IT FORUM
15 - 17 MAR 2016
AGENDA IT FORUM MAR 2016
• Introduction
• LUNDA to VASBY DC relocation
• MiFID II
(separate/included below)
• Short updates:
INET
Genium INET
Fixed Income
Nasdaq Clearing
Market Data (GCF)
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Nasdaq Nordic IT Forum 15-17 March 2016
General updates / Overview
TECHNICAL ROADMAP 2016 1/2
Genium INET - New release
4.0.0265
December
January
February
IT Forum
Genium INET - New release
4.0.0270
March
April
GCF – New release 3.2
INET – X-Clear CCP
Genium INET - New release
4.1.0201
May
June
Relocation FORUM 26/5
INET – Release April 25
VASBY – DC final LIVE dates
GCF – in synch with Genium INET
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Nasdaq Nordic IT Forum 15-17 March 2016
TECHNICAL ROADMAP 2016 2/2
Genium INET - New release
4.1.02xx
July
August
Sept
IT FORUM
Genium INET - New
release API Impact
4.1.02xx
October
November
December
MiFID II
GCF – in synch with INET and
Genium INET
INET – Release, API changes
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Nasdaq Nordic IT Forum 15-17 March 2016
January
DATA CENTER
RELOCATION
DATA CENTER RELOCATION – WHAT AND WHY
Nasdaq Nordic is in progress of relocating its primary data center
located in Lunda, west of Stockholm, to the new Vasby data center in
Upplands Väsby, north of Stockholm
Next generation data center – custom built for Nasdaq Nordic
Highly efficient: Higher power & cooling capacity, even though power
consumption is lower
Enhanced co-location offerings (e.g. higher power density)
Carrier neutral vendor
Easy access from Stockholm and Arlanda airport
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Nasdaq Nordic IT Forum 15-17 March 2016
NEW VASBY DATA CENTER
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Nasdaq Nordic IT Forum 15-17 March 2016
DATA CENTER RELOCATION TO VASBY
In the current setup, Lunda data center is the primary Production site
and Port data center the failover Production site.
After the primary data center relocation has been completed, the
Vasby data center will become the primary Production site and Port
data center will remain as the failover Production site. Lunda data
center will no longer be used by Nasdaq.
We will build a new environment for INET (Cash Equities) in Vasby.
We will build new environments for Genium INET (Derivatives, Fixed
Income and Commodities) and GCF (TIP market data) both in Vasby
and in Port.
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Nasdaq Nordic IT Forum 15-17 March 2016
GENERAL TIME LINE
Mandatory customer
testing
Co-location area available
INET Pre-Production,
GCF Pre-Production,
Genium INET EXT1
available for login
Vasby external
IP prefixes
December
January
February
General connectivity guidelines
Member specific
connectivity details for
INET and Genium INET
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Nasdaq Nordic IT Forum 15-17 March 2016
Web
systems live
in Vasby
March 29
March
INET Production
live in Vasby:
June 6 failover
June 20 primary
Broker Services
systems
live in Vasby
April 16 & May 7
April
May
June
GCF
Production
live in Vasby
May 23
Genium INET
Pre-Production
available for
login
Genium INET
Production
live in Vasby
June 20
OVERVIEW
Systems with new IPs and ports:
Pre-Prod
System
Distribution of
ports/accounts
Testing period
Production date
INET
Feb 1 – March 4
March 14 – May 20
June 6 (Failover)
June 20 (Primary)
April 11 – April 16
June 20
Genium INET Feb 8 – March 10
GCF
March 14 – Mar 24 March 29 – May 13
May 23
Systems with unchanged connectivity details:
11
System
Production date
WEB SYSTEMS
March 29
SURROUNDING SYSTEMS (BROKER SERVICES)
April 16
WIZER (BROKER SERVICES)
May 7 – 8
Nasdaq Nordic IT Forum 15-17 March 2016
IMPORTANT!
1. Connectivity establishment: Every customer with extranet connection should have
contacted their connectivity provider (Verizon, IP-Only, COLT, Atrium etc.) by now, and
ensured that the provider offers connectivity to the new data center
If not yet done, please fill in and return your Connectivity Readiness Status Report
to [email protected] as soon as possible!
2. The following systems receive new connectivity details (IPs and ports): INET, Genium
INET and GCF. This also applies to ITCH, GLIMPSE and AMD.
3. GCF receives temporary user accounts and passwords for testing in Pre-Production
4. Mandatory testing in INET, Genium INET and GCF in April
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Nasdaq Nordic IT Forum 15-17 March 2016
MIGRATION INFORMATION – INET (NORDIC CASH
EQUITY MARKETS)
1. INET Pre-Production system available for customer testing in Vasby
on March 14 (connectivity), March 29 (login)
- NOTE: New IPs and ports!
2. Mandatory customer testing in April
3. Vasby launched as a failover Production site, together with Port on
June 6 (Lunda remains as the primary Production site until June 20)
4. Vasby promoted to the primary site for INET Production on June 20
5. The old environment in Lunda discontinued
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Nasdaq Nordic IT Forum 15-17 March 2016
MIGRATION INFORMATION – GENIUM INET
(NORDIC DERIVATIVES, COMMODITIES AND FIXED
INCOME MARKETS)
1. Genium INET Pre-Production system available for customer testing
both in Vasby and in Port on April 11
- NOTE: New IPs and ports!
2. Mandatory customer testing in April
3. Vasby launched as the primary site, and the new environment in
Port will become the failover site on June 20
4. The old environments in Lunda and Port discontinued
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Nasdaq Nordic IT Forum 15-17 March 2016
MIGRATION INFORMATION – GCF (GENIUM
CONSOLIDATED FEED – TIP MARKET DATA)
1. GCF Pre-Production system available for customer testing both in
Vasby and in Port on March 29
- NOTE: New IPs and ports! Furthermore, temporary accounts during
Pre-Production testing period
2. Mandatory customer testing in April
3. Vasby launched as the primary site, and the new environment in
Port will become the failover site on May 23
4. The old environments in Lunda and Port discontinued
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Nasdaq Nordic IT Forum 15-17 March 2016
MIGRATION INFORMATION – WEB SYSTEMS,
BROKER SERVICES SYSTEMS
1. Web systems will be moved to Vasby during Easter. This transition is
seamless to customers
2. Broker Services surrounding systems will be moved on April 16, and
Broker Services core system (WIZER) on May 7-8. Also these
transitions are seamless to customers
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Nasdaq Nordic IT Forum 15-17 March 2016
WHERE TO FIND INFORMATION: IT-NOTICES
http://www.nasdaqomxnordic.com/news/marketnotices/Subscribe
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Nasdaq Nordic IT Forum 15-17 March 2016
WHERE TO FIND INFORMATION:
DATA CENTER RELOCATION WEBPAGE
http://www.nasdaqomx.com/transactions/technicalinformation/data-center-relocation
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Nasdaq Nordic IT Forum 15-17 March 2016
WHERE TO FIND INFORMATION:
DATA CENTER RELOCATION NEWSLETTER
http://www.nasdaqomx.com/transactions/technicalinformation/data-center-relocation
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Nasdaq Nordic IT Forum 15-17 March 2016
MEMBER READINESS
DATA CENTER RELOCATION
Data Center Relocation – Genium INET
General Data Centre Information
GENIUM INET
• Connectivity to VASBY Data Center.
• Building a new Genium INET system and network environment at VASBY.
• Building a new Genium INET system and network environment at PORT.
• New destination IP addresses and TCP/UDP ports.
http://www.nasdaqomx.com/digitalAssets/101/101830_genium-inet-connectivity-information---
1.1.pdf
• Impacting all services reached through Nasdaq Extranet.
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Nasdaq Nordic IT Forum 15-17 March 2016
IMPACTED SERVICES
• Nasdaq Trading Workstation
• Nasdaq Clearing Workstation 1
• Clearing Workstation 2 over Extranet.
• 3:rd party applications using OMnet/FIX
• ITCH/AMD/Glimpse
• GV Portal
• Trade Guard
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Nasdaq Nordic IT Forum 15-17 March 2016
DATA CENTER RELOCATION ROADMAP FOR
GENIUM INET
29/1 -Genium INET
Destination IP addresses
published
December
January
15/2 -18/3
Extranet Connectivity
Genium INET – DC
Relocation
18/2 – 10/3
Fix details distributed to
members
February
29/3 EXT1 Login
tests
Genium INET – 4.1.0201
(June Release)
General Info
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Nasdaq Nordic IT Forum 15-17 March 2016
11/4 – 16/4 G.I.
Pre-Prod Logon
tests
March
April
13/4 EXT1 Trading
func added
30/5 – 4/6 G.I. PreProd Logon tests
May
26/5 EXT3 Available
June 19 VASBY –
DC LIVE
June
2/6 EXT1 Clearing
func added
PRE-PROD APRIL
• April 11 – 16: Login tests.
• Production hours.
• Extended testing Tuesday and Thursday 18:00 – 20:00.
• Extended testing Saturday April 16th 11:00 – 15:00.
To ensure customer readiness Nasdaq will publish an IT-notice with a status report that customers needs to fill in and send to
[email protected]. This is to inform Nasdaq the result of the test and to confirm your migration readiness status.
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Nasdaq Nordic IT Forum 15-17 March 2016
PRE-PROD MAY-JUNE
• May 30 – June 4.
• Production hours.
• Extended testing Tuesday and Thursday 18:00 – 20:00.
• Extended testing Saturday June 4th 11:00 – 15:00.
During the time period May 30 – June 4th Nasdaq will arrange functional and non-functional testing activities. To ensure
customer readiness Nasdaq will publish an IT-notice with a status report that customers needs to fill in and send to
[email protected]. This is to inform Nasdaq the result of the test and to confirm your migration readiness status
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Nasdaq Nordic IT Forum 15-17 March 2016
GENIUM INET DC Reloc. GENIUM INET
Charlie Holmgren
[email protected]
+46 8 405 6944
Anders Bergström
[email protected]
+46 8 405 7364
COLO and NODE
TRADING OPERATIONS | 08:00 – 18:00 CET
Trade Support – Derivatives and Fixed Income
[email protected]
+46 8 405 7360
TECHNICAL OPERATIONS | 06:00 – 21:00 CET
Technical Support – Derivatives, Fixed Income and Commodities
[email protected]
+46 8 405 6750
MEMBER SERVICES | 08:00 – 18:00 CET
[email protected]
+46 8 405 6890
00:00-24:00 CET
Member Config – Derivatives, Fixed Income and Commodities
[email protected]
+46 8 405 6660
http://www.nasdaqomx.com/transactions/technicalinformation/data-center-relocation
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Nasdaq Nordic IT Forum 15-17 March 2016
DATA CENTER RELOCATION
ROADMAP FOR INET
DATA CENTER RELOCATION ROADMAP FOR INET
29/1 - INET Pre-Production
Destination IP subnets
published
December
January
1/2 – 4/3 - Individual
INET port/account
details distributed
to members
February
15/2 -18/3
Extranet Connectivity
General Info
INET – Pre-Production
VASBY
March
29/3 – 21/5 INET
Pre-Prod Logon
& Functionality
tests
April
16/4 – Mandatory
testing INET PreProduction, Login
and Colo Failover
testing
INET – Production
VASBY
INET – New INET Test
Environment VASBY
Saturday mandatory
tests VASBY + PORT
29
14/3 – 28/3 –
INET PreProd
Connectivity
tests
Nasdaq Nordic IT Forum 15-17 March 2016
29/3 – 20/4 – Individual
INET Test ports/accounts
details distributed to
members
23/5 – 3/6
INET PreProd
Closed
6/6 VASBY
LIVE as
Third
Production
site
May
June
4/6 – Mandatory
testing – Future
INET Production
incl. Failover site
PORT
2/5 - INET Test
available in VASBY
20/6
VASBY
LIVE as
Primary
Site
18/6 INET
Launch
Login tests
INET PRE-PRODUCTION TEST AVAILABILITY
Date
Activity
Time
March 14 –
March 28
March 29 –
May 21
Connectivity Test only
Functional Test
Prod hours + Evenings,
Weekends
Prod hours + Evenings,
Weekends1
Evenings, Weekends1
April 16,
June 4
Saturday Tests
11:00-15:00
June 6
Pre-Launch
Prod hours
June 20
Launch
Prod hours
1 Detailed
2 To
Login Test
Additional information
Limited Background load1 will be available
Colo failover testing.
Functional testing only during off market hours to
prevent production bandwidth overload. Backgroundand performance load1 will be available.
Login + Failover test (colo failover testing April 16,
VASBY+PORT failover testing June 4).
Nasdaq personnel available for assistance.
Purpose of Saturday testing: Customer production
systems connectivity readiness to future INET
Production systems2.
Production mode, VASBY as third site in addition to
current production sites.
Production mode, VASBY primary site and PORT
secondary site. Migration completed.
test time schedules, maintenance windows and load patterns information will be communicated early April.
ensure customer readiness Nasdaq will publish an IT-notice with a status report that customers needs to fill in and send to
[email protected]. This is to inform Nasdaq the result of the test and to confirm your migration readiness status.
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Nasdaq Nordic IT Forum 15-17 March 2016
INET TEST ENVIRONMENT AVAILABILITY
Date
Activity
March 29 – April 20
Distribution of customer individual port details for the new INET Test environment in VASBY
May 2 –>
INET Test VASBY available for testing (same port configuration as current OTF, new destination IPs)
June 20
INET Test LUNDA (OTF) discontinued (May be closed earlier)
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Nasdaq Nordic IT Forum 15-17 March 2016
INET DC Relocation
Ronny Thellman
[email protected]
+46 8 405 6313
Technical Relations
[email protected]
Member Support INET
Cash Equity Operations
Technical Support INET & GCF
Trade Support – Equities
Port & Account configuration
[email protected]
+46 8 405 6410
08:00 – 18:00 CET
COLO and NODE
Sales, Co-location and NODE related questions
Richard Gaudy
[email protected]
+46 8 405 6103
http://www.nasdaqomx.com/transactions/technicalinformation/data-center-relocation
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Nasdaq Nordic IT Forum 15-17 March 2016
DATA CENTER RELOCATION
ROADMAP FOR GCF
DATA CENTER RELOCATION ROADMAP FOR
GCF
14/3 – 24/3
Temporary account
information distributed to
members
29/1 – GCF Destination IP
addresses published
December
January
18/4 TST4 available
February
March
April
May
June
May 23 GCF LIVE
in VASBY
29/3 – 12/5 GCF
Pre-Prod Logon &
failover tests
2/5 TST1-3 available
11/4 – 28/4 GCF Pre-Prod
Mandatory testing period
GCF– DC Relocation
GCF Test systems
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Nasdaq Nordic IT Forum 15-17 March 2016
OTHER
• Annual File Delivery Service (FDS) Password change moved to Aug/Sep
• Temporary usernames / passwords for pre-production (prefix “X”)
• New external Vasby test systems
•
•
•
“EXT” -> “TST”
Credentials and subscriptions remain
FDS test areas available (also for pre-production)
• Mandatory testing in pre-production
•
•
Login + Failover
Results must be reported
Nasdaq Nordic IT Forum 15-17 March 2016
35
GCF DC Relocation
Member Support GCF
Global Data Products
[email protected]
Cash Equity Operations
Technical Relations
[email protected]
[email protected]
+46 8 405 6410
07:00 – 18:30 CET
Technical Support INET & GCF
Global Data Products
Account configuration
[email protected]
http://www.nasdaqomx.com/transactions/technicalinformation/data-center-relocation
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Nasdaq Nordic IT Forum 15-17 March 2016
MIFID II
BACKGROUND FOR MIFID II
•
•
Delay: Commission proposed on 10 Feb to delay
•
Nasdaq MIFID II implementation program aiming at
implementation by one year, to Jan 3, 2018
efficiently introducing changes to core functionalities
Proposal has to be formally endorsed by both the
for its members and stakeholders
Council and the Parliament
•
Information to be made available to members via
•
RTS and ITS are still in DRAFT mode
dedicated web pages in addition to member forums
•
Delegated Acts are expected to be published at the
and seminars, for example Derivatives Market
end of March
Council, Clearing Council and IT-Forums
•
RTS are expected to be published between March
and September
•
Objection period: Both DA’s and RTS are subject to a
3 months objection period for Council and
Parliament (+ 3 months possibly)
•
National Transposition: proposal of one year delay
to July 2017 by MEP Ferber (ECON Committee)
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Nasdaq Nordic IT Forum 15-17 March 2016
•
Updates and news on service offerings and MiFID II
implementation details as they become available
SYSTEM CHANGES
IMPLEMENTATION PLANS
2016
Q3
- Start working on
detailed
requirements
- Start development
39
2016
Q4
- Continued work on
requirements and
development.
- Delivery of first
functionality
- Member readiness
activities start
Nasdaq Nordic IT Forum 15-17 March 2016
2017
Q1-3
- Continued work on
requirements and
development
- Continued delivery
of functionality
2017
Q4
- Delivery of last
functionality
REGULATORY REPORTING
New Reporting and Publication Requirements
For more information:
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Nasdaq Nordic IT Forum 15-17 March 2016
[email protected]
[email protected]
MARKET COMMUNICATION
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Nasdaq Nordic IT Forum 15-17 March 2016
MIFID II PROJECT
MARKET READINESS AND COMMUNICATIONS
MIFID II WEBSITE
Launch date: on or before April 1st, 2016
URL: http://business.nasdaq.com/mifid-II
The website will contain information from all trading businesses,
including an overview of expected system changes and information
about new solutions.
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Nasdaq Nordic IT Forum 15-17 March 2016
MIFID II PROJECT
MARKET READINESS AND COMMUNICATIONS
MIFID II NEWSLETTER
The first edition of the MiFID
II Newsletter will be
published shortly after the
launch of the website.
It will be possible to subscribe
to the newsletter on our
MiFID II website.
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Nasdaq Nordic IT Forum 15-17 March 2016
MIFID II PROJECT
MARKET READINESS AND COMMUNICATIONS
Follow Nasdaq on social media to get our
latest updates regarding MiFID II.
Follow the Nasdaq and Nasdaq Trade
pages
Follow the Nasdaq account
Like the Nasdaq Europe page
Subscribe to the Nasdaq account
44
Nasdaq Nordic IT Forum 15-17 March 2016
Have a question about
MiFID II implementation?
Regulatory Reporting
[email protected]
OTC Trade Publication (APA) [email protected]
45
Equities
[email protected]
Fixed Income
[email protected]
Commodities
[email protected]
Equity Derivatives
[email protected]
Clearing
[email protected]
Market Data
[email protected]
Listings
[email protected]
Legal
[email protected]
IT Forum Presentation March 2016
NASDAQ NORDIC
INET ENHANCEMENTS
INET PLANNED CHANGES 2016
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Nasdaq Nordic IT Forum 15-17 March 2016
INET Q1 2016 ENHANCEMENTS - IMPLEMENTED
January 18, 2016
•
•
•
•
GCF – Indicative Close Price (ICP) calculations for Warrants, Certificates and
ETNs
Enhancements to Soft Knock Out functionality
Suppressing of order triggering a Volatility Guard on ITCH
PRM check enhancement of Market Price Protection in calls
February 22, 2016
•
•
•
•
•
GCF/FDS – Reference Data handling for order book “Symbol” field
Extended use of ETP Sold-Out Buy-Back functionality
Removal of ETF Closing Auction
Introduction of Setup Pair (SUPR) Algo strategy
Improvement to Pegging of Large In Scale (LIS) orders
http://www.nasdaqomx.com/transactions/technicalinformation/inet/enhancements/implemented-history
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Nasdaq Nordic IT Forum 15-17 March 2016
INET Q1 2016 ENHANCEMENTS
March 21, 2016:
• Adopt Target2 Calendar for certain Danish instruments traded in EUR
March 29, 2016:
• Introducing SIX x-clear as an additional CCP in the INET Nordic Cash Equity
market, in addition to EuroCCP and LCH.Clearnet Ltd
Due to pending necessary regulatory processes Nasdaq Nordic will
regrettably need to postpone the target date for when members can choose
SIX x-clear as their CCP.
A new target date will be communicated as soon as there is clarity on the
timeline for the completion of the regulatory processes.
http://www.nasdaqomx.com/transactions/technicalinformation/inet/enhancements#Confirmed_Schedule
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Nasdaq Nordic IT Forum 15-17 March 2016
INET Q2 2016 ENHANCEMENTS
April 25, 2016:
• New Note Codes for Knock-Out Buy-Back and for Buy-Back (without Knock-Out)
for ETPs
• EUSIPA instrument code for Exchange Traded Products – GCF only
• Allowing True Mid-Point Pegging (4 decimals) of Large In Scale (LIS) Orders
• Smart Order Routing – routing instruction handling (FIX) New since IT-Forum
http://www.nasdaqomx.com/transactions/technicalinformation/inet/enhancements#Confirmed_Schedule
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Nasdaq Nordic IT Forum 15-17 March 2016
INET Q3-Q4 2016 ENHANCEMENTS
November 21, 2016:
• An INET release is planned for November 21, 2016 in coordination with Genium
INET and Genium Consolidated Feed release upgrades
• Scope not yet decided, will be communicated during Q2-Q3
• Minor functional changes may be introduced at other dates during autumn
Latest information about upcoming changes is available at:
http://www.nasdaqomx.com/transactions/technicalinformation/inet/enhancements#Confirmed_Schedule
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Nasdaq Nordic IT Forum 15-17 March 2016
Genium INET Planned changes
2016
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Nasdaq Nordic IT Forum 15-17 March 2016
TECHNICAL ROADMAP 2016
Genium INET - 4.1.0201
Jun 20
Genium INET - 4.0.0265
Feb 22
Genium INET - 4.1.02xx
Sep 19
Genium INET - 4.0.0270
Apr 25 API impact
Feb
Mar
Apr
May
EXT1
Apr 7
EXT1
Feb 9
Genium INET - 4.1.02xx
Nov 21 API impact
Jun
Jul
Aug
EXT1
Sep 1
EXT1
Jun 2
53
Ext3 Mar 29
Nasdaq Nordic IT Forum 15-17 March 2016
Oct
EXT1
Oct 27
Ext4
Oct 11
Ext4
Mar 14
Ext3 Jan 28
Sep
Ext3 May 26
Ext3 Aug 23
Ext3 Oct 18
Nov
ROADMAP - APRIL 2016 RELEASE
Fixed Income
•
Netting of OTC Rates on position account: API Impact
•
Trade Division: API Impact
•
Enhanced functionality on the existing deviation control in Trading Workstation for
the STIBOR fix Market
Nasdaq Nordic IT Forum 15-17 March 2016
54
ROADMAP - APRIL 2016 RELEASE
Commodities
New Power Markets
•
Subject to successful testing and regulatory approval New markets will be technically launched
for French, Belgian, Spanish and Italian power contracts and new contracts will be introduced
on the German, UK and Dutch power markets.
The products will be monthly cash settled DS Futures with no physical delivery and no
cascading. Commercial launch date to be announced.
New Gas Markets
•
Subject to successful testing and regulatory approval New markets will be technically launched
for Dutch TTF, German NCG, German Gaspool, UK NBP, French Peg Nord, French TRS and
Belgian ZEE gas contracts.
The products will be monthly cash settled DS Futures with no physical delivery and no
cascading. Commercial launch date to be announced.
Nasdaq Nordic IT Forum 15-17 March 2016
55
ROADMAP - APRIL 2016 RELEASE
Commodities
Remove filtering of Off Exchange Trades in Trayport
Off Exchange Trades previously not shown in Trayport will be disseminated.
• Commodities launches Trading Technologies (TT) as web-based trading front-end and
retires WebTrade
Current Nasdaq WebTrade users will be migrated over to the web-based TT platform or
the Nasdaq Trading Workstation no later than May 2, 2016.
Nasdaq Nordic IT Forum 15-17 March 2016
56
ROADMAP - APRIL 2016 RELEASE
Equity Derivatives
Changes to Open Interest publication
Revised OI publication was introduced for listed index futures in February 2014.
The Revised OI is published daily at 13:00 CET.
It takes into account position adjustments on T+1 providing for a more accurate figure than
overnight.
The publication of overnight OI for index futures will be retired and only revised OI will be
published going forward.
Revised OI is available on OMnet, AMD and GCF.
Nasdaq Nordic IT Forum 15-17 March 2016
57
ROADMAP - APRIL 2016 RELEASE
All Markets
• Improved Instrument Data: API Impact Non mandatory
The instrument series queries shall be extended with new informational data fields to make
it easier to identify and categorize instrument series. The additional informational data will
contain information about expiry type and delivery period. The fields are for informational
use, i.e. the fields do not control any logic.
Nasdaq Nordic IT Forum 15-17 March 2016
58
ROADMAP - JUNE 2016 RELEASE
Commodities
New Gas contracts
(Subject to succesful testing and regulatory approval)
New contracts will be introduced for Dutch TTF, German NCG and UK NBP. The products
will be monthly cash settled DS Futures with no physical delivery and no cascading.
• Balance of the Working Day Week and Balance of the Month
Applicable to TTF, NCG and NBP
Contracts characteristics; a contract where the delivery matches the remaining business
days of the week/month.
• Front Month and Back Month
Applicable to NBP
Contracts characteristics; a contract where the delivery matches the first/second half of
the month.
Nasdaq Nordic IT Forum 15-17 March 2016
59
NORDIC FIXED INCOME
Agenda
•
•
Daily Cash Settlement
Netting and Trade Division
Nasdaq Nordic IT Forum 15-17 March 2016
DAILY CASH SETTLEMENT
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Nasdaq Nordic IT Forum 15-17 March 2016
DAILY CASH SETTLEMENT
Future contracts are listed simultaneously with forward contracts
during the transition period. Eventually futures will replace forward
contracts
Transition Period
Government Bond Contracts November 2nd 2015
to
September 15th 2016
Mortgage Bond Contracts
November 2nd 2015
to
June 9th 2016
3-Month STIBOR contracts
November 2nd 2015
to
December 17th 2018
3-Month NIBOR contracts
November 2nd 2015
to
December 18th 2017
6-Month NIBOR contracts
November 2nd 2015
to
December 19th 2016
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Nasdaq Nordic IT Forum 15-17 March 2016
NETTING AND TRADE DIVISION
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Nasdaq Nordic IT Forum 15-17 March 2016
OVERVIEW NETTING
• Netting, just like compression, is a risk reduction service where
trades can be removed without impacting the interest rate risk of
the profile
• Netting enables end clients / members to terminate large amounts
of swap contracts before they expire
• Benefits of netting include
•
•
•
•
•
Reduction in counterparty credit exposure
Operational risk and cost
Potentially lower legal expenses in the event of a default
Since contracts are eliminated, capital cost can be reduced
Netting introduces significant reduction of risk in the derivatives market
• Prerequisite for netting is MarkitWire’s post-cleared functionality
Trade Division
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NETTING - THE SERVICE
• The service will introduce
•
•
Full and partial netting of equal but opposite trades
Trades with different (blended) rates netted into one or more trades
• The netting request is done manually in Nasdaq’s Genium INET
system
•
•
By the member or
The clearing broker on behalf of the end client
• To net trades, the member or clearing broker will tag the trades that
will part of the netting process
• MarkitWire’s Trade Division enables the possibilities that a member
or end client can net down trades - without affecting another
member or end client - since the trades are against the clearing
house  un-linked netting
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CLEARING WORKSTATION
REPLACEMENT
Daniel Sörmark
Nasdaq Clearing
NASDAQ CLEARING
Focus areas going forward
Product coverage
1
Operational efficiency
2
Capital efficiency
3
4
5
6
7
Regulatory
Clearing model
Risk management
Technology
CLEARING WORKSTATION
REPLACEMENT
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CLEARING WORKSTATION REPLACEMENT
CLEARING
WORKSTATION
1
CLEARING
WORKSTATION
2
NEW CLEARING INTERFACE
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CONNECTIVITY AND ACCESS
• Fully web browser based
= no installation required
• Chrome and Internet Explorer
supported
• Access via secure Internet logon
or leased line
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SOME BENEFITS WITH THE NEW
CLEARING INTERFACE
Countersign / 4-eye
controls
Support mirroring
Faster query
responses
Workstation – User_1
200
230
260
290
320
Improved margin
simulation
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No installation is
required
Consolidated views
TIMELINE
Transition
External test environment
Requirements
Development
2017
2016
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Nordic IT Forum 15-17 March 2016
For questions regarding the
Clearing Workstation replacement project,
please contact:
Daniel Sörmark
[email protected]
+46 8 405 6467
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Ryan Wu
[email protected]
+46 8 405 6322
NASDAQ NORDIC
MARKET DATA
GENIUM CONSOLIDATED FEED RELEASE 3.2 (1/2)
Launch April 25
External test system GCF EXT4
Index related changes:
• Nordic Fixed Income indexes calculated in GIC
• A new source (ICS_FI -> GIC) and source id
• Reports for the affected indexes no longer in File Delivery Service (FDS)
• IndexMember (Im) will replace BasicDataIndexMember (BDIm) msg
“Im” is a real-time message, disseminated after the EndOfBasicData message for the
index source
• Test data available March 21
Warrants:
• EUSIPA Instrument classification for Warrants, Certificates and ETNs
(i.e. instruments of DerivativeType [Dty] 4 = Warrant)
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GENIUM CONSOLIDATED FEED RELEASE 3.2 (2/2)
Minifutures:
• Msg name change in TIP spec: Minifutures -> ExchangeTradedProduct
• Tag remains as ”Mf”
• ContractSize introduced
Open interest:
GCF shall only publish open interest once a day for each series
• For all commodities, fixed income derivatives and equity derivatives
except index futures: in the morning at start-up (overnight balance)
• For index futures: midday at 13:00 (overnight balance adjusted for closeouts in the morning)
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THANK YOU