JSE Limited · JSE:JSE
JSE — Corporate Update (November 2017)
47 slides from JSE's corporate update, Nov 1, 2017
Slide 1: Integrated Trading & Clearing (ITaC) Dress Rehearsal Briefing
Integrated Trading & Clearing (ITaC) Dress Rehearsal Briefing 1 November 2017 1
Slide 2: Agenda
Agenda • High Level Summary of changes • ITaC project timeline & key dates • Market facing dress rehearsals for November 2017 • Planned Conceptual Training • Questions • Additional information included • Annexure A – ITaC Instrument Type Changes • Annexure B – Dress Rehearsals – Trading • Annexure C
Slide 3: A note of thanks
A note of thanks… • We would like to thank the software providers and own solution developers for their engagement and participation thus far and for meeting the milestones set!! • Thank you to all clients for submitting their enablement requests on time in preparation for the 11 Nov 2017 dress rehe
Slide 4: ITaC High Level Changes
ITaC High Level Changes Leanne Parsons 4
Slide 5: ITaC Trading Changes
ITaC Trading Changes Highlighting key changes and new services Order Types and Time Enforcers Trade Reporting - Specific On Book Trading More options for order types Trading Member Trade Sub-types Enhancement of Stop and and ability to allow orders to More specific reporting Stop Limit orders and th
Slide 6: ITaC Trading Changes
ITaC Trading Changes Highlighting key changes and new services Trading Member Reference data Now available via csv files Clearing Member on the JSE IDP site. Market Data Subscriber Intra-Day Trading Quotes Easier Market- Session Updates Making Latency Ability to change functionality. Improved Consis
Slide 7: ITaC Live Market Data Changes Overview
ITaC Live Market Data Changes Overview Full Market Depth JSE Data Agreement (JDA) Full depth order book feed available Data agreement changes will be (Also referred to as L2 feed) applicable (schedules) Top of Order Book Best Bid and Ask feed available. Indicative Auction Information (Also referred
Slide 8: Changes to Live Data
ITaC Live Market Data Changes Detail • JSE Data Agreement to be signed • Two types of MITCH based Live Data Feeds per market • Full Depth (L2) Data Feed – Throttled and Unthrottled Changes • Top (L1) of Book Data Feed to Live • Both feed types will include Extended Statistics • The Extended Statisti
Slide 9: ITaC Non-Live Market Data Changes Overview
ITaC Non-Live Market Data Changes Overview Web Reports and Data Products Integration JSE Data Agreement (JDA) Web Reports and Data Records Data agreement changes will be integrated to form new sets of Data applicable (schedules/new agreement) Records and Web Reports Changes to EDM Data Records New a
Slide 10: Changes to Data Records
ITaC Non-Live Market Data Changes Detail • JSE Data Agreement to be signed Changes • FX data will move from being provided via IRC Data Records to new set of FX Data Records • IR Derivatives data will continue to be provided via existing IRD Data Records to Data Records • 16 EDM Data Records will be
Slide 11: Non-Live Market Data Data record commercials
ITaC Non-Live Market Data Changes Data record commercials ZAR EOD Data product fees: (Excl. USD VAT) End of Day Products - Equity Derivatives - Data Records: Category: Rates (RED01; RED02; RED03) - - Category: Risk (ADD01; IED01) - - Category: Statistics (DED01; DED02; DED03; DED04; SED02; OED02; PE
Slide 12: ITaC Systems
ITaC Systems Post-trade perspective Clearing Member Trading Settlement Member CSDP, Bank Front-end Client Authorised Front-end/s FX Dealer Trading API RTC EMAPI JSE IDP SCMS Front-end BDA Strate Collateral Trading Real Time Clearing (RTC) SWIFT Management System Deal Management & Clearing G/W System
Slide 13: ITaC Clearing Changes
ITaC Clearing Changes Summary of key changes and new services Reference Data Members Codes. ** Test as part of ITaC but implement Sub accounts. Trade Entry EoD Process post bedding down Instruments codes/fields. period after go live. Non-validation of accounts Single EoD run across all markets. Divi
Slide 14: ITaC Project Timeline and Key Dates
ITaC Project Timeline and Key Dates Leanne Parsons 14
Slide 15: Project ITaC Count Down
Project ITaC Count Down As at 1 November 2017 7 business days to 11 Nov 2017 1st market facing dress rehearsal 74 business days to Go Live 19 Feb 2018 Just over 15 weeks!
Slide 16: JSE Services Agreement (JSA) & Trader Audit status
JSE Services Agreement (JSA) & Trader Audit status • JSA Status • All JSE Trading and Clearing Members that participate in the Equity Derivatives and Currency Derivatives Markets as well as real-time Information Subscribers • All JSA’s for existing (Equity Market clients) and new clients have been i
Slide 17: ITaC Timeline & Key Dates
ITaC Timeline & Key Dates • Milestones completed successfully Date Milestone 22 Sept 2017 Conformance cut-off date First Software Provider /Own solution developer Dress Rehearsal 21 Sept 2017 Enablement requests for 7 Oct dress rehearsal 28 Sept 2017 Live Connectivity (LCON) tests to be completed 7
Slide 18: ITaC Timeline & Key Dates
ITaC Timeline & Key Dates Date Milestone Voluntary Clearing Member Testing (VCMT) 3 Nov 2017 As requested by clients - extended time to 3 Nov 2017 Mandatory Clearing Member Testing (MCMT) 13 Nov – 15 Dec 2017 MCMT Phase 1 8 Jan – 9 Feb 2018 MCMT Phase 2 Collateral Management Timelines to be agreed w
Slide 19: ITaC Timeline & Key Dates
ITaC Timeline & Key Dates • Upcoming Milestones 2017 Date Milestone Status 26 Oct 2017 Enablement cut-off date for All enablements received have been processed all clients (bear in mind standard SLA is 7 days) 2 Nov 2017 Complete all Live Connectivity Tests to prove technical handshake between (LCON
Slide 20: ITaC Timeline & Key Dates
ITaC Timeline & Key Dates • Upcoming Milestones 2018 Date Milestone Status 1 Feb 2018 Final enablement amendments Final enablement amendment request submissions - cut-off date (bear in mind standard SLA is 7 days) 8 Feb 2018 Final Live Connectivity (LCON) Last date to prove any enablement amendments
Slide 21: Market Facing Dress Rehearsal Summary
Market Facing Dress Rehearsal Summary Date Description Objective Participation Schedule 7 Oct 2017 Software Prove technical Mandatory for all Successfully 21 Oct 2017 Provider Dress deployment activities trading, market data and Completed Rehearsal and basic functional clearing solution tests to tes
Slide 22: Market Facing Dress Rehearsals for November 2017
Market Facing Dress Rehearsals for November 2017 Leanne Parsons 22
Slide 23: Participation in Dress Rehearsals
Participation in Dress Rehearsals • ITaC November dress rehearsals are mandatory for: • All JSE Trading and Clearing Members that participate in the Equity Derivatives and Currency Derivatives markets regardless of how they access JSE trading and post trade services; and • All Real-time Information
Slide 24: Participation in Dress Rehearsals
Participation in Dress Rehearsals • Non Live Market Data subscribers do not need to participate in the November dress rehearsals • NLMD test files have been provided to clients • JSE looking to provide additional NLMD data files to clients as part of the Mandatory Clearing Member Testing (MCMT) – de
Slide 25: Dress Rehearsal Objectives
Dress Rehearsal Objectives • Prove technical enablements and front-end connectivity – ensure permissions and authentication is correct • Conduct functional testing of trading and post-trade systems that you wish to implement • Test all functionality that your business is dependent on and that you do
Slide 26: Trading and Information Dress Rehearsal Schedule
Trading and Information Dress Rehearsal Schedule Dress Rehearsal Times Start End Functional Testing to commence 04:15 14:00 Trading and Market Data systems start/end - heart beats start flowing 06:30 07:00 Start of day reference data published Off Book Trade Reporting period start – All Markets 08:0
Slide 27: Post-trade Dress Rehearsal Schedule
Post-trade Dress Rehearsal Schedule Dress Rehearsal Times Start End Functional Testing to commence Post-trade Real Time Clearing (RTC) system start 05:30 14:00 - Open state: Reference data subscriptions, position management, member client maintenance Equity Derivatives (EDM) and Currency Derivatives
Slide 28: 11 Nov 2017 – Dress Rehearsal Key Dates
11 Nov 2017 – Dress Rehearsal Key Dates • Mandatory Market facing Dress Rehearsal scheduled for – 11 Nov 2017 • Key activities leading up to the dress rehearsal Date Milestone Status 3 Nov 2017 Data cut taken from trading and post-trade Executed by JSE within JSE environments systems for dress rehea
Slide 29: Client Reference Data for Dress Rehearsals
Client Reference Data for Dress Rehearsals • Firm and Trader Details • New ITaC Firm data will be used for the dress rehearsals • The JSE Client Data team has provided compliance officers of Trading and Clearing Members with new production Firm details as was required for the enablement order forms
Slide 30: Post-trade Client Reference Data
Post-trade Client Reference Data • New ITaC Firm data will be used for the dress rehearsals • JSE Client Data team has provided compliance officers of Trading and Clearing Members with new production Firm details as was required for the enablement order forms • In addition, Trading and Clearing Memb
Slide 31: Instrument Reference Data
Instrument Reference Data • All existing production derivative instrument types and new instrument types as per the new reference data standards and will be tested during dress rehearsals • The following new instrument types will be included • Single Stock Dividend Neutral Anyday Future • Internatio
Slide 32: Support during Dress Rehearsals
Support during Dress Rehearsals • First line support to all client • Standard production support model will be followed during dress rehearsals – the Client Service Centre (CSC) is the first point of call and can be contacted on: • CustomerSupport@jse.co.za or • +27 11 520 7777 • Dress rehearsal sta
Slide 33: User Readiness Tracking
User Readiness Tracking • Each JSE client will be assigned a JSE user readiness contact (“buddy”) • The JSE appointed representative will contact the nominated ITaC person within the firm to exchange contact details (by Wed 8 Nov) • this person will be your escalation contact (if required) during th
Slide 34: User Readiness Tracking
User Readiness Tracking • Some Items that will be tracked to assess your readiness for go live: • Nutron front-end solution replacement decision finalised and relevant agreements in place (if applicable) • Confirmed market data subscriptions for live and non live data – targeting end Dec 2017 • Sign
Slide 35: Dress Rehearsal Summary Checklist
Dress Rehearsal Summary Checklist • To ensure readiness for the dress rehearsals in Nov: • Front-end and other software successfully deployed into your environment • Signed Customer Enablement Information Form (CEIF) • Successful LCON test to prove end-to-end connectivity and receipt of multicast he
Slide 36: Go live criteria
Go live criteria • Minimum Go Live criteria for all clients • Successful dress rehearsals and successful MCMT • Only conformed software that was successfully tested during mandatory dress rehearsals can be used in the production environments and therefore go live • Only enablements (CompIDs) success
Slide 37: Planned Conceptual Training
Planned Conceptual Training 37
Slide 38: Conceptual Training scheduled for 2017
Conceptual Training scheduled for 2017 • Post-trade Services Conceptual Training • Session 1: 3 November 2017 – 13h00 – 14h30 • Session 2: 16 November 2017 – 13h00 – 14h30 • Sessions are open to all clients who wish to gain a better understanding of the ITaC Clearing process and is NOT limited to Cl
Slide 39: Questions?
Questions? Please refer all queries to the JSE Client Service Centre (CSC) CustomerSupport@jse.co.za +27 11 520 7777 39
Slide 40: Annexure B Dress Rehearsals – Trading
Annexure B Dress Rehearsals – Trading To allow trading and clearing members, market data clients and any other clients of the JSE to simulate an operational day on new the ITAC production trading system • This is achieved by ensuring all technical activities are completed and enabled and all functio
Slide 41: Annexure B Dress Rehearsals – Trading
Annexure B Dress Rehearsals – Trading • Proving successful creation of member firms and all associated enablements: • TraderGroups are created successfully on the system and used by trading firms, this will include the public-facing trader group • CompIDs are enabled and logged in across all gateway
Slide 42: Annexure B Dress Rehearsals – Trading
Annexure B Dress Rehearsals – Trading • Proving Reference Data consumption and usage by all participants • Connectivity to the JSE IDP site for reference data files • User-created instruments • Create an option on an Anyday Future that has been created by the firm already as per instructions to be p
Slide 43: Annexure B Dress Rehearsals – Trading
Annexure B Dress Rehearsals – Trading • Proving an On Book trade match • Proving an On Book trade on a strategy instrument for a • Delta Option and • Inverse Calendar Spread • Proving Off Book Trades – all 5 types (CFD Trade, Roll Trade, Strategy Trade, Negotiated Trade, Price Adjust) • Should submi
Slide 44: Annexure B Dress Rehearsals – Trading Success Criteria
Annexure B Dress Rehearsals – Trading Success Criteria • Principle is to allow all clients to test all of their systems and interactions to the JSE and also allow them to perform a production-like trading day • JSE will check that clients have performed the minimum requirements, but will not expect
Slide 45: Annexure C Dress Rehearsals – Post-trade
Annexure C Dress Rehearsals – Post-trade To allow trading and clearing members, market data clients and any other clients of the JSE to simulate an operational day on new the ITAC production Post-Trade Solution Overview • This is achieved by ensuring all technical activities are completed and enable
Slide 46: Annexure C Dress Rehearsals – Post-trade
Annexure C Dress Rehearsals – Post-trade • Proving readiness to JSE systems from a client’s perspective: Client frontend integration to the JSE ITaC Post-trade Solution Integration of all client systems downstream due to ITaC implementation Proving of successful login to the JSE’s Post-trade S
Slide 47: Annexure C Dress Rehearsals – Post-trade
Annexure C Dress Rehearsals – Post-trade High level functionality • Consumption of start of day and intraday reference data updates • Listening to trade updates resulting from trading engine activities • Listening to subsequent position and risk event updates resulting from trading engine activities