ASEAN LINK Technical Solution. 28 th of July, 2011

Transcription

1 ASEAN LINK Technical Solution 28 th of July, 2011

2 ASEAN Link Solution Agenda SunGard & ASEAN Exchanges SunGard brief introduction SunGard & ASEAN Exchanges The Link ASEAN Link principle ASEAN Link Solution Global Architecture Order routing overview Market data overview Key component - ACE & NAP Description Standard Interfaces DR failover Inside ASEAN Link Network Valdi Trader screen Risk Management Back office integration & drop copies SunGard A key partner Conclusion 2

3 SunGard & ASEAN Exchanges 3

4 SunGard businesses

5 Financial Systems Division Financial Systems Division +/- 3 billion USD Global Trading > 600 M USD Direct Market Access / Exchange Gateway markets worldwide (order routing + market data) Trading Front End 35,000 screens worldwide Multi-asset (equity & derivatives) Multi-market Risk Management Order Management System (EDA) Advanced Trading (Algo, HFT, program trading) Compliance Management SunGard Global Network 5

6 Financial Systems Division Financial Systems Division +/- 3 billion USD Global Trading > 600 M USD Direct Market Access / Exchange Gateway markets worldwide (order routing + market data) Trading Front End 35,000 screens worldwide Multi-asset (equity & derivatives) Multi-market Risk Management Order Management System (EDA) Advanced Trading (Algo, HFT, program trading) SunGard Global Network Compliance Management 6

7 SunGard & ASEAN Exchanges The Link SunGard leveraging on its experience in managing the SGN to build the Asean Link network SunGard Global network is additional 30 + hubs worldwide > 2,000 financial institutions Buy-Side and Sell-Side > 150 Listed Exchanges > Low-latency market data > Certified with most major FIX networks > Online visibility of all connected firms and services offered > Broker neutral and cost effective connectivity > Active marketing through SunGard City Days Asean Link network will interlink 4 exchanges to begin with. Bursa, PSE, SET & SGX 7

8 ASEAN Link Trading Link Background & Rational Affordable way to interconnect ASEAN participants to ASEAN exchanges Including both market data & order routing Minimize impact on existing Members trading solution Present ASEAN markets in a uniform manner Standard interface for order routing & market data Single point of access for non-asean members In a nutshell Improve/facilitate Intra-ASEAN exchanges liquidity Increase Member s revenues

9 ASEAN Link Solution 9

10 ASEAN Link Trading Link What will be provided in ASEAN Link? ACE - ASEAN Common Exchange Gateway, i.e. local gateways NAP - Neutral Access Point to interface with external (ex ASEAN) clients IAN - Intra-ASEAN Network linking all 4 ASEAN Exchanges Standard Interfacing Protocols: FIX for Order routing FIX/FAST for market data Pre-trade risk management Via drop copy Using SunGard risk management interface OMS (Valdi Trader) screens to the members during the transition period Active marketing of ASEAN link to our SGN community worldwide

11 Where to find SunGard Asean Link components: ACE, NAP, IAN IAN = Intra ASEAN Network ACE = ASEAN Common Exchange gateway NAP = Neutral Access Point

12 ASEAN Link Solution Overview ASEAN Link Order routing Brokers are the key players acting as intermediaries for each exchange Brokers who are not members of the exchange where a trade is executed are required to have a bilateral agreement with at least one sponsor broker Originating Broker (OB) send orders to the local ACE hosted by their local exchange Orders are routed to and executed at the target exchange using local membership of the Sponsoring Broker (SB) SBs can receive drop copy feeds of the inbound orders and execution reports

13 Asean Link: Order routing Originating broker Originating clients Sponsoring brokers can receive real-time drop-copy feeds in FIX or end-of-day in text files Drop copy Sponsoring broker

14 ASEAN Link Solution Overview ASEAN Link Market Data Market Data will be made available for ASEAN securities traded over ASEAN link locally at each ACE Market Data will also be made available to non-asean players for ASEAN securities traded over ASEAN link through the NAP. Additional ASEAN information products will continue to be made available for subscription

15 Asean Link: Market data Market data from ASEAN exchanges are aggregated at each ACE and NAP for consumption by connected participants

16 Asean Link: Market data Market data from ASEAN exchanges are aggregated at each ACE and NAP for consumption by connected participants

17 Key component - ACE Description ASEAN Link Inside the ACE ACE gateway/hub are serving two functions: Outbound Located at the local exchange (Members are OB) Order routing interface (FIX) Market data interface (FIX/FAST or SunGard API) Network point of entry to the IAN Inbound Located at the target exchange (Members are SB) Risk Management Execution server (exchange native interface) Market data server (exchange native interface)

18 Key component - ACE Description SunGard Valdi Trader screen sends orders and receive confirmation via SunGard s proprietary interface Risk parameters configured with Valdi Selector Manager are transmitted to the executing exchanges risk management server. Alternatively, parameters files can also be uploaded directly Third party FIX-based OMS communicate with FIX interface

19 Key component for Investors: The NAP ASEAN Link Inside the NAP Inbound from non-asean investors Order routing interface (FIX) Possible market data interface (FIX/FAST or SunGard API) Network point of entry to the IAN Inbound access for FIX networks Similar interfacing (order routing & market data) Point of access to FIX communities Interconnectivity with SGN Trading Community Any connected ASEAN Member will become by default visible on SGN Immediate access to the full SGN community

20 ASEAN Link Standard Interfaces ASEAN Link Order routing & Market Data protocols Order routing FIX (target version being FIX 5.0 Market Data FIX/FAST FIX rules of engagement (ROE) will be made available to ISV for interfacing (tentative dates): Order Routing End of September Actual FIX/FAST market data interface will only be available after launch. SunGard market data API shall be available as a substitute to be used at launch date. Valdi Trader screens will be available to allow access to ASEAN link until ISV developments are completed (applicable terms to be check with respective exchanges)

21 Asean Link: Standard Interfaces Deal confirm Client Order Uses the Valdi Trader screens or own FIX-based OMS to send orders Handles credit limit View and cancel sponsored orders Facilitate post trade activities Clearing & Settlement Originating Broker (OB) Manage Risk Filter & Control Order Flow (via Selector Manager screen) Connect via ASEAN FIX Connect via ASEAN FIX Sponsoring Broker (SB) Originating Exchange Connect via ASEAN FIX/FAST or SunGard API ACE Order Deal confirm Prices & Order book IAN Originating ACE routes order to the Executing Exchange via the Intra-ASEAN Network (IAN) NAP Order Deal confirm Prices & Order book ACE Order Deal confirm Executing Exchange Executing ACE Performs risk screening Converts ASEAN FIX messages to the Exchange s proprietary message for transaction processing Submits orders directly to the Executing Exchange Collects and disseminates Exchange market data

22 ASEAN Link - Failover, DR, All ASEAN components are redundant IAN is built with full redundancy NAP also consists of main and DR site ACE - All ASEAN exchanges will host ACE also at their DR sites Capacity of ASEAN Connect DR infrastructure will be identical to the main site In the event of failover, Valdi Trader can be configured to attempt to reconnect to the main site and also to hot DR in case of failure 3rd party OMS should also strive for the ability to automatically reconnect to the DR site when failover occurs

23 ASEAN Link Easy steps Onboarding steps to ASEAN Link To fully access the ASEAN link Member will have to complete the following: 1. Subscribe to ASEAN link via their local exchange 2. Enter into an agreement with target exchange s members 3. Interface their existing ISV with the local ACE or use Valdi Trader screens Broker 2Broker Subscription Interface ASEAN Link

24 Inside ASEAN Link 24

25 ASEAN Link Connectivity to other brokers Today Each Member gets his own connection to targeted exchange s members. Local Member

26 ASEAN Link Connectivity to other brokers Today Each Member gets his own connection to targeted exchange s members. Local Member

27 ASEAN Link Connectivity to other brokers Today Each Member gets his own connection to targeted exchange s members. Local Member

28 ASEAN Link Connectivity to other brokers Today Each Member gets his own connection to targeted exchange s members. Local Member

29 ASEAN Link Connectivity to other brokers Today Each Member gets his own connection to targeted exchange s members. Global buy- & sell-side Networks Local Member

30 ASEAN Link Connectivity to other brokers Today Each Member gets his own connection to targeted exchange s members. Global buy- & sell-side Networks Local Member

31 ASEAN Link Connectivity to other brokers ASEAN Link A Single access for all existing Members & their clients. NAP Local Member Inter-Connected Exchange Hub Neutral Access Point

32 ASEAN Link Connectivity to other brokers ASEAN Link A Single access for all existing Members & their clients. Intra-ASEAN Network NAP NAP Local Member Inter-Connected Exchange Hub Neutral Access Point

33 ASEAN Link Connectivity to other brokers ASEAN Link A Single access for all existing Members & their clients. Intra-ASEAN Network NAP NAP Local Member Inter-Connected Exchange Hub Neutral Access Point

34 ASEAN Link Connectivity to other brokers ASEAN Link A Single access for all existing Members & their clients. Global buy- & sell-side Networks Intra-ASEAN Network NAP NAP Local Member Inter-Connected Exchange Hub Neutral Access Point

35 ASEAN Link Connectivity to other brokers ASEAN Link A Single access for all existing Members & their clients. Global buy- & sell-side Networks NAP Intra-ASEAN Network SGN NAP Local Member Inter-Connected Exchange Hub Neutral Access Point

36 ASEAN Link - Trading Front End Valdi Trader Screens Over 35,000 screens deployed worldwide Fifty modules, including innovative order sending and monitoring capabilities Multi-currency Integrates market data, provided direct from the markets Fully customizable flexible interface Provides a single-window view of all orders. 36

37 ASEAN Link - Trading Front End Valdi Trader Screens for ASEAN Link A specific number of Valdi Trader screens shall be available (at subsidized cost) for the Members in the first phase of the launch for a period of 18 months as part of the ASEAN Link agreement. Main purpose is to facilitate immediate access to ASEAN Link for the Member who would require more time to build their interface to the ACE. ASEAN Link Valdi Trader screen shall be discussed with respective exchanges. Extension (in number or duration) to be discussed... 37

38 ASEAN Link Risk Management Valdi Selector - Risk management features Real-time Pre-trade risk management Flexible risk management with large filtering functions Multi-level control (accounts, client, trader, desks, etc ) Easy import of all parameters Real-time position keeping & alert management Backed up within seconds Manage up to 600,000 accounts Market specific parameters allows full compliance with market regulations 38

39 ASEAN Link Risk Management GL Selector Valdi Selector, a comprehensive pre-trade risk management. Benefits Global vision of all trading activities One management interface Precise risk management control Reliability coupled with performances = peace of mind 39

40 Back Office Integration Front to Back Front-office to Back-office integration of transactions Originating Brokers: Flat files provided by Sponsoring Brokers at end-of-day Through FIX enabled OMS SunGard Valdi terminals can provide screen capture Sponsoring Brokers: Drop copies through FIX connection in Listening mode only Real-time Solution Intended for integration with sponsoring brokers back office for reconciliation with the executing exchange, maintenance of credit line, etc. Note that pre-trade risk management is carried out separately through Valdi Selector Manager, which itself is also able to export end-of-day positions

41 SunGard a key partner 41

42 ASEAN Link marketing within SGN SGN SunGard Trading Community One Network, One community built over 20 years On ASEAN Link launch, registered Members will by default become part of SGN Community and therefore accessible within SGN for their local exchanges. SunGard City Days Yearly event in cities around the world Strong vehicle to share industry trends and promote trading innovations Gathering in every city SGN community and more Beijing Singapore London Copenhagen Sydney Mumbai Milan Zurich Chicago New York Paris Tokyo Dubai

43 Conclusion 43

44 ASEAN Link - Benefits ASEAN Link Take Away Reduce cost to do business Easier way to do business Standardization Simplification True Trading Community 44

45 THANK YOU