Xitaro Circular Edition 1/2015. Editorial. Summary

Transcription

1 Xitaro Circular Edition 1/ April 2015 Editorial Dear reader, We are pleased to provide you with the first edition of our Xitaro Circular. This document is intended to inform you about all important developments related to Xitaro, the new trading system of Boerse Stuttgart that will be set live on 28 September The project is proceeding according to plan not least thanks to your support. There are only five months remaining until we will discontinue the trading system XONTRO on the Stuttgart Stock Exchange. After that you will only be able to connect to Boerse Stuttgart via Xitaro. We appreciate your feedback in the form of questions and comments relating to our first Circular. Simply get in touch with us or with our Xitaro Customer Support. Kind regards Dr. Christoph Boschan Member of the Management Board Boerse Stuttgart AG Michael Jaeggi Project Director Xitaro Boerse Stuttgart AG Summary Xitaro Go-Live at Boerse Stuttgart on 28 September 2015 Boerse Stuttgart s new trading system Xitaro will go live on 28 September Hence, Boerse Stuttgart s innovations can be introduced to markets and passed on to our customers more quickly. Read more on page 2. Get in touch with us! To regularly and comprehensively inform you about news on the implementation progress of Xitaro and its subsequent service we are pleased to introduce you to the various opportunities for dialogue and information we have established. Read more on page 2. New opportunities for your OTC interbank trade reports via Xitaro In the future, OTC interbank trade reports (Platzdirektgeschäfte and PÜEVs) can be entered by every KV against every other KV. Read more on page 3. Amendments of the Exchange Rules as a result of the CSD-Regulation Due to adjustments of the exchange rules and the trading conditions as of 3 April 2015 at Baden-Württembergische Wertpapierbörse general adjustments and amendments result in the updated set of rules due to regulation (EU) no. 236/2012 (CSD-Regulation). Read more on page 3. Page 1 of 5

2 Current Xitaro project plan: Ongoing Member Readiness Checks Xitaro was released for testing and the Member Readiness Checks are currently ongoing. Furthermore, the migration concept for members of our Member Readiness Group has been published. Read more on page 4. 1 General information on Xitaro Xitaro the new trading system of Boerse Stuttgart As of 28 September 2015 Boerse Stuttgart will introduce its new trading system Xitaro. It is based on NASDAQ s established and worldwide proven Genium INET system. It enables you to benefit from a reliable and future-proof technology. The goal is to secure the competitive edge of Boerse Stuttgart in the long run to the benefit of our customers. This can only be achieved with an exchange system, which allows Boerse Stuttgart to take independent decisions e.g, on innovations and further developments. As a trading participant you benefit from an enhanced competition between the German stock exchanges. Thanks to Xitaro, Stuttgart innovations can be introduced to markets and passed on to our customers more quickly. As a result, market standards can be met even more rapidly in the future. With this new exchange system Boerse Stuttgart s role as innovation driver is being strengthened. Xitaro - Your opportunities for dialogue and information Various opportunities for dialogue and information were established in order to regularly and comprehensively inform you about news on the implementation of Xitaro and its subsequent services. Moreover, they shall provide general information relating to Boerse Stuttgart: Xitaro Customer Support Your single point of contact for all technical and functional inquiries +49 (0) xitarohelp@boerse-stuttgart.de Member Readiness Group Get in touch with us! Xitaro Member Website Exclusive Xitaro member website with constantly updated documents, i.a. forms, technical specifications, user guides Xitaro Circular Members of our Member Readiness Group will receive exclusive information on Xitaro via the dedicated member area and the Member Readiness Group events Communication tool for the regular provision of information on the latest developments of stock exchange and functional or technical issues related to the implementation and services of Xitaro Page 2 of 5

3 2 Trading News OTC interbank trade reports via Xitaro Xitaro supports the entry of OTC interbank trade reports ( Platzdirektgeschäfte and PÜEV ) as of 28 September An OTC interbank trade report can be entered in Xitaro via the interfaces Xitaro FIX ( TradeCaptureReport ), Xitaro SWIFT ( MT 511 ) or via the Xitaro Workstation. In the future, Xitaro does not charge any fee for the entry of OTC interbank trade reports. In the simplest case it will be sufficient for the counterparty of the interbank trade to retrieve a Xitaro contract note file via the Internet as part of the evening batch. Xitaro will charge a fee of 0.03 per contract note received, regardless of whether the contract note has been delivered real-time or via batch file. In the past it was only possible to enter OTC interbank trade reports at the exchange trading place Stuttgart within the same KV number range. However, Xitaro supports the entry of OTC interbank trade reports between all KV number ranges. The only requirement is that both counterparties involved are connected to Xitaro. 3 Exchange News Amendments of rules as of 3 April 2015: Adjustments to the exchange rules and to its implementation provisions as well as new version of trading conditions At the last meeting of the Stock Exchange Council of Baden-Württembergische Wertpapierbörse on 19 March 2015 the amendments of the exchange rules as well as the trade conditions were approved. The management further decided to change the implementation rules of the exchange rules of Baden-Württembergische Wertpapierbörse. The updated set of rules results in general adjustments and amendments of the exchange rules as well as of the trading conditions due to regulation (EU) no. 236/2012 (CSD- Regulation). The trading conditions were fundamentally reviewed and will hence be adjusted. The amendments became effective as of 3 April You are able to access the modified versions as well as the adjustments listed in the respective notices on our homepage by using the following link: Page 3 of 5

4 4 Xitaro News Project status Xitaro The new trading system of Boerse Stuttgart was released for member testing. The interest shown by our partners to get onboarded on Xitaro at an early stage was extraordinary. More than 30 orderflow providers and independent software vendors have already started the execution of their Member Readiness Checks in order to be best prepared for trading via the new software. The Member Readiness Checks started according to schedule on 13 April Many participants have already completed the checks successfully. Our Customer Support team will gladly answer all your questions via or phone and help you to get started with Xitaro as well as provide you support beyond the go-live. Cutover of Boerse Stuttgart from XONTRO to Xitaro The cutover of Boerse Stuttgart s trading system from XONTRO to Xitaro will be done in a Big Bang approach. The last trading day with XONTRO at Boerse Stuttgart will be 25 September Beyond this date no trading and no price determinations will take place in XONTRO for Boerse Stuttgart. All instruments being traded in Stuttgart will be traded only via the new system Xitaro starting 28 September Page 4 of 5

5 Important cornerstones of the cutover from XONTRO to Xitaro are the following: The cutover will be performed on a weekend. Hence, all involved parties have more time to perform all necessary cutover activities compared to a nightly cutover. Over the last years this cutover approach has proven successful in various exchange system replacements. The identifiers EDS and 170 for the exchange trading place Stuttgart will be kept in Xitaro. The trade number references will have the same systematic as in XONTRO. Hence, a split of the trade number reference range was necessary to avoid the same numbers in XONTRO and Xitaro. Xitaro will use trade reference numbers in the range between and and XONTRO the range between and This modification will already become valid in XONTRO on 20 July During the migration from XONTRO to Xitaro no order or trade data will be transferred by the exchange. All orders that are open by the end of the last trading day in XONTRO will be deleted by the system and must be newly entered by trading participants or their respective customers in Xitaro. After the successful cutover the entry of OTC interbank trade reports as well as MiFD OTC trade reports is supported by Xitaro from the first trading day in addition to the regular exchange trading. You can find further information on the upcoming cutover activities on our Xitaro member website in the Member Readiness Group area. If you are not yet a member of the Xitaro Member Readiness Group, please get in touch with us. 5 Upcoming Upcoming dates of the Member Readiness Group Activity Date Comment 5th Member Readiness Group Meeting End of June / beginning of July optional tbd 6th Member Readiness Group Meeting 31 August weeks to Go-Live Page 5 of 5