Release 1.0 Participant Simulation Guide Version 1.0 Date 18 September 2014
Abstract This document describes the timeline, features as well as simulation focus days for the s F7 Simulation. participants will use this document to plan and prepare their s F7 simulation participation. This document should be read alongside the EUREX REPO S F7 RELEASE NOTES, all required technical interface descriptions, the SIMULATION CALENDAR and the regularly updated IMPLEMENTATION NEWS on the website http://eurexrepo.com under the following path: Member section > Repo Resources > Implementation News Keywords s F7, Simulation, Focus Days, Simulation Calendar, Simulation Phases, Test Scenarios 7 Market Technology Today s global markets demand new standards of flexibility and performance. 7 Market Technology series from Deutsche Börse Group offers a range of innovations in trading, clearing, risk management and connectivity advanced infrastructure that lets you adapt to whatever the future brings. 2
Contents List of abbreviations 5 1. Simulation Overview 6 1.1 Introduction 6 1.2 Intended audience 7 1.3 Timeline 8 1.4 Liquidity for selected instruments in the simulation environment 9 1.5 Software-Update Procedures 9 2. Simulation Availability 10 2.1 Simulation Calendar 10 2.2 Daily Time-Table 11 2.2.1 End-of-day processing in Simulation 11 2.3 Guiding principles for simulation calendar 11 2.4 Trading and Settlement Calendar 12 3. Simulation Phases 13 3.1 Simulation 13 3.2 Permanent Simulation 14 4. Focus Days and Test Scenarios 15 4.1 Technical Focus Days 16 4.1.1 F7 System Restart 16 4.1.2 Gateway Failover 16 4.1.3 Trade Migration 16 4.1.4 Intraday Reference Data Update 16 4.1.5 Load Testing 17 4.2 Functional Focus Days 17 4.2.1 Password Change 17 4.2.2 Corporate Actions 17 4.2.3 Market Halt 17 4.2.4 Segment Halt 18 4.2.5 Quote Handling 18 5. Participant Preparation Activities 20 6. Simulation Support by 22 3
6.1 Helpdesks 22 6.2 Frequently Asked Questions List (FAQ) 22 6.3 Additional Information 23 7. Change Log 24 4
List of abbreviations The following list is limited to terminology and abbreviations, which are specific to s new architecture F7. Abbreviation or term AMQP AP CRE F7 API F7 GUI PAPI POA URL VPN Description Advanced Message Queuing Protocol for message oriented middleware. Used by the new API. Access Point of Deutsche Börse Group's global network. Local leased lines connect to Access Points in major financial hubs. One of its functions is to route data transactions to and from the back end of the trading system. The Common Report Engine (CRE) allows the centralized provision of reports. Participants can retrieve reports and files from this report server using SFTP. F7 Application Programming Interface is the new open and flexible interface for third party software products connecting to 's F7. s new trading system. The "7" denotes it is part of the Deutsche Börse Group "7" platform technology suite, where F stands for funding and financing. Graphical User Interface Participant Application Programming Interface of the existing trading system to be replaced by F7 API in 's F7. Participant Own Application Uniform Resource Locator to link to webpages or documents Virtual Private Network, network encryption. Can be realized in hardware or in software. x.509 ITU-T standard for digital certificates using a public key infrastructure. Used by Repo F7 for GUI and F7 API connections via leased line and Internet. 5
1. Simulation Overview 1.1 Introduction The purpose of s F7 simulation is to provide an opportunity for participants and independent software vendors (ISVs) to become familiar with the new functional and technical setup and features of F7 and to prepare for production. The key objectives of s F7 simulation: Provide high quality information and simulation to support participant and Independent Software Vendor (ISV) readiness. Familiarize internal departments and participants with the new trading services functionality. Early identification of issues both from and from the participants side to minimize risk of s F7 launch and production operation. offers several dedicated focus days during the simulation to help participants become accustomed to features of s F7. On those days special testing scenarios will be provided too. This document describes the different test scenarios for s F7. The latest Simulation Calendar is available on the website http://eurexrepo.com under the following path: Member section > Repo Resources > System Documentation > Release 1.0 > Simulation A description of the new/changed functionality and technical enhancements has been communicated in the form of the document F7 SIMULATION RELEASE NOTES (one single document for functional and technical aspects): Member section > Repo Resources > System Documentation > Release 1.0 > Overview and Functionality 6
1.2 Intended audience This document serves as the guide for all simulation participants, i.e. future users of the s F7 system. In particular, the following participants will be involved in the simulation: trading participants ISVs In order to achieve a common understanding of the responsibilities and tasks, the distribution of this Participant Simulation Guide to the appropriate project teams and line organisations of participants and ISVs is recommended as soon as possible. All parties involved, e.g. central coordinators, system administrators, traders and ISV representatives, should be aware of their tasks before the actual start of the simulation. 7
1.3 Timeline All markets will be migrated in phases to the new trading system as of the end of November 2014. The launch of the COSI / SecLend Triparty Market is planned for November 24, 2014. The simulation start is scheduled for September 29, 2014. The GC Pooling and Euro Repo as well as the SecLend CCP Market will be launched on March 2, 2014 and Swiss Franc Repo Market will be launched on March 30, 2014. The following figure gives an overview of the introduction schedule: Figure 1: s F7 timeline A supported simulation environment of minimum two months before the launch of the respective market will be provided to give participants the opportunity to perform comprehensive testing, independent from s production environment. Further information concerning the simulation phases of each market will be provided to participants via circulars to be published prior to the respective simulation start. 8
Additionally, will offer trader training for F7 (e.g. on-site training, webinars) at the beginning and during each simulation phase. 1.4 Liquidity for selected instruments in the simulation environment Liquidity will be provided on demand or as announced by the Functional Helpdesk and in the F7 Implementation News throughout the F7 release simulation when suitable. 1.5 Software-Update Procedures Software Fixes will be supplied during the simulation phases. Whenever an update that will impact market participants is deployed to the simulation environment, Eurex Repo will inform market participants prior to the update via the following ways: Major updates which include additional functionality will be announced with sufficient lead time prior to the deployment of the update. The software change will be provided in conjunction with updated Manuals published on the Eurex website. will inform market participants about regular correction updates and will provide notes about the changes/corrections that might affect participants. Information about the updates will be made available on short notice prior to the deployment via the Known Limitation List which will be available on the website. Information about software fixes for critical issues will be distributed before or in parallel to the deployment of the software fix. For this information the Known Limitation List and/or notes in the news board on the Eurex website will be used. Updates which will be performed on short notice, because of major changes or defects, will be communicated separately via circulars. 9
2. Simulation Availability 2.1 Simulation Calendar This section contains the simulation calendar for the new trading architecture. The simulation calendar provides the batch days, online times and system availability during the Simulation. 's F7 Simulation Calendar Simulation Schedule Release 1.0 September 29, 2014 - November 09, 2014 CW 40 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Calendar Day 29.09.2014 30.09.2014 01.10.2014 02.10.2014 03.10.2014 04.10.2014 05.10.2014 Online Time (CEST) 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 Event Batch Day Yes Yes Yes Yes Business Day 29.09.2014 30.09.2014 01.10.2014 02.10.2014 Closed German Unification Day Closed CW 41 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Calendar Day 06.10.2014 07.10.2014 08.10.2014 09.10.2014 10.10.2014 11.10.2014 12.10.2014 Online Time (CEST) 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 Event Batch Day Yes Yes Yes Yes Yes Business Day 06.10.2014 07.10.2014 08.10.2014 09.10.2014 10.10.2014 Closed CW 42 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Calendar Day 13.10.2014 14.10.2014 15.10.2014 16.10.2014 17.10.2014 18.10.2014 19.10.2014 Online Time (CEST) 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 Event Open Day Batch Day Yes Yes Yes Yes Yes Business Day 13.10.2014 14.10.2014 15.10.2014 16.10.2014 17.10.2014 Closed CW 43 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Calendar Day 20.10.2014 21.10.2014 22.10.2014 23.10.2014 24.10.2014 25.10.2014 26.10.2014 Online Time (CEST) 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 Event Batch Day Yes Yes Yes Yes Yes Business Day 20.10.2014 21.10.2014 22.10.2014 23.10.2014 24.10.2014 Closed CW 44 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Calendar Day 27.10.2014 28.10.2014 29.10.2014 30.10.2014 31.10.2014 01.11.2014 02.11.2014 Online Time (CET) 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 Event Batch Day Yes Yes Yes Yes Yes Business Day 27.10.2014 28.10.2014 29.10.2014 30.10.2014 31.10.2014 Closed CW 45 Monday Tuesday Wednesday Thursday Friday Saturday Sunday Calendar Day 03.11.2014 04.11.2014 05.11.2014 06.11.2014 07.11.2014 08.11.2014 09.11.2014 Online Time (CET) 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 10:00-16:00 Event Batch Day Yes Yes Yes Yes Yes Business Day 04.11.2014 04.11.2014 05.11.2014 06.11.2014 11.11.2014 Closed Figure 2: Simulation calendar 10
The latest Simulation Calendar is available on the website http://eurexrepo.com under the following path: Member section > Repo Resources > System Documentation > Release 1.0 > Simulation 2.2 Daily Time-Table 2.2.1 End-of-day processing in Simulation During the Simulation phase up to five end-of-days processing runs are planned per week. End-of-day processing will always start at 16:00 and will be completed on the same day. 2.3 Guiding principles for simulation calendar The simulation will be set up and run from both a functional and technical perspective as production-like as possible to help simulate business processes under realistic conditions. Nevertheless, system availability and technical performance will be scaled to simulation requirements and may differ from production. The existing simulation will terminate for each market one day prior to its s F7 simulation start, e.g. since the s F7 simulation start for the COSI / SecLend Triparty Market is scheduled for September 29, 2014, it will terminate in classic simulation on September 28, 2014. All functional and technical preparations should be completed before the start of the simulation. On batch days, calendar days correspond to actual business days. The following days until the next batch day have the business date of this forthcoming batch day. Here several calendar days (with 24 hours trading availability) constitute one business day. Weekends are generally open for simulation, but no technical and functional support will be available on weekends. 11
2.4 Trading and Settlement Calendar This section contains the trading and settlement calendar for the Swiss Franc Repo Market and the SecLend / COSI Triparty Market. Please note that currency holidays are not planned in the simulation environment for the markets GC Pooling, and SecLend CCP. Date Day CHF Repo Market CHF CAD EUR GBP JPY USD AUD NZD NOK DKK SEK CZK HUF PLN 06.10.2014 Monday open open open open open open open closed open open open open open open open 13.10.2014 Monday open open closed open open closed closed open open open open open open open open 23.10.2014 Thursday open open open open open open open open open open open open open closed open 24.10.2014 Friday open open open open open open open open open open open open open closed open 27.10.2014 Monday open open open open open open open open closed open open open open open open 28.10.2014 Tuesday open open open open open open open open open open open open closed open open 03.11.2014 Monday open open open open open closed open open open open open open open open open 11.11.2014 Tuesday open open closed open open open closed open open open open open open open closed 17.11.2014 Monday open open open open open open open open open open open open closed open open 24.11.2014 Monday open open open open open closed open open open open open open open open open 27.11.2014 Thursday open open open open open open closed open open open open open open open open 23.12.2014 Tuesday open open open open open closed open open open open open open open open open 24.12.2014 Wednesday open open open open open open open open open closed closed closed closed closed open 25.12.2014 Thursday closed closed closed closed closed open closed closed closed closed closed closed closed closed closed 26.12.2014 Friday closed closed closed closed closed open closed closed closed closed closed closed closed closed closed 30.12.2014 Tuesday open open open open open open open open open open open open open open open Figure 3: Trading and Settlement Calendar Swiss Franc Repo Market, SecLend / COSI Triparty Market 12
3. Simulation Phases For the simulation of the new trading architecture two different simulation phases will be offered to participants. This separation has been chosen by to meet the different participant requirements related to the simulation as early as possible. This chapter specifies the two simulation phases and provides an overview of their content: 1. Simulation 2. Permanent Simulation Please note: Due to the possibility of maintenance work on weekends during the simulation phases, the new trading architecture might be temporarily unavailable. Details will be provided to participants in advance of the environment unavailability. 3.1 Simulation The Simulation will start on September 29, 2014 and will last until March 20, 2015. Participants are highly recommended to establish network connections from the very beginning onwards. Once this has been done, each participant can start their own test scenarios, such as submission of simple orders, receipt of trade confirmations, quote maintenance, trade modifications, recalls, completions or user maintenance. Several focus days and test scenarios will be offered during this Simulation phase in order to provide good simulation possibilities to all participants. Please see section 4 for the different scenarios. will offer participants a broad set of instruments during the Simulation. In addition as part of one focus scenario, trades will be migrated on specific days from the current Permanent simulation system to the new trading architecture environment. 13
3.2 Permanent Simulation Once the Simulation has been concluded, a permanent simulation of the new trading architecture will be offered in parallel to the production environment to participants starting on March 21, 2015. Due to the phased product migration approach in production, will continue to offer broader simulation support until all products have been migrated from the current environment to the new trading architecture in production. 14
4. Focus Days and Test Scenarios will offer several dedicated focus days to ensure that participants will easily become accustomed to the features of the new trading architecture. On those days special testing scenarios will be provided for participants. A detailed description of each scenario and exact schedule of every focus day will be provided at a later stage. All focus days offered during the Simulation are listed in the overview below: Technical focus days: 1. F7 System Restart 2. Gateway Failover 3. Trade Migration 4. Intraday Reference Data Update 5. Load Testing Functional focus days: 1. Corporate Actions 2. Market Halt 3. Segment Halt 4. Quote Handling 5. Password Change 15
4.1 Technical Focus Days Technical focus days will be offered on several occasions during the simulation and will be triggered by. Participants should use this opportunity to test the behaviour of s F7 trading interfaces in conjunction with their own front office applications as well as their order book- and session management systems. 4.1.1 F7 System Restart On the focus day F7 System Restart the entire F7 system will be restarted. All participants will lose their connection and must re-enter the system. Afterwards participants should check that all information needed is available again. This test will be done on an intraday basis between 14:00 and 14:30 CET. 4.1.2 Gateway Failover All connections are redundant. On this day one half of the connectivity gateways will fail and thereafter be reconnected, afterwards the other half will fail. This ensures that all participants will be affected by this failover. This test will be done on an intraday basis between 14:00 and 14:30 CET. 4.1.3 Trade Migration All trade data (trades and quotes) from the legacy application will be migrated into F7 when a market migrates from the legacy system to F7. This will also be tested in the F7 Simulation as markets are migrated from the Eurex Repo legacy System to F7. 4.1.4 Intraday Reference Data Update On this focus day the F7 reference data (master data) will be updated intraday at 11:00 CET. GUI users should see new reference data in the system, API users must be able to read and use the new reference data. 16
4.1.5 Load Testing will make a load test available on F7. On this day will feed F7 with a high number of quotes. All participants are encouraged to participate in order to check that all systems can handle a maximum load from F7. 4.2 Functional Focus Days 4.2.1 Password Change On the Focus Day Password Change, all newly set up F7 users and users already existing in F7 will be prompted to change their password upon the first logon. The F7 password can be identical to the one in the former system. 4.2.2 Corporate Actions Clients will have the opportunity to test Corporate Action processing between the Settlement institute and the F7 system. On the first focus day, i.e. before end-of-day processing starts, participants are requested to generate positions in F7 in the defined products to check the system behavior on the effective focus day (second business day). 4.2.3 Market Halt As a possibility to reflect a market halt in Eurex F7, Eurex has planned one predefined focus day. This market halt will be done on an intraday basis between 15:00 and 15:30 CET. Prior to the planned Market Halt participants are recommended to enter quotes in any segments which are available in simulation. As a result of the market halt, products will not be tradable anymore in s F7 simulation. In this scenario all quotes will be on halt during the Market Halt and should be available again after the market is set into trading again. 17
4.2.4 Segment Halt As a possibility to reflect a segment halt in s F7, has planned one segment halt on a predefined focus day. This test will be done on an intraday basis between 14:00 and 14:30 CET. Prior to the planned segment halt participants are recommended to enter quotes in the announced segment which is available in s F7 simulation. As a result of the market halt, products will not be tradable anymore in s F7 simulation. In this scenario all quotes will be on halt and should be available gain after the segment halt has ended. 4.2.5 Quote Handling On the Focus Day Quote Handling participants are requested to enter, modify and delete multiple quotes of a session simultaneously for various segments. The scenarios below describe the most important features related to quote handling. Quotes per business unit: Quotes belong to the session on which they are entered. It is possible to have multiple sessions for one business unit and each session can have different quotes in the same instrument. Mass quote entry: In this scenario it is possible for the trader to enter, modify and delete multiple quotes of a session simultaneously. This scenario can be tested in various segments. This function is different from the delete all quotes feature, which deletes all quotes in one session. Quote activation / inactivation: Quotes of a given session or segment (and instrument type) can be set to active/inactive. Inactive quotes will be hidden from trading and will not available to be hit. Furthermore they will not be visible in the order book depth. Traders can continue to add, modify and cancel individual quotes. The inserted status for quotes is always persisted for the current business day. At 18
the start of the new business day the quotes will be reset via default to status active. During the time of a session inactivation, any new quotes which are inserted for the session become automatically inactive. When reactivating the quotes they get a new matching time priority. 19
5. Participant Preparation Activities It is very important for all participants who want to use the new trading architecture to adapt their systems and conduct the necessary preparations for their connectivity as early as possible before the start of the simulation, otherwise will not be able to ensure that participants can participate in the simulation from the very beginning. The section below provides the checklist for participants of what the pre-conditions are to connect to the new trading architecture and participate in simulation. Network Connectivity One precondition to access to the new trading architecture is a leased line connection or internet access. If not yet done, new connectivity options can be requested by participants via the Member Section in Tickets & Requests. For more information concerning connectivity to the new trading architecture, please refer to the document F7 Connectivity Guide which can be downloaded from the website http://eurexrepo.com under the following path: Member section > Repo Resources > System Documentation > Network Access Participants who have not yet requested network connectivity are asked to contact the Customer Technical Support via cts@deutsche-boerse.com immediately. Modification of existing Software Applications To connect to the new trading architecture, participants need to adapt their trading applications accordingly. For more information concerning the new trading architecture interface documentation, please refer to the website: Member section > Repo Resources > System Documentation > Release 1.0 20
Certificate authentication For accessing the GUI or F7 API, a SSL compliant self-signed x.509 certificate needs to be created and uploaded to the Member Section on the website. Furthermore a private certificate has to be created and installed into the browser of an F7 GUI User. Please see the document s F7 Connectivity Guide for details about x.509 certificate authentication. The upload of the certificates for simulation can start as of September 29, 2014. Password Change Individual user specific data (e.g. distribution lists, relationships) will not be migrated and have to be re-entered in the new trading system by each participant/user. New User IDs and passwords for the users of the new trading platform will be provided by. Passwords need to be changed upon first login following the standard password policy (ISO 27001 standard 2005 domains: 8-16 chars, upper- & lower case, one digit, one special character). Password expiration date may vary for users and is decided by the expiration policy applicable to the user. 21
6. Simulation Support by 6.1 Helpdesks provides dedicated support to the participants to facilitate successful participation in the simulation. On exchange trading days, participants can reach with their questions and comments regarding simulation using the helpdesk numbers listed below: Technical Support Customer Technical Support +49 (0) 69 2 11-1 08 77 cts@deutsche-boerse.com Functional Support Administration & Operation +41 (0) 43 430 72 20 funchelp@eurexrepo.com Sales Sales +49 (0) 69 2 11-1 40 40 Member Section Team +49-(0) 69-2 11-1 78 88 member.section@deutsche-boerse.com sales@eurexrepo.com 6.2 Frequently Asked Questions List (FAQ) A regularly updated FAQ list is published online on http://eurexrepo.com Technical Support > New Trading System F7 22
6.3 Additional Information s web page http://eurexrepo.com is the central source for all relevant information needed to migrate to s new trading system F7. With the start of simulation an additional source of information will be made available. For most up-to-date information, please check our Implementation News at: www.eurexrepo.com > Technical Support > New Trading System F7 > Implementation News Please do not hesitate to contact us in case of any questions. 23
7. Change Log Version Chapter, page Date Change 1.0 n/a 12.09.2014 Initial version 24
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