1. Guidelines for Derivatives Trading and Market Data subscribers: Please refer to the test schedule below for detailed testing requirements

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1 Integrated Trading and Clearing (ITaC) Project 1b and 1c Trading Dress Rehearsal Checklist 7 and 21 October 2017 These dress rehearsals are mandatory for all trading, market data and clearing solution Software providers, own solution developers, Shared Infrastructure Providers (SIPs) and Host-to-Host clients that connect directly to the JSE. The principle of dress rehearsals is to allow all clients to test all their systems and interactions to the JSE and also allow them to simulate a production-like trading day Dress rehearsals are conducted in the JSE production environment and should be tested from the client s production/disaster recovery environments The JSE strongly recommends all client sites are tested during one or both of the October dress rehearsals so that by mandatory dress rehearsals in November all sites have been proven at least once No pass/fail reports will be issued by the JSE Clients to conduct sufficient testing and full functional highly recommended JSE will require signoff from the Responsible Officer to confirm their success in the dress rehearsal a template will be provided o Technical capability successful o Tested minimum functionality and was successful o Enablements successful o Reference Data processing o Trader Groups and Trader IDs correct o Confirmation to proceed to next phase 1. Guidelines for Derivatives Trading and Market Data subscribers: Please refer to the test schedule below for detailed testing requirements Mandatory Requirements Optional Requirements Prove technical deployment activities and basic functional tests to test a selected set of clients site setup Connection and successful Login by at least 1 Interface User Id (CompID) per trading and information Gateway that you subscribe to: Native Trading Gateway Drop Copy Gateway Post Trade Gateway Market Data Gateways (Level 1 and Level 2) Reference Data Test all existing production derivative instrument types The following new instrument types will be included Single Stock Dividend Neutral Anyday Future International Equity: Anyday Future; Dividend Neutral Future; Dividend Neutral Inverse Calendar Spread; Dividend Neutral Anyday Future; Quanto Dividend Neutral Future International Index: Anyday Futures & Options; Quanto Futures & Options Forex Index: Future; Inverse Calendar Spread Software Provider Dress Rehearsal Checklist (Trading) V1.0.Docx 1 of 5

2 Quanto Forex Anyday Futures & Options User-created instruments Create an Anyday Future each firm will be assigned a specific instrument/underlying for the user created instruments. The JSE team will notify clients which instruments/underlying they must create these for. Create an option on the AnyDay Future created Create a Delta Option Instrument Auto-creation of strikes limited to ALSI, DTOP, USDZAR Order submission and management Submission of at least one order per Market that you participate in: Order cancellation and order amendment Submission of quotes (Applicable for Market Makers) Submission of an order type using each Time In Force (TIF): Implied Across orders are only enabled for ALSI, DTOP, USDZAR Trade submission and management Match an On Book trade Match an On Book trade on both strategy instruments Off Book Trades (Reported Trades) On-behalf of Trading - Clearing members to submit one Off Book trade per trading member Volume Testing An opportunity will be provided for clients to submit orders and trades for Volume Testing Please note: The current Nutron platform for the Derivatives Markets will be available for connectivity and should clients wish to connect, the markets will be in a Market Online Download Only state Clients should note the following: Conformed software is required for this dress rehearsal The order book will be empty at the start of the dress rehearsal All reference data (instruments, closing prices, Trader IDs etc.) will be as per production at close of business on Friday, 13 October Please note that CompIDs, Trader IDs and Trader Groups created will be according to the enablement requests received, leading up to the dress rehearsal. Trading Reference Data CSV files can be downloaded via IDP from end of business on Wednesday, 18 October A new folder will be created for the files called Derivatives Market Prod. Updated Trading Reference Data CSV files must be downloaded via IDP on Friday, 20 October 2017 (~22h00) and used during the dress rehearsal. Software Provider Dress Rehearsal Checklist (Trading) V1.0.Docx 2 of 5

3 2. High Level Test Schedule 7 & 21 October 2017 Please note that the schedule may change due to activity taking place on the day. # Start End Client testing requirement Description 1 From approx. 05:30 Client connectivity can begin Clients to connect and login to Trading and Market Data Gateways that they subscribe to 2 06:30 07: :00 12:00 Start of day reference data published Off Book Trade Reporting period All Markets Equity Market (EQM) Currency Derivatives (FXM) Equity Derivatives (EDM) Clients to submit Off book Trade reports and Off Book trade cancellations. EDM and FXM: Clients are encouraged to test using the new Trade Sub Types: CFD Trade Roll Trade Strategy Trade Negotiated Trade Price Adjust Information subscribers should confirm the receipt of Off Book reported trades 4 08:20 08:30 EDM Open Auction Order entry/amendment/deletion Manage Off Book trades 5 08:30 08: :40 11:40 EQM for JSE & NSX : Open Auction (All segments) EQM for JSE & NSX : Continuous trading Information subscribers should confirm the receipt of bids and offers Clients may submit orders and/ or trade reports. Information Subscribers can also connect and subscribe to data. Software Provider Dress Rehearsal Checklist (Trading) V1.0.Docx 3 of 5

4 Reference Data Accessing the new client csv files from the JSE IDP site 7 08:30 12:00 EDM Continuous trading 8 08:30 12:00 FXD: Continuous trading User-created instruments Create an Anyday Future Each firm will be assigned a specific instrument/underlying for the user created instruments. The JSE team will notify clients which instruments/underlying they must create these for. Create an option on the AnyDay Future created Create a Delta Option Instrument Auto-creation of strikes limited to ALSI, DTOP, USDZAR Order submission and management Submission of at least one order using the following order types per Market that you participate in: Market Order (MO) Limit Order (LO) Stop Order (SO) Stop Limit Order (SL) Market If Touched Order (MIT) Market to Limit Orders (MTL) Order cancellation and order amendment Submission of quotes (Applicable for Market Makers) Submission of an order type using each Time In Force (TIF): Implied Across orders are only enabled for ALSI, DTOP, USDZAR Trade submission and management Match an On Book trade Match an On Book trade on both strategy instruments Delta Option Inverse Calendar Spread Off Book Trades Clients are encouraged to test using the new Trade Sub Types: CFD Trade Roll Trade Strategy Trade Negotiated Trade Price Adjust all o Submit at least one dual-sided and one singlesided Off Book Trade On-behalf of Trading Clearing members to submit one Off Book per trading member Software Provider Dress Rehearsal Checklist (Trading) V1.0.Docx 4 of 5

5 Information subscribers should confirm the receipt of public market data Volume Testing An opportunity will be provided for clients to submit orders and trades for Volume Testing 9 TBC Volume Testing 10 11:40 11:45 EQM Closing Auction Clients to submit orders and trades for Volume Testing. Clients will be advised when to commence volume testing. Order entry/amendment/deletion; manage Off Book trades; unexecuted orders with EHL flag are expired. No order matching 11 11:45 12:00 EQM CPP > CPX > EOD Volume Auction (5min each) CPP: Closing price publication; order deletion; manage Off Book trades. CPX: Execution of orders at the closing price. Order entry, order modification (except price), order deletion; manage Off Book trades. EOD Vol Auction: Orders with for participation in EOD Volume Auction Order entry at the closing price only / amendment of the size only / deletion Information subscribers should confirm the receipt of closing prices 12 12:00 EQM, EDM, FXM Post Close Order deletion; GTT orders are expired; manage Off Book trades. No order matching 13 From approx. 16:00 Post Dress Rehearsal Connectivity Testing to production Clients are strongly encouraged to perform testing to prove connectivity back to the JSE Production services for Equity Trading and Information to ensure business readiness for Monday. NOTE: Should clients encounter any issues please contact Customer Support on Support during dress rehearsals 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: o CustomerSupport@jse.co.za or o Dress rehearsal status updates will be reported via the JSE website for clients to monitor status at the following link: Software Provider Dress Rehearsal Checklist (Trading) V1.0.Docx 5 of 5