and members/vendors - Connectivity - Full site failover (DR2) - Performance tests Oslo Clearing (CCP) will join in DR2 and DR3 32

33 Dress Rehearsals program, cont. Member/vendor activities - All software to be connected to Millennium from 12 November should be in use on all DRs - Regular order entry (for members) - Trade reporting (where supported) - Test all CompIDs and Trader Groups For more information, see OSLMIT Guide to Dress Rehearsals Return dress rehearsal sign-off form to Oslo Børs at the end of the day to technicalsupport@oslobors.no - Sign-off form included in Guide to Dress Rehearsals 33

34 LSEG Connectivity Services Update Technical User Group 14 September 2012 Jamal Farooqi Business Development Technology

35 Customer Managed Connectivity Evolving Market Access Increased flexibility, greater scalability and optimized performance Customers contract directly for circuits Accredited Connectivity Partners Customers contract directly with LSEG Customer Access Ports 2Mb to 10Gb Customer Managed Service Example Choice of connectivity supplier LSE Primary Datacentre PDC Example Group Services Carrier A 2 Clients 1 Carrier B Carrier C Exchange demarcation LSE Secondary Datacentre SDC Carrier D 2

36 Accredited Connectivity Partners (ACP) Direct Connectivity Partners to be announced in September 2012 Certification physical access providers in progress For resilient access both primary and secondary datacentre access - Customers can elect to use a single, or multiple connectivity partners There are no cross connect charges to customers, between a customer provisioned circuit at the Group s primary and secondary datacentres and the Customer Access Ports. Accredited Connectivity Partners will be made available on the groups website.

37 Customer Access Ports Direct Connectivity Customer Access Ports will be available in speeds of 2Mb to 10Gb Ports supporting Network Service Providers and VANs will be available at 1Gb and 10Gb Customer Access Ports will be made available at our primary and secondary datacentres providing resilient connectivity options 1Gb and 10Gb Customer Access Ports will be available in October Sub 1Gb (2Mb to 100Mb) is targeted for November Service and Technical Descriptions will be available for release in the first week of October 2012.

38 Contacts/Queries Business Development Technology Team +44(0)

39 Q & A Session 39