Fact Sheet Simulation Release Upgrade MAX-ONE 2.0

Transcription

1 Fact Sheet Simulation Date: Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 1 of 14

2 Document history Fact Sheet Simulation MAX-ONE 2.0 Version Date Author Remarks Dr. R. Ertl Initial draft R. Lang Review M. Schmid Review J. Schöneberg Review - BrainTrade Dr. R. Ertl, R. Lang, M. Schmid Dr. R. Ertl W. Hagemann J. Schöneberg Review Final Review Final Version Dr. R. Ertl Initial draft - English Fact Sheet Dr. S. Störmer Review - English Fact Sheet Editorial note: Throughout this document, calendar dates are given using the German format DD.MM.YYYY ; e.g. the first simulation day on the MAX-ONE 2.0 simulation environment (May 18 th, 2015) is expressed as Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 2 of 14

3 Table of contents Table of contents General information about the release upgrade Initial situation Changes impacting the market participants Additional information about the migration Deletion of open orders in the systems Migration failure Simulation Goals Important information and tasks for the simulation participants User ID and password Schedule Sequence of simulation day processes Simulation calendar Overview of the testing options Available ISINs Contacts BrainTrade Gesellschaft für Börsensysteme mbh List of tables Table 1: Changes after the release upgrade... 5 Table 2: Important deadlines for MAX-ONE 2.0 simulation and live environments... 8 Table 3: Sequence of simulation day processes... 9 Table 4: Simulation calendar from until Table 5: Simulation calendar from until Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 3 of 14

4 1 General information about the release upgrade 1.1 Initial situation is the responsible body for the Börse München where over 17,500 securities are traded via a specialist-based trading model on a regulated and an over-thecounter market. currently runs the MAX-ONE trading software within the framework of the specialist model. In July 2015, Bayerische Börse will carry out a release upgrade for MAX-ONE. This upgrade will be executed in order to increase capacity and to improve performance. With MAX-ONE 2.0, Börse München will be well-equipped to handle the high level of competition in German securities trading. will strive to avoid functional modifications as much as possible. The changes in comparison to MAX-ONE_old are described in detail in Section 1.2. The existing interfaces will remain unchanged. Specialists, quote provision, order entry, settlement and invoicing will also remain unchanged as well as rules frameworks, exchange payments and fees and brokerage commissions. In addition, no modifications will be made to WM codes, MIC codes or SWIFT codes. 1 This document contains information about the necessary participant activities regarding the simulation of the MAX-ONE 2.0 release. The document was created so that the participants can inform themselves about the complete simulation process in particular, the simulation dates and times, the participants can inform themselves about the standard simulation cases that will be offered and when they will be executed, the participants are provided with contact partners who can provide support for questions or technical problems during the simulation. Only registered participants can participate in the simulation. You can obtain the registration documents unsolicited and in advance from BrainTrade per or per download: - XONTRO / Anmeldung. 1 WM-Codes: Specialist model in general 160 Regulated Market AL8, Freiverkehr 164. MIC-Codes: Börse München in general MUN, Regulated Market Specialist model MUNA, Specialist model Freiverkehr MUNB Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 4 of 14

5 1.2 Changes impacting the market participants MAX-ONE_old MAX-ONE 2.0 Entry possibility for following day orders: Default setting for Ab Folgetag (as of following day) is 'N', which means that the order is immediately valid. J (Yes) means that the order will first become valid on the following day. Possible entries for EK orders (opening price orders): Order can be entered specifically for the opening price. Order inquiries using internal bank order number: Participants can make inquiries about deleted / executed orders using an internal bank order number Price formation: Price formation is available for first prices (opening prices), variable prices, spot prices and closing prices. Changes to event-based orders (eg- Orders) after the triggers: Limit or validity changes will be confirmed with OK. Quantity and stop limit changes will be positively confirmed, but not changed. Folgetagorders (following day orders) order type no longer available: Participants will receive the following error code: SAKI interface (and BMEB): BC9870F Folgetagorder nicht erlaubt (Following day order not allowed) Fix interface: Following Day Order not allowed EK-Orders (opening price orders) order type no longer available: Orders with Erstkurs (opening price) restrictions will not be accepted. Participants will receive the following error code: SAKI interface (and BMEB): BC9650F - Handelshinweis ungueltig (Invalid trade restriction) FIX interface: Invalid Trade Restriction Code Information about orders using internal bank order number: Inquiries are only possible for active orders or same-day orders. Participants can request information about deleted / executed orders from: [email protected] Price formation: Price formation is available for first prices (opening prices), variable prices and spot prices. There are no longer closing prices Changes to event-based orders (eg- Orders) after the triggers Limit, quantity, stop limit and validity changes will be rejected with invalid limit Table 1: Changes after the release upgrade Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 5 of 14

6 1.3 Additional information about the migration The release upgrade will take place during the weekend of 16./ The last simulation day on the MAX-ONE_old simulation system will be (until bond trading until 5:30 PM). Testing can be done as usual on this day. Afterwards, the MAX- ONE_old simulation environment will no longer be available! The first simulation day on the MAX-ONE 2.0 simulation environment will be as of 8:00 AM. The release upgrade of the live system will take place during the weekend of 04./ The last trading day on MAX-ONE_old will be (until bond trading until 5:30 PM). The end of trading and subsequent processes will take place as usual. The first trading day on MAX-ONE 2.0 will be Both migrations are a cut-off date migration, which means that a parallel simulation or live environments of MAX-ONE_old or MAX-ONE 2.0 will not be running Deletion of open orders in the systems For the migration of both the simulation environment and the live environment, all open orders will be deleted from the respective systems, and participants will receive a message for each order that is deleted. SAKI interface participants will receive the order deletion message (MT595) with GV-Code 054 (order deletion on behalf (i.e. via trading supervisor)). FIX interface participants will receive the order deletion message with SUPERUSER in the UpdateReason field (Tag 5862). The order comparison list from the batch of the last trading day will no longer contain any orders from Max One_old. Please note that the deleted orders can only be loaded into the new simulation environment as of and into the new live environment as of For testing purposes, please make sure that a sufficient number of orders will be available in the simulation environment. This is absolutely necessary in order to ensure a smooth simulation environment migration process. If necessary, new orders will have to be entered into the old simulation environment before (with validity after ) Migration failure Should the migration of the live environment fail, the old system would continue operating. The participants would be given sufficient notice about the new time schedule. Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 6 of 14

7 2 Simulation 2.1 Goals The goal of the simulation is to test the MAX-ONE 2.0 release as comprehensively as possible under realistic conditions in cooperation with participants and vendors. The course of events for a simulation day should resemble the events of a live day as much as possible. The main goal of the simulation is therefore to depict a trading day as realistically as possible from a functional and operational viewpoint. The activities required during the execution of the simulation are very complex due to the different participant groups and the resulting individual participant applications. We therefore leave this up to the participants themselves, who will of course be supported by the simulation team. The simulation team (see Section 5 Contact Partners) will only provide the organizational and operative test framework, migrate the existing connections to the new environment and ensure a smooth simulation operation on the back-end. In addition, it is also possible to execute individual test cases bilaterally with the simulation team. Load tests should be coordinated in advance with the and BrainTrade. 2.2 Important information and tasks for the simulation participants The simulation will take place in the IMS27 simulation environment. Only registered participants can participate in the simulation. The registration documents have been sent along with this simulation guide per to all user group members. It is necessary that you provide us with a contact person for the simulation. The registration deadline for the simulation is The simulation is obligatory for all participants who are currently active in the live environment. Each participant must at least execute the connection test 2 for the new MAX-ONE 2.0 simulation environment because the old simulation environment will no longer be available after However, participants are exempt from simulation obligations if they have entrusted vendors with the XONTRO version update who are registered for the XONTRO simulation. Parallel to the System Connection for Banks, participants can also use the same User ID for the XONTRO dialog applications (3270 Emulation). The simulation participants can therefore create almost all relevant entries and messages themselves and can largely develop their individual test cases independently. We would like to urge all participants to utilize this effective and individual testing opportunity. All volume and load tests must be coordinated in advance with BrainTrade. 2 The connection test consists of the first login to the simulation environment and the entry, modification and deletion of at least one order as well as the acceptance of confirmations and executions. Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 7 of 14

8 In addition to the execution of the obligatory connection tests, the following tasks must be completed by the simulation participants: Assignment of a contact person for the simulation. Uploading of a sufficient number of orders into the simulation environment from MAX- ONE_old on resp. before Ensuring that the order deletion messages are received and processed in the evening. Ensuring that the orders which are deleted in the evening within the framework of the migration are uploaded once again on the following trading day. 2.3 User ID and password Access to the IMS27 simulation system is granted with the existing User ID and password combination. Individual deviations from the pattern shown below are possible. The User ID is structured as follows: nnnn (nnnn = CBF account number) The password is: Schedule The following deadlines apply for the simulation and go-live dates for the MAX-ONE 2.0 release. Minor deviations are possible. Detailed descriptions can be found in sections 2.5 and End of the permanent MAX-ONE_old simulation, deletion of the orders after exchange close MAX-ONE 2.0 simulation release (execution of the connection test for the simulation) As of this point in time, the permanent simulation for MAX-ONE_old will no longer be available End of the Simulation Release MAX-ONE 2.0, beginning of the permanent simulation End of the MAX-ONE_old live environment, deletion of orders after exchange close MAX-ONE 2.0 live environment. Table 2: Important deadlines for MAX-ONE 2.0 simulation and live environments Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 8 of 14

9 2.5 Sequence of simulation day processes The sequence of simulation day processes is shown in the following overview. (at the latest) Start of system availability 8:00 AM individual participant simulation time 8:15 AM automatic price formation professional simulation support time End of the professional simulation support time Börse München (specialist model) End of the individual participant simulation time 8:30 PM Sending of the "EHEND message" (MT551 for SWIFT participants and event notification "News" for FIX participants) 8:40 PM booking period (BUS) Börse München (specialist model) Table 3: Sequence of simulation day processes The simulation team 3 is available daily from 8:30 AM until. During the time from until the end of the trading, the system is available to participants for individual tests. However, the simulation team will not be available for support during this time. In the case of longer interruptions or substantial problems during the simulation, the technical contact partner will be informed in a timely manner per . 3 See Section 5 Contact Partner" Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 9 of 14

10 2.6 Simulation calendar 2.4 Simulation calendar from until Start online Start online Start online Start online Start online Beginning of connection test Simulation of existing functions Simulation of existing functions Simulation of existing functions Simulation of existing functions End of connection test Beginning of Beginning of Beginning of Beginning of 4 Table 4: Simulation calendar from until Booking period (BUS), day end processing (TEV) same as in the XONTRO live system Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 10 of 14

11 Simulation calendar from until * ** ** ** ** Start Online Start Online Start Online Start Online Start Online supported simulation supported simulation supported simulation supported simulation supported simulation 5 Table 5: Simulation calendar from until * Whit Monday 2015 is purely a settlement day at the Munich Exchange (same as and ), which means that no price formation will occur in MAX-ONE. ** On these days, delays in processing can occur due to Xentric Failover- Tests. 5 Booking period (BUS), day end processing (TEV) according to the XONTRO live system Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 11 of 14

12 3 Overview of the testing options Due to the switching off of the simulation environment for MAX-ONE_old, it is absolutely necessary and mandatory for the participants to execute a connection test. The following testing options are also available: Order entries o o o o o Market orders Limit orders Stop buy/stop loss orders Event-based orders (EG-Orders) Various order validities Order modifications Order deletions Processing of executions Processing of partial executions Processing of executions with exchange rate entries Processing of supplementary rights Processing of price suspensions Additional tests can be executed in consultation with the test team. We urge you to take full advantage of the simulation possibilities! Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 12 of 14

13 4 Available ISINs Fact Sheet Simulation MAX-ONE 2.0 The securities listed in Attachment 1 are available for the participant tests. You can also use the securities contained in the Excel files provided by the following people: Tom Bröckermann (): [email protected] Manfred Schmid (): [email protected] Rüdiger Lang (Consileon GmbH): [email protected] Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 13 of 14

14 5 Contacts BrainTrade and will provide answers to all relevant questions, as well as technical support for the participants during the simulation. 5.1 BrainTrade Gesellschaft für Börsensysteme mbh Tasks Professional support during the simulation Coordination and execution of the simulation cases Contact partners Armin Latell, Markus Sperzel Telephone +49 (0) Fax +49 (0) Availability XONTRO Order Simulation Team +49 (0) :30 AM until XONTRO Order - Competence Center +49 (0) :30 AM until 8:40 PM (every trading day) 5.2 Task Technical support Telephone +49 (0) Availability [email protected] until (every trading day per due to shift schedule) Fact Sheet Migration MAX-ONE 2.0 englisch final.docx 14 of 14