JSE Market Communication Session
9 February 2007
Leanne Parsons
Copyright© JSE Limited 2005
www.jse.co.za
AGENDA
JSE Market Communication Session
Part 1 – JSE Equities Trading System Replacement
− Status and Timeline
− Dress Rehearsals
Part 2 - Orion Release C
− Project Update
©
2
AGENDA
Equities Trading Roadmap - Market Dress Rehearsals
TRM Project Timeline & Test Purpose
Objectives
Principles
Participation and Responsibility
Test Schedule
Test Data
Other
Questions
©
3
TRM Project Timeline
2007
2006
Oct
Sept
Aug
Dec
Nov
Feb
Jan
Mar
Start Date 7 Aug
6 Weeks 21 Aug – 30 Sept
JSE Analysis & Design
9 weeks 18 Sept – 17 Nov
JSE Development
JSE System Testing
TALX Analysis
& Design
JSE Development
5 Weeks 20 Nov – 22 Dec
JSE/LSE Prepare and Execute
Integration Test
JSE System
Testing
Prepare and Execute Business
Operations Proving
Prod Infr Readiness
Test Infr Readiness
9 Weeks 2 Jan – 2 Mar
Dress
Rehearsal
EAS
LIVE
CTS
LIVE
17 Feb 07
Dress
Rehearsal
New
JIMAS
10 Mar 07
Dress
Rehearsal
Design, Build and Test of Data Vendor / Member Solutions
24 Mar 07
Customer Conformance
User Readiness Actions
COMMS
COMMS
COMMS
GO LIVE
TWG
©
TWG
TWG
TWG
TWG
TWG
TWG
26 Mar
4
We are here!
TRM Project Timeline
Key Dates
14 August 2006
Kick off JSE SETS TWG session
25 August 2006
Kick off InfoWiz TWG session
8 September 2006
JSE Market Guidance note published
15 September 2006
JSE Market Communication Briefing
9 October 2006
New Enhanced CTS Go live
6 November 2006
New Enhanced Conformance Go Live
27 November 2006
Early Access Service Go Live (EAS = New Prod Environment)
End January 2007
Target date for all solution providers to be conformed
February – March 2007
Mandatory Production Dress Rehearsals (including LCON’s)
17 Feb 2007 & 10 Mar 2007
March/April 2007
JSE TRM Go live – Release 4.1 (current functionality plus)
26 Mar 2006 with contingency 2 Apr 2007
Second Half 2007
JSE TRM Release 4.2 Go live – Release 2 Value Add functionality
*Note: These confirm technical go live dates, functional go live for some new functionality to be confirmed
©
5
TRM Project Timeline
Key Dates
9 Feb
Sat
6 Jan
DR 1 Brief
2 Mar
Internal
Technical
Cut over
Test
Sat 10
Mar
Sat
17 Feb
Sat
27 Jan
Internal
Technical
Cut over
test at a
single site
Mar
2007
Feb
2007
Jan
2007
Dress
Rehearsal
1
20 Mar
26 Mar
DR 2 Brief
Dress
Rehearsal
2
Final Cut-Over Brief
Go-live
LEGEND
©
DR
Dress Rehearsal
6
JSE Equities Trading Replacement
Purpose of the Dress Rehearsals
Most common questions received to date related to the dress
rehearsals :Why the need for the full market dress rehearsals and participation?
•
JSE SETS is migrating off the LSE TSR2 network to the new LSE
TSR4 network
•
JSE SETS is migrating from the non-stop high availability Tandems to
a new HP/Microsoft platform
•
New functional requirements introduced with TRM and new/changed
messages
Who needs to test?
©
•
All Equity Traders – ensure all trader workstations are manned
•
All Information subscribers
7
JSE Equities Trading Replacement
Purpose of the Dress Rehearsals
What needs to be tested?
•
All existing JSE SETS functionality and newly introduced functionality
supported by your trading front-end
•
All order entry and basket trading applications (DMA) that directly
interface with the new JSE SETS and InfoWiz solutions
How to test?
©
•
Use of conformed TRM compliant software
•
Use of all current production enablements – either from your
production server or secondary server (this is specific to each user &
how they plan to rollout/rollback your TRM software for testing)
•
Use of new TRM enablements created for new TRM infrastructure
8
AGENDA
Equities Trading Roadmap - Market Dress Rehearsals
TRM Project Timeline
Objectives
Principles
Participation and Responsibility
Test Schedule
Test Data
Other
Questions
©
9
Objectives
Equities Trading Roadmap - Market Dress Rehearsals
©
•
Practise the JSE, LSE, FTSE and User cut over activities required for Go
Live
•
Practise a normal trading days’ activities in a simulation which mirrors a
normal market as much as possible
•
Gauge the overall level of readiness across JSE, LSE, FTSE and the JSE &
NSX Members, Vendors and Institutions to cut over to the new solutions
•
Identify any critical issues that need to be addressed prior to Go live
•
Ensure the overall solution meets JSE requirements
•
Build internal and external confidence for Go Live
•
Minimise the risk of unexpected issues on Go Live day
10
Objectives contd.
Equities Trading Roadmap - Market Dress Rehearsals
©
•
Provide Users with an opportunity to test and verify the accuracy and
integrity of their changed front-end solutions and related systems for
trading and information dissemination
•
Provide Users with an opportunity to test and familiarise themselves with the
new JSE trading and information dissemination platform in a live-like
environment
•
Prove existing internal JSE application readiness for Go live. e.g.
Downstream integration
11
AGENDA
Equities Trading Roadmap - Market Dress Rehearsals
TRM Project Timeline
Objectives
Principles
Participation and Responsibility
Test Schedule
Test Data
Other
Questions
©
12
Principles
Equities Trading Roadmap - Market Dress Rehearsals
©
•
As communicated in November 2006, all Dress Rehearsals are compulsory for all Equity
Trading users and subscribers of InfoWiz
•
Dress Rehearsals will be conducted in the Live JSE, LSE & User Environments
•
The Live environment of the JSE & LSE will be restored after the rehearsals in readiness
for business as usual on the following Mondays
•
Only Users using conformed software will be allowed to partake in the Dress Rehearsals
•
All Dress Rehearsals will be supported by internal JSE departments as per standard
operational support
•
The test schedule is structured around normal business operations
•
Dress rehearsals are planned to test system functionality and integrity. These are not
stress tests!!!
•
Users are expected to behave in an orderly manner and to simulate a live trading day with
realistic order details and related prices
•
All User applications to be used in the live environment must be tested in the Dress
Rehearsal
•
All terminals connecting to production must be manned for the test
13
AGENDA
Equities Trading Roadmap - Market Dress Rehearsals
TRM Project Timeline
Objectives
Principles
Participation and Responsibility
Test Schedule
Test Data
Other
Questions
©
14
Participation
Equities Trading Roadmap - Market Dress Rehearsals
MANDATORY Participation is required during the Saturday live trading day
simulation from :-
•
All JSE and NSX Equities traders = 100 % participation in all scheduled
DR tests
•
All relevant user IT support staff. (e.g.networks, applications, PC support
etc)
•
All information users who will be subscribing to InfoWiz
•
All JSE approved basket trading and client order entry applications
(DMA)
•
All other user applications interfacing with their front-end applications
•
The test starts at 12h00 and ends at 18h00
• Technical testing 12h00 – 19h00
©
• Business Testing 13h00 – 16h30
15
Responsibility
Equities Trading Roadmap - Market Dress Rehearsals
USERS are responsible for ensuring:
©
•
They participate throughout the test between 12h00 & 18h00 on all the test days
•
Full participation from all traders (13h30 – 16h00)
•
Full participation from all relevant User IT support staff (e.g Networks, applications, PC
support etc)
•
Full support from relevant software providers
•
Identifying the responsible person per User to be used by the JSE as the key contact
person. Users must provide the contact details to the JSE helpdesk by Wednesday (14
February 2007) by 12h00 on (011) 520-7777
•
All Users follow the test plan and schedule - PLEASE READ TEST PLAN/SCHEDULE!!!!
•
ONLY realistic prices and order details are used for all orders – failure to do so, will
result in unnecessary disruptions and potential delays to the test schedule. The JSE will
be monitoring all test data and this behaviour will result in a User Dress Rehearsal
FAIL!!!!!
•
Staff are aware of problem escalation procedures to ensure problems logged with the
correct helpdesk. E.g Front-end queries are logged with software providers not the JSE
•
All problems are reported and logged with the JSE Customer Support (011) 520 7777
16
Responsibility
Equities Trading Roadmap - Market Dress Rehearsals
USERS are responsible for ensuring (cont..):
©
•
All user test data is removed from their production environments after the Dress
Rehearsals
•
All JSE test scripts and procedures are downloaded from the JSE web prior to the
test
•
That all users are informed this is NOT a stress test and that attention should be
given to functionality and data integrity. Users are responsible for ensuring data
accuracy.
•
Ensuring users keep track of all actions in the event of a problem to assist with
problem determination.
•
Relevant monitoring of their infrastructure and related applications is performed
during the dress rehearsals.
17
Responsibility
Equities Trading Roadmap - Market Dress Rehearsals
JSE is responsible for ensuring:
•
Support will be provided through the JSE Customer Support helpdesk
•
All queries are allocated a reference number
•
Ensure all queries are addressed and resolved
•
Monitoring of all test data and users to ensure compliance with the test schedule and
scripts (including errors generated by users)
•
Test schedule execution and adjustments as required – watch the market messages
for adjustments
•
Evaluate Dress Rehearsal participation and success and GO LIVE readiness
Contact Number during test:
•
©
JSE Customer Support : (011) 520-7777
18
AGENDA
Equities Trading Roadmap - Market Dress Rehearsals
TRM Project Timeline
Objectives
Principles
Participation and Responsibility
Test Schedule
Test Data
Other
Questions
©
19
Dress Rehearsal Schedule
Equities Trading Roadmap - Market Dress Rehearsals
Proposed schedule - under discussion
Saturday
Dress Rehearsal Activities
LSE Systems Conversion,
NW Cut-over &
Start-up
00h00
Suspend
Mkt
(MSUP)
12h00
1
Normal Trading Schedule
User Feedback &
System Restores
Mkt
Close
16h30 17h00
Auction
13h30
18h30
Saturday
Production Restore Activities for Business Readiness Monday
LSE Reinstate PROD
Service
Notes
17h00
©
TRM Login &
Ref Data
Download
PROD Login &
Confirm readiness
For Monday
18h30
LSE data restores for Business Day Monday
and Systems Shutdown
19h30
Sunday
12h00
Colour Legend:
1.
Trading Schedule will be condensed to fit into shorter window
2.
Intraday checkpoints with Users will be indicated in the detailed schedule.
JSE User Participation
3.
All times reflected are SA standard time (SAST)
JSE User Feedback & Cleanup
JSE/LSE Internal
Technical Connectivity
20
Period Schedule
Daily Default Schedule
JSE Default Period Schedule
©
Period
Period Description
Code
OPN
JSE Open
OPAC
OGAC
Opening Auction
ONAC
ONAC
COT
Continuous Trading
CTDG
CTDG
IDAC
Intra-day Auction
CVWP
Continuous Trading with VWAP
CVAP
ECTG
End of Continuous Trading
CLAC
Closing Auction
CLUC
CGAC
RNOF
Runoff
CLSD
Close
ADPD
Administration Period
EADP
End of Administration Period
None
Trade Reporting
Time (SAST)
ZA01
ZA02
ZA03
ZA04
ZA11
08h30 – 08h35
08h35 – 09h00
08h35 – 09h00
08h35 – 09h00
08h35 - 09h10
09h00 – 16h40
09h00 – 16h40
09h10 - 16h50
12h00 – 12h15
16h40 – 16h50
16h40 – 16h50
16h49 - 18h00
16h50 – 17h00
16h50 – 17h00
16h50 - 17h00
17h00 – 18h00
18h00
18h01
18h15
08h30 – 18h00
OPN
OPAC
OPN
OPN
OPN
OPN
OGAC
ONAC
ONAC
ONAC
COT
COT
CTDG
CTDG
CTDG
CVWP
IDAC
IDAC
CVAP
CVAP
CVWP
ECTG
CLAC
CLUC
RNOF
CLSD
ADPD
EADP
RNOF
CLSD
ADPD
EADP
CGAC
RNOF
CLSD
ADPD
EADP
CLSD
ADPD
EADP
CGAC
RNOF
CLSD
ADPD
EADP
21
Period Schedule
Market Dress Rehearsals
JSE Dress Rehearsal Period Schedule
©
Period
Period Description
Code
MSUP
Suspend Market
OPAC
OGAC
Opening Auction
ONAC
ONAC
COT
Continuous Trading
CTDG
CTDG
IDAC
Intra-day Auction
CVWP
Continuous Trading with VWAP
CVAP
ECTG
End of Continuous Trading
CLAC
Closing Auction
CLUC
CGAC
RNOF
Runoff
CLSD
Close
ADPD
Administration Period
EADP
End of Administration Period
None
Trade Reporting
Time (SAST)
ZA01
ZA02
ZA03
ZA04
ZA11
12h15 – 13h35
13h35 – 13h55
13h35 – 13h55
13h35 – 13h55
13h35 – 13h55
13h55 – 15h30
13h55 – 15h30
13h55 – 15h29
14h30 – 14h40
15h20 – 15h30
15h20 – 15h30
15h29 - 16h30
15h30 – 15h40
15h30 – 15h40
15h30 – 15h40
15h40 – 16h30
16h30
16h31
16h45
08h30 – 16h30
MSUP
OPAC
MSUP
MSUP
MSUP
MSUP
OGAC
ONAC
ONAC
ONAC
COT
COT
CTDG
CTDG
CTDG
CVWP
IDAC
IDAC
CVAP
CVAP
CVWP
ECTG
CLAC
CLUC
RNOF
CLSD
ADPD
EADP
RNOF
CLSD
ADPD
EADP
CGAC
RNOF
CLSD
ADPD
EADP
CLSD
ADPD
EADP
CGAC
RNOF
CLSD
ADPD
22
EADP
AGENDA
Equities Trading Roadmap - Market Dress Rehearsals
TRM Project Timeline
Objectives
Principles
Participation and Responsibility
Test Schedule
Test Data
Other
Questions
©
23
Test Data
Market Dress Rehearsals
•
JSE production reference data as at Friday 16 February 2007
•
Users must do a full download on all dress rehearsals and the morning of Go Live
•
An EMPTY Order book will be used
•
•
For Dress Rehearsals – the system will be started using an empty order book
•
Monday 19th Feb 2007 and Monday 12 March 2007 – the production order
book will be restored from the previous Friday
•
For Go Live – all orders will be deleted on Friday evening 23 March 2007, on
Monday 26 March 2007 we will start with an empty order book
•
Closing prices as at the Friday night prior to dress rehearsal tests or the Go live
day
Production Trader Ids as Trader Id validation will be enforced across all segments.
JSE will provide each member firm with a list of valid trader ids
•
©
New period schedule information as per the reference data downloads
24
Documentation
JSE Equities Trading Replacement
Online TRM Guidance notes and FAQ’s are published on the JSE website:− submit all questions related to TRM to [email protected]
− URL: http://www.jse.co.za/jse_tis.jsp
TRM Dress Rehearsal Documentation
− http://www.jse.co.za/jse_tis.jsp
Next Market Communication Session will be held 2 March 2007
©
25
TRM Countdown
JSE Equities Trading Replacement
TRM Count Down To Go Live
as at 9 Feb 2007…
• 43 Total Days to Go Live
• 31 JSE Business Days Remaining
•
6 Business Days to 1st Dress Rehearsal
•
6 Conformance slots to 1st Dress Rehearsal
• 21 Business Days to 2nd Dress Rehearsal
• 24 Conformance slots to 2nd Dress Rehearsal
©
26
Questions?
Refer all Equities TRM queries to:
[email protected]
Copyright© JSE Limited 2005
www.jse.co.za
JSE Orion Release C
Project Update
9 February 2007
Leanne Parsons
Copyright© JSE Limited 2005
www.jse.co.za
Release C
Agenda
The Release C Timeline
Connectivity (including Bandwidth)
User Testing
Training
Proposed Dates
Questions
©
29
Release C
We are here
Timeline
2006
Q2
2007
Q3
Q4
Q1
Q2
Q3
JSE
Demarcation
STT Detail Design
STT Development and System Testing
Config H/W
Core Systems Final Code drop
Prep Env.
JSE
JSE
Internal Integration Testing
Operational Readiness and
User Acceptance Testing
JSE
Formal Integration Testing
JSE
Internal Training
Activities
Member
User Training
Activities
Ver. 1
API
Final
API
User Testing and Conformance
(FE & API)
Draft API Specs
Draft IP Readiness
Requirements
Weekend
Dress
Rehearsals
ED
Ver.1 Connectivity
Requirements
Weekend
Dress
Rehearsals
AD
Final Version
Connectivity
Requirements
©
Draft EOD Specs
Final Test Docs
ED Deployment
AD
30
Deployment
Connectivity
For members, access to the new testing and the new future
production system can be:
− Via leased existing lines to the JSE (if you have sufficient
bandwidth) and these must be configured for TCP/IP
− New Leased Lines (if insufficient bandwidth, these lines must
be ordered by the customer)
− Dial Up ISDN only (can use if existing bandwidth sufficient)
− JSE Managed Network
For Information Subscribers (Real Time and End of Day)
− For existing InfoWiz users, can utilise current equity
connection. Users to confirm bandwidth requirements and if
necessary, upgrade
− Existing circuits interfacing to SAFEX datafeed cannot be
used for Release C
− New Information Subscribers will need to connect to the JSE
through any of the options mentioned above for members
©
31
Connectivity
Independent software vendors (building Front Ends through the
API)
− who want to connectivity to the testing environment can also
use the options for members outlined above
− ISVs can also use a member connection to test their software
For further details please refer to the updated connectivity
document downloadable from www.jse.co.za under Project Orion
from 14 February 2007 and submit any questions or queries to
[email protected]
©
32
Connectivity
Bandwidth Guidelines
Preliminary bandwidth testing was conducted by an external
company commissioned by the JSE
– Trading using peak throughput scenarios from the current
production system was simulated on the Release C
Agricultural and Equity Derivatives Software for a sustained
period of 15 minutes
– The JSE intends doing further testing and any differences to
bandwidth guidelines will be communicated as and when
these become known
– Members are asked to be aware of the fact that DMA and
Auto quote applications may require higher bandwidth
©
33
Connectivity
Bandwidth Guidelines (contd.)
Members:
− 25K per user
Information Subscribers
− 25K per “listener” per market
EOD File downloads
− Specifications on these files are being finalised, however the
JSE estimates that the complete set of available files will not
exceed 2MB per day per market if all files are subscribed to
©
34
User Testing
Environment
Testing
Independent Software Vendor
Testing
Where
User Environment
Equity Derivatives:
19 March – June 2007
Information Subscriber
Testing
JSE Front End Testing by
Users
When
Agricultural Derivatives:
19 March – July 2007
User Environment
Equity Derivatives
April – June 2007
Agricultural Derivatives
April – July 2007
- The test environment will be available from 09h00 to 19h00
- This environment will be supported from 09h00 to 16h00
- Contact and support details will be communicated closer to the launch
of the test environment
©
35
User Testing
Independent Software Providers
− Test all the functionality and messages and confirm compliance with
JSE Derivatives Trading System API Specification. Updated version
will be issued by 28 February 2007
− Will need to pass software conformance (similar to Equity Market) for
Equity Derivatives by no later than 31 May 2007 and Agricultural
Derivatives by no later than 13 July 2007
− JSE will provide full details of conformance tests and slots by no later
than 30 March 2007
Real Time Information Subscribers
− JSE will make relevant information available in the user test
environment
− Must test all the functionality and confirm compliance with JSE
Derivatives Trading System API Specification. Updated version will
be issued by 28 February 2007
− Will need to pass software conformance (similar to Equity Market) for
Equity Derivatives by no later than 31 May 2007 and Agricultural
Derivatives by no later than 13 July 2007
− JSE will provide full details of conformance tests and slots by no later
than 30 March 2007
©
36
User Testing
End of Day Information Subscribers (FTP)
− JSE will provide formulated test data
− JSE will also provide test files produced out of JSE integration testing
− JSE will provide details of when test data will be available by no later
than 30 March 2007
How do you get the new JSE Front End?
− A link will be provided to download the new front end software
− It is highly recommended that users attend training prior to
downloading or using the new JSE Front End
The respective business areas for each market will be providing new user
codes with passwords. These will be available by 30 March 2007.
Refer all queries to
− [email protected]
©
37
Training
General Information
The training booking requirements document was distributed on 01
February 2007 to all members
Bookings for training can be made from 12 February 2007
The JSE will start training on 19 March 2007
Training will be in Johannesburg and refer to the Notices issued 1
February 2007 for booking details
Training in other SA cities is under consideration. Please indicate specific
requirements to the respective business areas below:
©
Financial Derivatives
Agricultural Derivatives
Faeza Sallie at
[email protected]
Chris Sturgess at
[email protected]
38
Training
Equities Derivatives Members
MARCH 2007
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
19
20
21
22
26
27
28
29
APRIL 2007
02
03
04
05
09
10
11
12
16
17
18
19
SESSION 1
06H00 to 08H00
SESSION 2
12H00 to 14H00
Public Holidays
©
39
Training
Agricultural Derivatives Members
MARCH 2007
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
19
20
21
22
26
27
28
29
APRIL 2007
02
03
04
05
09
10
11
12
16
17
18
19
23
24
25
26
SESSION
14H30 to 17H00
Public Holidays
©
40
Training
Play-Time All Members
MARCH 2007
MONDAY
TUESDAY
WEDNESDAY
THURSDAY
19
20
21
22
26
27
28
29
APRIL 2007
02
03
04
05
09
10
11
12
16
17
18
19
23
24
25
26
30
PLAY SESSION
17H30 to 19H30
Public Holidays
©
41
Proposed Dates
Testing
Equity Derivatives:
Dress Rehearsal 1
Production
Environment
When
9 June 2007
Dress Rehearsal 2
23 June 2007
Dress Rehearsal 3 (live cutover)
30 June 2007
Go-Live
2 July 2007
Agricultural Derivatives:
Dress Rehearsal 1
©
Where
Production
Environment
21 July 2007
Dress Rehearsal 2
4 August 2007
Dress Rehearsal 3 (live cutover)
11 August 2007
Go-Live
13 August 2007
42
Questions
Please refer all derivative queries to
[email protected]
Copyright© JSE Limited 2005
www.jse.co.za
Thank you
Copyright© JSE Limited 2005
www.jse.co.za