Slide 1: Integrated Trading and Clearing (ITaC) Project Forum
Integrated Trading and Clearing (ITaC) Project Forum 17 October 2018 1
Slide 2: Agenda
Agenda • ITaC Key Dates • ITaC Dress Rehearsal 6 October 2018 results feedback • Market Dress Rehearsal – 10 November 2018 • End-To-End (ETE) Testing Feedback • Questions? 2
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 15 Sep 2018 Go-Live Ready Dress Rehearsal – mandatory for all clients 17 Sep – 1 Oct 2018 ETE Testing – Cycle 5 Scripted 3 Oct 2018 Go-Live Checkpoint
Slide 4: Agenda
Agenda • ITaC Key Dates • ITaC Dress Rehearsal 6 October 2018 results feedback • Market Dress Rehearsal – 10 November 2018 • End-To-End (ETE) Testing Feedback • Questions? 4
Slide 5: Overall Dress Rehearsal Results
Overall Dress Rehearsal Results Dress Rehearsal 6 Oct 12 May 2018 26 May 2018 14 Jul 2018 18 Aug 2018 15 Sept 2018 2018 Test Criteria MMDR OMDR MMDR MMDR MMDR MDR ORDER MANAGEMENT 29 Clients Submit Order - DAY 71% 71% 83% 90% 91% 74% Submit Order – MARKET*/LIMIT 56% 64% 67% 83% 92% for LO 74% Order
Slide 6: Trading Member Results
Trading Member Results No. of Trading Members who No. of Trading Members have passed 2 No. of Trading Members that have not passed a dress dress rehearsals have passed 1 dress rehearsal rehearsal EDM 66 1 0 FXM 49 1 1 Areas for improvement: • Trade Cancellations (On and Off Book) • Understanding of
Slide 7: MMDR Results Summary – Post Trade
MMDR Results Summary – Post Trade Overall Post Trade Results per 2018 Dress Rehearsals MMDR Date 24 Mar 12 May 26 May 14 Jul 18 Aug 15 Sept 6 Oct Pass Rate 70% 70% 70% 70% 80% 80% 80% No. of Mandated 68 67 68 66 66 66 12 Clients No. of Passes 0 22 22 33 31 34 7 No. of Fails 67 42 42 29 35 32 5 No. o
Slide 8: Post-trade Dress Rehearsal Results
Post-trade Dress Rehearsal Results Dress Rehearsal Results Summary No. of Trading Members who No. of Trading Members that No. of Trading Members that have not passed a dress have passed 2 dress rehearsals have passed 1 dress rehearsal rehearsal 58 6 0 Areas for improvement: • Loading of foreign clie
Slide 9: Instrument Reference Data
Instrument Reference Data • An issue was raised by clients during the 6 October 2018 dress rehearsal - duplicate Contract Codes on MXWD • Instrument Reference Data Guidance Note updated and published https://www.jse.co.za/services/itac#GuidanceNotes • Data will be made available with the CTS refresh
Slide 10: Key Observations – Trading
Key Observations – Trading • Market Orders (MO) – will be disabled for go live • SWP to ensure no impact to clients • REMINDER: Off Book Trade Types disabled – will not be enabled for Go live • Exchange for Physical (EP) and Price Adjust (PA) - update and confirmation of Trade Sub Types • Seamless i
Slide 11: Key Observations – Clearing
Key Observations – Clearing • Client maintenance – loading of a foreign / non-resident client • JSE will now pre-load in production a member cash account for all members firms who do not currently have a cash account loaded to allow all members to add foreign clients • JSE observed that the foreign
Slide 12: Agenda
Agenda • ITaC Key Dates • ITaC Dress Rehearsal 6 October 2018 results feedback • Market Dress Rehearsal – 10 November 2018 • End-To-End (ETE) Testing Feedback • Questions? 12
Slide 13: Market Dress Rehearsal – 10 Nov 2018
Market Dress Rehearsal – 10 Nov 2018 • Key objectives of the Go-Live Dry Run for the Equity Derivatives and Currency Derivatives Markets • Practice the go live cut-over activities and timings as they will occur on the weekend of go live i.e. the position take-on process will only start on Friday eve
Slide 14: Market Dress Rehearsal – Objectives for Trading Members
Market Dress Rehearsal – 10 Nov 2018 Key objectives for Trading Members • JSE Data Take-on Process • Post the production Nuclears EOD batch on Friday evening the JSE will commence the data take-on process to convert/carry over all Nuclears data (contracts, member and client accounts as well as open
Slide 15: Market Dress Rehearsal – Objectives for Information Subscribers
Market Dress Rehearsal – 10 Nov 2018 Key objectives for Information Subscribers • JSE Data Take-on Process • Post the production Nuclears EOD batch on Friday evening the JSE will commence the data take-on process to convert/carry over all Nuclears market data (contracts and closing prices) to the ne
Slide 16: Market Dress Rehearsal – Objectives for Clearing Members
Market Dress Rehearsal – 10 Nov 2018 Key objectives for Clearing Members • JSE Data Take-on Process • Post the production Nuclears EOD batch on Friday evening the JSE will commence the data take-on process to convert/carry over all Nuclears data (contracts, member and client accounts as well as open
Slide 17: Market Dress Rehearsal – High Level Test Schedule
Market Dress Rehearsal – 10 Nov 2018 • Equity Derivatives and Currency Derivatives High Level Test Schedule Date Time Description To Action Go live Dry Run - Preparation, Batch Runs and Data Take-on JSE Go live dry run preparation activities and 06 – 09 Nov 2018 All day JSE Trading connectivity can
Slide 18: Market Dress Rehearsal – High Level Test Schedule
Market Dress Rehearsal – 10 Nov 2018 • Equity Derivatives and Currency Derivatives High Level Test Schedule Date Time Description To Action Dress Rehearsal Activities CMs, TMs to commence trade reporting and Off Book Trade Reporting Period (EQM, EDM, 12:00 – 16:00 Deal Mgmt and IS to receive and pro
Slide 19: Dress Rehearsal Checklists
Dress Rehearsal Checklists • Equity Derivative and Currency Derivative Markets • Dress rehearsal results are generated by the JSE based on transaction data in JSE systems – retain your system logs • Checklist link - https://www.jse.co.za/services/itac#OtherDocumentation Trading Business Functional T
Slide 20: Optional Market Dress Rehearsal – 10 Nov 2018
Optional Market Dress Rehearsal – 10 Nov 2018 • Passwords • Trading, Market Data and Real-Time Clearing Gateway passwords will be as at close of business 5 Nov 2018 • TraderIDs • Data cut is at as at 5 Nov 2018, clients to use TraderIDs as per CSV files which will be available Thursday and final fil
Slide 21: 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 22: Dress Rehearsal Post-trade Results Criteria
Dress Rehearsal Post-trade Results Criteria YES = Min PASS criteria for TMs and CMs Pass mark is 80% 22
Slide 23: Agenda
Agenda • ITaC Key Dates • ITaC Dress Rehearsal 6 October 2018 results feedback • Market Dress Rehearsal – 10 November 2018 • End-To-End (ETE) Testing Feedback • Questions? 23
Slide 24: 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. Intra-Day Uploads that occur intra-day are open interest and intra-day instrument uploads, these seem to be running well. End of Day The tradi
Slide 25: ETE Testing - Clearing
ETE Testing - Clearing FUNCTIONAL AREA Status Comment Daily Balancing (IM, VM, Dividend payments, Funding Interest, Fees & Commissions) Daily Balancing during Week 1 of Cycle 6 status . See Detailed Slide Trade Reporting, Deal & Position Management and Commission Management (On Behalf Of) Se
Slide 26: ETE Testing – CM Balancing Cycle 6 Week 1
ETE Testing – CM Balancing Cycle 6 Week 1 IM Settlement Margin VM Funding Interest Commissions Fees Journals 08-Oct-18 CM 1 Balanced OUT (expected due to take on) Balanced Balanced Balanced Balanced Comments 08-Oct-18 CM 2 Balanced OUT (expected due to take on) Balanced Balanced Balanced Balanced 08
Slide 27: Balancing Detail
Balancing Detail Feature Comments IM & VM balanced every day except: 1) On FCO, JSE set time format incorrectly on Manual Exercise cut off time resulting in GCMS solution not able to distinguish between manual and auto exercise deals on FCO day (RTC fix in testing) Margin balancing 2) GCMS process
Slide 28: Balancing Detail contd.
Balancing Detail contd. Feature Comments Additional Margin No issues reported Deal Management No issues reported GCMS issue found incorrect Cancel Trade Capacity used when submitting CANCEL – needs to be same OBO Trade Reporting capacity as original trade EOD Rerun No issues reported FAILOVE
Slide 29: ETE Testing - Market Data
ETE Testing - Market Data FUNCTIONAL AREA Status Comment Live Market Data Subscriber Testing • 4 Live Information Subscribers enabled for ETE • No critical or high issues picked up during week. • Non Live Market Data Subscriber Testing 1 new defect raised by IRESS • 416918 - ETE - Missing In
Slide 30: Questions?
Questions? Please refer all queries to the JSE Client Service Centre (CSC) CustomerSupport@jse.co.za +27 11 520 7777 30