Vendor Seminar. 5 June 2014 For HKEx Real-time Vendors and End-Users Only

Transcription

1 Vendor Seminar 5 June 2014 For HKEx Real-time Vendors and End-Users Only

2 Agenda Part 1 OMD Updates Part 2 Upcoming Initiatives Part 3 Business Updates By Karen Lam Vendor Support and Data Management, Market Data Global Markets Division By Karen Lam Vendor Support and Data Management, Market Data Global Markets Division By Winnie Sin Sales and Marketing, Market Data Global Markets Division Part 4 Q&A 2

3 OMD Project Overall Status Q Parallel run Q Q Q Q Q Parallel run 1 month Parallel run 3 months Parallel run OMD-C Rollout 30 Sep 2013 MMDH Rollout 3 Mar 2014 OMD-D Launch (Planned) 30 Oct Mar 2014 MDF* Retired All MDF* clients migrated to OMD-C on 1 Nov 2013 MDF3.8 Retired All MDF 3.8 clients migrated to OMD-C on 31 Mar 2014 PRS+ Retired Remarks: Parallel run refers to parallel run of HKEx s new and legacy market data systems, but not parallel run eligible for clients end. The latter is subject to the arrangement for different batches PRS Retired 3

4 OMD-D - On Boarding Activities Jun 2014 Jul 2014 Aug 2014 Sep 2014 Oct 2014 Nov 2014 Dec 2014 Close of Readiness Test 20 Declaration of Readiness 27 Production Line Installation Briefing Session on Market Rehearsal Shakedown Connectivity Test Market Rehearsals Post Release Test and Rollout PRS Plus Phase Out PRS Phase Out Clients to plan ahead and liaise with their network provider for production line configuration / installation Reminder: Clients are required to use dedicated SDNet lines for OMD-D at initial rollout. Merging SDNet lines with other production systems will only be arranged after the OMD-D stabilisation period. 4

5 OMD-D - Bandwidth Requirement (Update) Bandwidth requirement is updated to reflect the latest business projection up to 2014 / 2015: Datafeed Previous Estimated Bandwidth up to 2015 Revised Estimated Bandwidth up to 2014 Revised Estimated Bandwidth up to 2015 Non-SOM SOM Total Non-SOM SOM Total Non-SOM SOM Total Derivatives Standard ( DS ) 4M 19M 23M 5M 10M 15M 10M 16M 26M Derivatives Premium ( DP ) 7M 40M 47M 9M 16M 25M 19M 27M 46M Derivatives FullTick ( DF ) 6M 34M 40M 7M 12M 19M 14M 20M 34M Production throughput will be monitored after OMD-D rollout and sufficient advance notice should be given if the bandwidth requirements need to be adjusted 5

6 OMD Technical Updates - Production Contingency OMD has built in high availability and capability of handling component failure without disrupting trading. Failure Scenario System Behaviour Client Action Internal Process Failure Nearly transparent but on completion of internal failover OMD may resend messages which have been sent before the occurrence of the failure e.g. Trade Tickers (OMD-C); EAS / Trade Statistics / Series Statistics (OMD-D) Ignore resent messages Site Failure Stoppage in real-time and refresh data transmission and disconnection from Retransmission service; Sequence Reset messages will be sent from the backup site upon the completion of site failover which may take 5 minutes only at the fastest Detect system failure and attempt to connect to the backup site so that operation can be resumed shortly Intra-day System Restart All services in both OMD primary and backup sites will be shut down and then restarted. Exchange will make announcement Clear cached data and reconnect to the system upon notification from HKEx-IS that system has been restarted 6

7 Agenda Part 1 OMD Updates Part 2 Upcoming Initiatives Part 3 Business Updates By Karen Lam Vendor Support and Data Management, Market Data Global Markets Division By Karen Lam Vendor Support and Data Management, Market Data Global Markets Division By Winnie Sin Sales and Marketing, Market Data Global Markets Division Part 4 Q&A 7

8 Upcoming Initiatives Upcoming Exchange Initiatives in 2014 Market Product Initiatives Tentative Schedule Securities Index Dissemination of a new third party index via OMD Index Feed Market rehearsal : 21 Jun 2014 Effective: Early Jul 2014 Securities Equities Shanghai Hong Kong Stock Connect Late 2014 Derivatives Stock Index Futures & RMB Currency Futures Extension of after hour trading to 11:45 pm Simulation Test: Aug 2014 Effective : 3 Nov 2014 Derivatives Asia Commodities Introduction of : London Aluminium Mini Futures, London Zinc Mini Futures, London Copper Mini Futures, and API 8 Thermal Coal Futures. Later in 2014 Trading until 1:00 am (subject to regulatory approval) 8

9 Agenda Part 1 OMD Updates Part 2 Upcoming Initiatives Part 3 Business Updates By Karen Lam Vendor Support and Data Management, Market Data Global Markets Division By Karen Lam Vendor Support and Data Management, Market Data Global Markets Division By Winnie Sin Sales and Marketing, Market Data Global Markets Division Part 4 Q&A 9

10 Content 1 OMD-D Business Related Issues 2 Marketing Programme for Asia Commodities and New Derivatives Products 3 New Policies to Meet Market Needs 10

11 OMD-D FullTick Vendor Incentive Programme With the rollout of Genium Central Gateway (CG), more EPs will source derivatives data from OMD-D Objectives While EPs can currently source order depth information (MQ7) via HKATS OAPI, there is a higher bandwidth requirement for OMD Derivatives FullTick (DF) feed To this end, we aim to facilitate EPs access to OMD-D order depth data by encouraging IVs to offer a lower bandwidth solution while redistributing the DF feed OMD Derivatives FullTick Vendor Incentive Programme Programme Duration From OMD-D Rollout Date to 31 Dec 2015 Programme Details Eligibility Criteria Benefits An eligible IV shall (i) subscribe for Derivatives FullTick (DF) feed; and (ii) redistribute DF feed only to EPs and only for internal use* *In other words, an eligible IV could NOT redistribute DF feed to (a) EPs for external distribution (as indirect vendor); or (b) non-eps Waiver on Redistribution Fees ($37,950 per quarter) for eligible IVs 11

12 HKATS Central Gateway : Market Data Arrangement for EPs EPs who migrate to HKATS Central Gateway but wish to obtain real-time derivatives market data directly from HKEx for internal use are required to obtain the Market Data End User Licence. However, HKEx will waive certain fees under the Market Data End User Licence: 1. Waiver on Licence Fee and Connection Fee End User Licence Fee and Connection Fee will be waived for EPs using HKATS Central Gateway (for first 2 sets of Derivatives Standard connections only) 2. Waiver on Individual User Fees for Display EP in-house terminals/workstations Similar to the arrangement in Securities Market, EPs using HKATS Central Gateway are entitled to 2 free terminals per EP for display usage. Please note that EPs are required to obtain the Market Data Vendor Licence should they wish to redistribute derivatives market data externally to its clients and will be subject to relevant Subscriber Fees. 12

13 Content 1 OMD-D Business Related Issues 2 Marketing Programme for Asia Commodities and New Derivatives Products 3 New Policies to Meet Market Needs 13

14 Current Marketing Programme for New Derivatives Products Programme Duration 2 years (from Sep 2013 Dec 2015) Regions Covered Redistribution Fee Mainland China, Japan, Korea, Singapore, Taiwan Waived (early bird discount) Subscriber Fees Streaming Level 1 Data BMP Service Applicants who submitted the enrollment form before March 2014 Requirements: Waived Display data of at least two of the following products: HKEx CNH currency futures, CESC index futures and other new products including commodities futures Subscribers restricted to clients in the Regions Requirements: Waived Display data of at least two of the following products: HKEx CNH currency futures, CESC index futures Website shall include a version in local language of one of the Regions 14

15 Current Marketing Programme Enrollment Status Regions No. of Application Received Services Launched Mainland China 11 5 Japan 0 0 Korea 13 5 Singapore 3 0 Taiwan 1 1 Others (vendors with subscribers in the 5 regions) Total As of May

16 Marketing Programme for Asia Commodities and Derivatives Products Highlights: Focus on new ACD and derivatives products Extend programme duration to end of 2016 Cover new regions Extend early bird offer Offer free real-time Level 2 data (10 depths) Programme Duration From Jun 2014 to Dec 2016 Regions Covered Redistribution Fee Mainland China, Japan, Korea, Singapore, Taiwan, Australia, New Zealand, Malaysia, India Waived (early bird discount) Applicants who submit the enrollment forms by Mar 2015 Subscriber Fees Streaming Level 2 Data BMP Service Requirements: Waived Display data of the following products: HKEx CNH currency futures and CESC index futures, OR commodities futures Subscribers restricted to clients in the Regions Requirements: Waived Display data of the following products: HKEx CNH currency futures and CESC index futures, OR commodities futures Website shall include a version in local language of one of the Regions 16

17 Content 1 OMD-D Business Related Issues 2 Marketing Programme for Asia Commodities and New Derivatives Products 3 New Policies to Meet Market Needs 17

18 New Policies to Meet Market Needs Include bid/ask volume for Level 1 securities market data Data content for Level 1 securities market data Current policy Bid/ask price, high/low, last traded price, nominal, cumulative turnover/volume, opening/closing, IEV & IEP from auction trading session New policy Bid/ask price, bid/ask volume, high/low, last traded price, nominal, cumulative turnover/volume, opening/closing, IEV & IEP from auction trading session Applies to both real-time and 15-mins delayed data services Allow streaming delayed data services Current policy only allows delayed data provided on snapshot basis. Allow streaming delayed data services to improve service level Extend BMP third party service on mobile applications Current policy only allows BMP third party website services Extend BMP third party service on mobile applications Effective: June

19 Q&A Website:

20 Thank you! 20