Slide 1: Integrated Trading and Clearing (ITaC) Client Forum
Integrated Trading and Clearing (ITaC) Client Forum 29 August 2018 1
Slide 2: Agenda
Agenda • ITaC Key Dates • ITaC Conceptual Training • ITaC End-To-End (ETE) Testing update • ITaC Dress Rehearsal 18 August 2018 results feedback • ITaC User Readiness reports • Questions? 2
Slide 3: ITaC Key Dates
ITaC Key Dates Date Milestone 14 Jul 2018 Mandatory Market Dress Rehearsal (MMDR) 16 Jul – 26 Jul 2018 ETE Testing – Cycle 2 Structured 30 Jul – 10 Aug 2018 ETE Testing – Cycle 3 Scripted 13 Aug – 17 Aug 2018 Prep for Dress Rehearsal; data clean up and full position take on 18 Aug 2018 ETE Dress Reh
Slide 4: ITaC Agreements – Now DUE!
ITaC Agreements – Now DUE! • JSE Services Agreement (JSA) – 85% complete • Signed JSA is required to access all production and test services including the End-To-End environment • JSA should have been signed by Friday, 27 July 2018 which was prior to the start of Scripted End-To-End testing on Monda
Slide 5: Agenda
Agenda • ITaC Key Dates • ITaC Conceptual Training • ITaC End-To-End (ETE) Testing update • ITaC Dress Rehearsal 18 August 2018 results feedback • ITaC User Readiness reports • Questions? 5
Slide 6: ITaC Conceptual Training
ITaC Conceptual Training • At the request of clients, an additional round of trading and clearing conceptual training has being scheduled • Trader, Back Office and other business users are encouraged to participate • JSE will facilitate conceptual training on site at clients for teams of 10 or more
Slide 7: Agenda
Agenda • ITaC Key Dates • ITaC Conceptual Training • ITaC End-To-End (ETE) Testing update • ITaC Dress Rehearsal 18 August 2018 results feedback • ITaC User Readiness reports?? • Questions? 7
Slide 8: End-To-End Testing update
End-To-End Testing update • ETE Cycle 4 is scheduled to end Mon, 3 Sep 2018 immediately following balancing for Month End • ETE Testing environment will not be brought down BUT instead will be kept running until 7 September 2018 • From 4 Sep to 7 Sep 2018, there will be a focussed test to facilitate
Slide 9: 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 10: Status Update - ETE Testing Cycle 4: Week 1
Status Update - ETE Testing Cycle 4: Week 1 • Statistics • Orders: 2 477 295 orders submitted • Trades: 463 026 trades submitted • Deals: 225 348 deals managed • Non-Live Market Data Subscription Services: 455 Files produced • Highlights • Successful test of a complex corporate action: • Consolidati
Slide 11: ITaC ETE Testing Status – Executive Summary
ITaC ETE Testing Status – Executive Summary • Balancing has been successful although challenges were experienced by some clearing members to align their environments back, post the 18 August Dress Rehearsal • Some Clearing Members pointing to incorrect reference data source on IDP • Successful testi
Slide 12: ETE Testing - Client Queries Overview
ETE Testing - Client Queries Overview End-to-End In Progress* Resolved Total Cycle 1 4 59 63 Cycle 2 3 64 67 Cycle 3 12 87 99 Cycle 4 20 22 42 Grand Total 39 232 271 * Majority open issues are known client front-end issues where code is either delivered and needs to be re- tested or coding still in
Slide 13: 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 14: ETE Testing - Clearing
ETE Testing - Clearing FUNCTIONAL AREA Status Comment Balancing progressing well. Some out of balances on fees and minor differences on funding interest. Daily Balancing (IM, VM, Dividend payments, Unfortunately due to known bugs on GCMS some clearing members are required to run scripts to cat
Slide 15: ETE Testing - Balancing Statistics
ETE Testing - Balancing Statistics 15
Slide 16: ETE Testing - Market Data
ETE Testing - Market Data FUNCTIONAL AREA Status Comment • 3 Live Information Subscribers currently participating • One new additional subscriber working at connecting Live Market Data Subscriber Testing • No critical or high issues picked up during week 1. Item in Issues not deemed Critical/H
Slide 17: Agenda
Agenda • ITaC Key Dates • ITaC Conceptual Training • ITaC End-To-End (ETE) Testing update • ITaC Dress Rehearsal 18 August 2018 results feedback • ITaC User Readiness reports • Questions? 17
Slide 18: Dress Rehearsal Observations / Issues
Dress Rehearsal Observations / Issues Trading • Off Book Trade Reporting • Submission, accept, reject, withdrawal and cancellation • Anyday contract creation • Segregation of permissions on front ends • Volatility auctions and price band breaches Post-trade • Client maintenance and specifically addi
Slide 19: Overall Dress Rehearsal Results
Overall Dress Rehearsal Results Dress Rehearsal 12 May 2018 26 May 2018 14 Jul 2018 18 Aug 2018 Test Criteria MMDR OMDR MMDR MMDR ORDER MANAGEMENT Submit Order - DAY 71% 71% 83% 90% Submit Order – MARKET* 56% 64% 67% 83% Order - AMENDMENT 61% 60% 67% 80% Order - CANCELLED 63% 62% 70% 78% OOBD - RECO
Slide 20: Trading Member Results
Trading Member Results No. of Trading Members mandated to test No. of Trading Members who No. of Trading Members who on 18 August could have passed 18 August did not pass 18 August 52 - (38 with > 90%) EDM 67 but not all Trader IDs tested 15 So provisionally only 5 passed 35 - (22 with > 90%) FXM 51
Slide 21: 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 Pass Rate 70% 70% 70% 70% 80% No. of Participants 68 67 68 66 66 No. of Passes 0 22 22 33 31 No. of Fails 67 42 42 29 35 No. of N/As 1 3 4 4 4 Overall Pass Rate 0% 33%
Slide 22: Post-trade Dress Rehearsal Results
Post-trade Dress Rehearsal Results 18 August Results No. of Trading Members who No. of Trading Members who No. of Trading Members who did were mandated to test on 18 passed 18 August not pass 18 August August 66 31 35 Dress Rehearsal Results Summary No. of Trading Members who No. of Trading Members
Slide 23: Agenda
Agenda • ITaC Key Dates • ITaC Conceptual Training • ITaC End-To-End (ETE) Testing update • ITaC Dress Rehearsal 18 August 2018 results feedback • ITaC User Readiness reports • Questions? 23
Slide 24: User Readiness Reports
User Readiness Reports • Of the 70 trading member clients we are tracking, 50 clients have returned User readiness reports • Remaining 20 trading member clients are reflected as “Ready for Go-Live” as they have not submitted any reports – JSE is engaging these clients • Of the 50 clients the followi
Slide 25: Questions?
Questions? Please refer all queries to the JSE Client Service Centre (CSC) CustomerSupport@jse.co.za +27 11 520 7777 25