BURSA TRADE TRADE SECURITIES

Transcription

1 BTS 2 Briefing to Industry #2 BURSA TRADE SECURITIES 2 TECHNICAL BRIEFING 23 January 2013

2 Agenda No Agenda 1 General Timeline 2 FIX Specifications 5.0 SP1 3 FIX Certification for OMS Developers 4 On-boarding to Certification & Production Environments 5 Network Access & Co-Location 6 FIX Gateway Architecture 7 Q & A 2

3 General Timeline Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Industry FIX Spec Publish Development of FIX compliant OMS and IVs applications (6 months) On-boarding to Production Jan Feb Jun Aug- Sep IWT Go Live Oct - Nov 2 Dec Cert Env FIX Certification Setup May Sep Jan Milestones Dates FIX Specifications 3 Major Publications 25 Jan (95%), 23 May (99%), 23 Sep (100%) FIX Certification for OMS Vendors 2 May 31 Sep 2013 (31 July 2013) On-boarding to Certification Environment 2 Feb 30 Jun 2013 On-boarding to Production Environment 1 Aug 31 Sep 2013 Production Connectivity Tests 1 Aug 31 Oct 2013 Industry Wide Testing at Bursa Main Site 5 Oct & 12 Oct 2013 Industry Wide Testing at Bursa DR Site 19 Oct 2013 Industry Wide Testing Intraday Failover to Bursa DR Site 26 Oct 2013 Backup Industry Wide Testing at Bursa Main Site 9 Nov & 16 Nov

4 FIX Specifications 5.0 SP1 EQUITY PARTICIPATION IN BURSA DERIVATIVES Order Routing & Market Data 4

5 FIX Specifications 5.0 SP1 Order Routing Msg Type FIX Message D New Order Single Submit new orders. Description s New Order Cross Submit cross order (OMMT). F Order Cancel Request Cancel order. G Order Cancel Replace Request Modify order. Also applicable to Client Amendment. 9 Order Cancel Reject Reject order cancellation. H Order Status Request Request status on an order. CA, BZ Order Mass Action Request Request to cancel or status of a group of orders. 8 Execution Report Exchange acknowledgements. i, b Mass Quote Submit market maker quotes. AD, AE, AR, AQ Trade Capture Report Request for Trade report. Also applicable to off market trade (DBT) report. Trade Cancellation Cancel Trade Capture Report 5

6 FIX Specifications 5.0 SP1 Market & Reference Data Msg Type FIX Message Description V, Y, W, X Market Data g, h Trading Session Status Subscribe to market data: Order Information (e.g. bids, offers, etc.) Trade Information Index Information Security Statistics (e.g. VWAP, total trades value, total traded shares, opening price, closing price, last traded price, etc.) Subscribe to Trading Session Status of one or more boards (market segment) e, f Security Status Subscribe to status of one or more securities B News News dissemination BT, BU Market Definition Request for market definitions BI, BJ, BS Trading Session List Request for trading session lists x, y, BK Security List Request for security lists c, d, BP Security Definition Request for security definitions 6

7 FIX Certification for EQUITY PARTICIPATION IN BURSA DERIVATIVES OMS Developers 7

8 FIX Specifications 5.0 SP1 Types of Certification i and Service Exchange recommended completion date : 31 July 2013 No Module Description Mandatory 1 Basic Trading Normal, Odd-Lot & BUY-IN Market Segments Limit-Day and Market-FAK Order Types YES 2 On-Market Married Transaction Cross Orders in Normal Market Segment NO 3 Client Amendment CDS Account Amendment at Order Level NO 4 Direct Business Transactions Reporting Off-Market Trades NO 5 Advance Trading Other Order Types & Validities Minimum Quantity NO 6 Market Maker Orders FIX Message : Mass Quote NO Institution Services Participating Organisations Exchange assisted certification Exchange assisted tests; eg. acting as counterparties Independent Solution Vendors Information Vendors Exchange assisted order entries and order matching for the simulation of market trades and prices Verification of market data 8

9 On-boarding to Certification EQUITY PARTICIPATION IN BURSA DERIVATIVES & Production Environments 9

10 On-boarding to Certification Environment POs/ISVs/IVs Bursa Malaysia Request for Information s/phone calls Form BTS2-A1 Provide relevant documents Fill up form BTS2-A1 Completed Application form Process completed application forms Connectivity Details Test Connectivity Fail Clarification/Rectification Contact Bursa Technical Support Pass Onboarding Complete 2 Feb 30 Jun

11 FIX Specifications 5.0 SP1 Certification Flowchart POs/ISVs Bursa Malaysia Onboard to Certification Environment Request for Certification Documents request Provide relevant documents Develop Solutions FIX Specification & Certification Kit Request for Certification Completed Certification Request Form Test Schedule Process Certification Request Execute Tests & Prepare Submission Complete Certification Tests Result Complete Tests Log Tests Result & Certification Acknowledgement Fail Verify Tests Submission Pass 2 May 31 Sep

12 On-boarding to Production Environment POs/ISVs Bursa Malaysia To be provided by 30 Jun Aug 31 Sep

13 Network Access & Co-Location EQUITY PARTICIPATION IN BURSA DERIVATIVES 13

14 Network Access Connectivity to Certification Environment 10Mbps 1Gbps 14

15 Network Bandwidth Requirement Production Sampling (Number of Market Events per second) Network Bandwidth Utilisation for Market Data (30% increase with compression) 99 Percentile (70 events) 99.5 Percentile (100 events) 100 Percentile (800 events) MMTP (compressed) Bandwidth Consumption FIX FIX with zlib compression 66 kbps 140 kbps 86 kbps 94 kbps 200 kbps 123 kbps 752 kbps 1,600 kbps 984 kbps Network Bandwidth Utilisation for Orders & Trade Messages (25% increase) Number of Orders Bandwidth Consumption per second MMTP FIX kbps 50 kbps kbps 250 kbps kbps 500 kbps 15

16 Bursa Malaysia Co-Location Services High speed network access to trading engine: Current lease line (256 kbps to 1 mbps) Co-Locating ( 10 mbps to 1024 mbps) Stringent security control Power and network stability Zero ( 0 ) power supply outages to Data Centre and network outages since 1997 Ready Telcos Points of Presence (POPs ) Ready Telcos services Metro-Ethernet for high throughput & low latency network connection Ready Infra for Testing Development and DRC Site 16

17 FIX Gateway Architecture EQUITY PARTICIPATION IN BURSA DERIVATIVES 17

18 FIX Gateway Architecture FIX gateways located at Bursa Malaysia Every FIX gateway runs on the same server that hosts an X-Stream trading engine. DropCopy FIX connections are available. zlib Compression technique for Market Data. Configurable to on or off. Market Depth Level 1 : Top of the book Level 2 : 2 and above Market by price, limited to depth of 5 Market by order, limited to depth of 10 Market and reference data dissemination, e.g. indices, announcements, security list, etc.; is determined by users. Market EOD file will be made available. Real-time market replay is not available. 18

19 BTS 2 : Briefing to Industry #1 BTS 2 Communication Channels Contact BTS 2 communique BTS2@bursamalaysia.com 19