IT – INET – Reminder – Enhancement of Self-Trade Prevention functionality, including mandatory OUCH change (3/15)
As previously communicated in IT-Notices 107/14, 102/14, 88/14, 76/14 and 73/14, Nasdaq Nordic and Baltic will enhance the Self-Trade Prevention (STP) functionality. The functionality has been available in the INET Production environment since December 8, 2014.
OUCH users will need to support the new STP fields even though they will not use the STP service. It’s a mandatory change for all OUCH users.
New: Nasdaq will allow for additional migration dates between February 2 and April 13, see implementation schedule below.
STP functionality
The STP functionality may be used by members to avoid unintentional internal trading by preventing certain member Orders from executing against each other. The aim with the improved functionality is to facilitate members' compliance and risk management duties and needs.
Introduction video
The current STP (called Self-Match Prevention) is set on MPID + Trader ID and is enabled based on configuration request. If a self-match would occur, the functionality cancels the passive Order and allows the aggressive one to enter the Order book.
The enhanced STP functionality may be activated on Order instruction level without configuration. This allows greater flexibility; member may for example create protected trader groups. As the STP actions may also be expanded into multiple options the functionality may target different regulatory and compliance requirements within the member.
STP functionality has been offered over FIX and OUCH since December 8, 2014. Please note that the introduction of STP will lead to a mandatory change for all OUCH users, even if the member does not plan to use the functionality.
Nasdaq Nordic encourages all members to carefully evaluate the functionality and to consider the possibility to make use of the functionality to avoid unintended trades.
The STP functionality is a complimentary service.
Protocol changes
Updated FIX and OUCH Order Entry protocol specifications, together with respective DROP protocol specifications, are available at Nasdaq Nordic Technical Information website under INET Nordic – Protocol Specifications. The latest update includes a clarification on STP fields data types, i.e. if STP parameters are not used they have to be “space” filled on OUCH.
Nordic Workstation
Nordic Workstation Order Entry supports the new Self Trade Prevention parameters.
Certification
Re-certification is mandatory for all OUCH applications, and for those FIX applications aiming to use the functionality. Re-certification needs to be accomplished prior to production use.
Certification test cases are published on the Nasdaq Nordic INET Nordic Certification webpage. Member/ISV applies for a certification test slot by contacting Nasdaq Tech Support.
Testing and production access
The STP service is available in INET test (OTF) for testing and certification of member applications. FIX functionality is available but OUCH users need to contact Member Services a couple of days before members production launch for reconfiguration to the new protocol version. Both FIX and OUCH users configured for current Self Match Prevention need to contact Member Services before using the new STP functionality (disable current Self Match Prevention).
The procedure described above is the same for production access.
Member Services – INET:
Tel: +46 8 405 6560
Email: ms.inet@nasdaq.com
Implementation schedule
Members will have the possibility to start using the STP functionality according to the following time schedule. FIX users can go-live at their preference. OUCH users will be offered three main production go-live dates, the last one being mandatory.
The current Self Match Prevention cannot be used in combination with the STP functionality and must be disabled when start using the STP.
Nasdaq will allow for additional migration weekly dates between February 2 and April 13. The dates will be every Thursday between those dates. The migration needs to be ordered from Member Services latest the Tuesday during the migration week.
Time schedule
· INET Test (OTF) (OUCH/FIX) – Nov 10, 2014
· INET Production –
o Dec 8, 2014 (Early OUCH adopters, FIX users)
o Feb 2, 2015 (Intermediate OUCH adopters)
o April 13, 2015 (Mandatory for all OUCH users)
· Current Self Match Prevention end-of-life (current functionality) – April 13, 2015
INET Nordic Market Model
The updated Market Model for INET Nordic is available under Rules & Regulations.
Support and Certification
For technical questions and to schedule an appointment for certification, please contact Nasdaq Tech Support at: +46 8 405 6410, operator@nasdaq.com
Questions and feedback
For further information and feedback concerning this information, please contact Ronny Thellman, +46 8 405 6313, ronny.thellman@nasdaq.com.
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Best regards,
Nasdaq Nordic and Nasdaq Baltic
Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn and Nasdaq Vilnius are respectively brand names for NASDAQ OMX Copenhagen A/S, NASDAQ OMX Helsinki Ltd., NASDAQ OMX Iceland hf., NASDAQ OMX Riga AS, NASDAQ OMX Stockholm AB, NASDAQ OMX Tallinn AS and AB NASDAQ OMX Vilnius. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius.
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