Slide 1: Integrated Trading and Clearing (ITaC) Client Forum
Integrated Trading and Clearing (ITaC) Client Forum 12 September 2018 1
Slide 2: Agenda
Agenda • ITaC Key Dates • ITaC Market Dress Rehearsal 15 September 2018 • Recap of objectives, approach and measurement criteria • End-To-End (ETE) Testing Status and Feedback • ETE Cycle 4 • ETE Cycle 4A - focused business events • ETE Cycle 5 • General • Monthly User Readiness report timeline for
Slide 3: ITaC Key Dates
ITaC Key Dates Date Milestone 20 Aug – 3 Sep 2018 ETE Testing – Cycle 4 Scripted 4 Sep - 7 Sep 2018 ETE focused Test 10 Sep – 14 Sep 2018 MMDR 8 Prep We are here PLEASE NOTE: 15 Sep 2018 Go-Live Ready Dress Rehearsal – mandatory for all clients Mandatory for all clients for 17 Sep – 1 Oct 2018 ETE T
Slide 4: ITaC Key Dates
ITaC Key Dates • 3 Oct 2018 • ITaC Market Steering Committee decision on 12 November go-live • 6 Oct 2018 • Go-Live Practice rehearsal – JSE & Clearing Members • Optional Dress Rehearsal however will be mandatory for those Trading Members that still need to pass a remaining MMDR • 08 Oct – 12 Oct 20
Slide 5: ITaC Agreements – for ITaC 1b and 1c (EDM & FXM)
ITaC Agreements – for ITaC 1b and 1c (EDM & FXM) OVERDUE! TO AVOID TEST SERVICE DEACTIVATION POST 17 SEPTEMBER 2018 • JSE Services Agreement (JSA) • If you have not yet signed your JSA - Kindly contact JSA@jse.co.za or 011 520 7478 / 7689 • JSE Data Agreement (JDA) • If you have not yet signed your
Slide 6: Agenda
Agenda • ITaC Key Dates • ITaC Market Dress Rehearsal 15 September 2018 Recap • Recap of objectives, approach and measurement criteria • End-To-End (ETE) Testing Status and Feedback • EE Cycle 4 • ETE Cycle 4A focused business events • ETE Cycle 5 • General • Monthly User Readiness report timeline f
Slide 7: High Level Dress Rehearsals Objectives
High Level Dress Rehearsals Objectives • Key objectives of the Go-Live Ready Dress Rehearsal:- • Simulate a normal production business day for all ITaC Markets • To ensure all Markets operate successfully together on ITaC go live • All ITaC functionality, deployment and cut-over activities are succe
Slide 8: Participation in Dress Rehearsal – Sept 2018
Participation in Dress Rehearsal – 15 Sept 2018 • Equity Market • Mandatory for all clients • At least one user per Trading Member but as many as required to simulate a normal production day • All Live Information subscribers with direct connectivity to the JSE • All Shared Infrastructure Providers
Slide 9: Participation in Dress Rehearsal – Sept 2018
Participation in Dress Rehearsal – 15 Sept 2018 • Equity Derivatives and Currency Derivative Markets • Prove all access credentials – Every Trader ID must be tested (unless JSE has specifically indicated otherwise to your firm) • including TraderIDs assigned to back office trading AND clearing staff
Slide 10: Equity Market – key steps to success!
Equity Market – key steps to success! 1 Test is in Production Environment Mandatory participation for all clients – at least one representative per firm, of 2 interfaces connecting directly to the JSE gateways 3 Trading Members: Simulate normal production business day activity 4 Information Subscrib
Slide 11: Derivatives Markets - key steps to success!
Derivatives Markets - key steps to success! 1 Test is in Production Environment 2 Mandatory participation for all clients 3 All clients MUST PASS all defined minimum criteria as this is a Go Live Ready dress rehearsal Trading Members: Must successfully submit at least ONE ORDER OR TRADE PER TRADER I
Slide 12: Participation in Dress Rehearsal – Sept 2018
Participation in Dress Rehearsal – 15 Sept 2018 • Live Information Subscribers • Subscriber to real-time multicast data • Login to perform recovery via the Replay and Recovery Gateways • Verify the new Symbol Directory message for the user created instruments change • International Access Point subs
Slide 13: Dress Rehearsal Checklists
Dress Rehearsal Checklists • Equity Market • A high level test schedule has been published click here • NO CHECKLIST to be completed or returned to the JSE • Simulate normal business activity for a normal production day • PLEASE USE REALISTIC PRICES AND MAKE THE TEST SUCCESSFUL FOR EVERYONE!! • Equi
Slide 14: Dress Rehearsal Scope Exclusions
Dress Rehearsal Scope Exclusions • Remember to confirm what business functionality is not applicable to your firm • Please also ensure that if a Trading Member outsources functions to a Clearing Member that this is clearly indicated in your Post-trade checklist returned to the JSE • Business functio
Slide 15: Measuring Success of Dress Rehearsals
Measuring Success of Dress Rehearsals • Equity Derivative and Currency Derivative Markets • ALL CLIENTS MUST PASS the minimum criteria in this dress rehearsal as Software Providers have made changes to their Front Ends and the JSE has implemented some bug fixes Clients Business Technical Same as pre
Slide 16: Dress Rehearsal Sept 2018 – Reference Data
Dress Rehearsal 15 Sept 2018 – Reference Data TAKE NOTE! Data cut as at Fri 7 Sept 2018 for: Fri 7 Sept 2018 • All Trading, Market Data and RTC enablements (CompIds & RTC UserIDs) • Production data • All TraderIDs and TraderGroups cut taken • Passwords as at last Friday Mon 10 Sept Tues 11 Sept Wed
Slide 17: Dress Rehearsal Testing – Issue Logging
Dress Rehearsal Testing – Issue Logging • Ensure clear issue logging procedure for your team • Ensure you have the support helpdesk contact details of your software provider for support during the dress rehearsals and log all software issues with them • Log all queries with first line JSE Client Ser
Slide 18: Dress Rehearsal Schedule – September 2018
Dress Rehearsal Schedule – 15 September 2018 • Technical Teams • 6h30 – 13h00 - technical teams be on site 6h30 – 7h00 • ~11h30 – 12h00 Market Halt – all automated trading will be halted for 10 mins and followed by a 5 min re-opening auction call in EQM & EDM (staggered and for applicable instrument
Slide 19: Dress Rehearsal Tracking – additional support
Dress Rehearsal Tracking – additional support • Each JSE client has a dedicated JSE user readiness contact (“buddy”) – don’t know who your buddy is? Send an email to ITaCBuddy@jse.co.za • Your JSE “buddy” will contact your nominated key ITaC contact person (primary/responsible officers) to exchange
Slide 20: Trade Reporting counterparty allocation
Trade Reporting counterparty allocation • As indicated in the Trading test guide each Trading Member and each Clearing Member will be allocated two trade reporting counterparties for the dress rehearsal • The intention is that clients are paired with counterparties that they deal with in a normal bu
Slide 21: ETE Focused test observations
ETE Focused test observations • PLEASE NOTE FOR TESTING IN DRESS REHEARSAL • Invalid Trade Times – check that the time is populated correctly and regional settings and times are correct on the Front End • Trader IDs not authorised for market – use the correct Trader IDs for the correct markets • Tra
Slide 22: Dress Rehearsal Trading Results Criteria
Dress Rehearsal Trading Results Criteria Connectivity PASS Market Connectivity RATE Native Trading Post Trade - Own Post Trade - OBO Drop Copy Pass mark is 85% for EDM & FXM % EDM/ Login All Login Login both Login Login both Login Login both Login FXM 3 GWs GWs GWs GWs Trading – Order Management Ord
Slide 23: Dress Rehearsal Post-trade Results Criteria
Dress Rehearsal Post-trade Results Criteria 15 September 2018 - Mandatory Market Dress Rehearsal Firm Name: Post-trade Business Functional Test Worksheet Instructions for completion of the Post-trade Business Functional Test Guide: 1. Trading Members and Clearing Members are required to complete COL
Slide 24: Agenda
Agenda • ITaC Key Dates • ITaC Market Dress Rehearsal 15 September 2018 Recap • Recap of objectives, approach and measurement criteria • End-To-End (ETE) Testing Status and Feedback • EE Cycle 4 • ETE Cycle 4A focused business events • ETE Cycle 5 • General • Monthly User Readiness report timeline f
Slide 25: Status Update - ETE Testing Cycle 4: Week 2
Status Update - ETE Testing Cycle 4: Week 2 • Statistics • Orders: 3 218 999 orders submitted • Trades: 667 072 trades submitted • Deals: 243 691 deals managed • Non-Live Market Data Subscription Services: 467 Files produced • Highlights • Successful testing of FX and EDM closeouts in JSE Systems •
Slide 26: ETE Testing - Client Queries Overview
ETE Testing - Client Queries Overview End-to-End In Progress Resolved Total Cycle 1 1 62 63 Cycle 2 1 66 67 Cycle 3 14 85 99 Cycle 4 23 34 57 Cycle 4A 3 1 4 Grand Total 42 248 290 26
Slide 27: ETE Testing - Trading
ETE Testing - Trading FUNCTIONAL AREA Status Comment Start of Day Trading System is coming up in the morning, as scheduled and in a timely fashion. There are still known data alignment issues that do not affect start of day but require the JSE to manually manage the trading day as this is not
Slide 28: ETE Testing - Market Data
ETE Testing - Market Data FUNCTIONAL AREA Status Comment Live Market Data Subscriber Testing • 4 Live Information Subscribers currently participating • No critical or high issues picked up during week. Non Live Market Data Subscriber Testing • No critical or high issues picked up during week
Slide 29: ETE Testing - Clearing
ETE Testing - Clearing FUNCTIONAL AREA Status Comment Daily Balancing (IM, VM, Dividend payments, Funding Interest and Fees) Balancing progressing well however trading engine cancel trade scenario has resulted in out of balance scenarios on IM, VM and fees. JSE is working with GCMS software pr
Slide 30: End-To-End Testing – Focused tests
End-To-End Testing – Focused tests • From 4 Sep to 7 Sep 2018, JSE held focussed test to facilitate additional testing of the following specific business events:- • Scenarios for end-to-end processing of commissions including across software providers • Dual-sided trade reporting across different so
Slide 31: End-To-End Focused Tests - Lessons Learnt
End-To-End Focused Tests - Lessons Learnt • Strategy Trades and Roll Trades • Traders to make use of a correct reference in the “Strategy Link ID” (this needs to be the same for both legs of the off book trades) • Software providers to confirm how they have catered for this in their frontends • Off
Slide 32: End-To-End Focused Tests - Lessons Learnt
End-To-End Focused Tests - Lessons Learnt • Commissions • Invalid commission references • Invalid client references • Not processing commissions correctly nor populating reference fields correctly for trade cancellations • One software provider was not using the latest specification and needs to mak
Slide 33: End-To-End (ETE) Testing - Cycle 5
End-To-End (ETE) Testing - Cycle 5 Start Date: 17 September 2018 End Date: 1 October 2018 Basic Events Scope Specific Events Scope Order Management Users to create intra day instruments Trade Execution - On Book & Off Book Month End – 30 September 2018 Options Exercised & Abandoned EDM Multiple FCOs
Slide 34: Agenda
Agenda • ITaC Key Dates • ITaC Market Dress Rehearsal 15 September 2018 Recap • Recap of objectives, approach and measurement criteria • End-To-End (ETE) Testing Status and Feedback • ETE Cycle 4 • ETE Cycle 4A focused business events • ETE Cycle 5 • General • Monthly User Readiness report timeline
Slide 35: User Readiness Report
User Readiness Report Remember that your September User readiness reports are due on Friday, 14 September 2018 • If you have not previously submitted a checklist - kindly remember to do so • Who can assist me in understand the checklist? • Please contact your JSE buddy for assistance • Who needs to
Slide 36: Questions?
Questions? Please refer all queries to the JSE Client Service Centre (CSC) CustomerSupport@jse.co.za +27 11 520 7777 36