JSE Brief 27 June 2001

1
JSE Brief27 June 2001
2
Agenda

• 1. Timeline
• 2. JSE trading and information systems
  specifications
• 3. Questions

3
TIMELINE
4
2001
2002
June
Aug
Oct
Sept
Feb
Jan
Dec
Nov
July
Mar
Aprl
May
4/6/01
3/8/01
JSE Design
6/8/01
19/10/01
JSE Business Process and Organisation Development
4/6/01
19/10/01
JSE Build and Test of
Technical
Infrastructure
JSE Build and Test of Systems
(including system test)
9/7/01
19/10/01
22/10/01
18/01/02
12/04/02
Prepare and Execute Customer Test
Prepare and Execute
Integration Test

21/1/02
12/4/02
4/6/01
3/8/01
Prepare and Execute Business Operations Proving
Design of JSE Front End Solution
Build and Test of JSE

Front End Solution
9/11/01
26/4/02
15/4/02
27/6/01
18/01/02
1st DR
Build and Test of Data Vendor / Member


Front End Solution
29/4/02
3/5/02
4/6/01
13/7/01
18/6/01
2nd DR
JSE / LSE Draft Spec
JSE / LSE Final Spec
Go-live
5
Key Dates

• Build and Test of Data Vendor / Member Front End
  Solution
• 27 June 2001 - 18 January 2002
• Prepare and Execute Customer Test
• 18 January 2002 - 12 April 2002
• First Dress Rehearsal
• 15 April 2002 - 26 April 2002
• Second Dress Rehearsal
• 29 April 2002 - 3 May 2002

6
JSE TRADING AND INFORMATION SYSTEMS SPECIFICATIONS
7
Key Principles

• First Draft Specification 27 June 2001
• Final Specification 18 July 2001

8
Specification Pack
The documents in the draft Specification Pack
describe the key aspects of the new trading and
information systems to prepare the trading and
vending communities for the implementation of the
new JSE trading and information systems
9
Specification Pack Documents
The Draft Specification Pack consists of 6
documents

• JSE member pack covering letter
• JSE Market and Trading Functionality Overview
• JSE User Connectivity to Trading and Information
  Systems
• Trading and Information Services
• Interface Specification
• Data Formats

10
JSE MARKET AND TRADING FUNCTIONALITY OVERVIEW
11
JSE Market and Trading Functionality Overview

• The trading system consists of functional
  Segments and Sectors. Sectors within a segment
  are NOT necessarily related to industry
  classification sectors.
• Possible use of Intra-day Auctions for less
  liquid functional Segments - details to be
  confirmed upon market consultation.

12
JSE Market and Trading Functionality Overview

• Volatility controls to be implemented with the
  ability to apply Static and Dynamic Reference
  Price Bands - details to be confirmed upon market
  consultation.
• Certain matching restrictions will no longer be
  systematically enforced, post-trade regulation
  will continue by the JSE. E.g principal agency
  matching
• New regulatory requirements to be confirmed upon
  market consultation e.g. put-through timings.

13
JSE Market and Trading Functionality Overview

• Order modifications will be supported for client
  account codes.
• Other order modifications will require the
  deletion and re-entry of a new order.
• Possible introduction of delayed trade
  publication based on trade type and / or trade
  size / value and / or risk - to be confirmed upon
  market consultation.

14
JSE USER CONNECTIVITY TO TRADING AND INFORMATION
SERVICES
15
JSE User Connectivity to Trading and Information
Services

• Outline of the connectivity options available to
  JSE users.
• Members will connect to the JSE infrastructure
  as they do currently.
• Vendors will connect via IP to the JSE
  Information System.

16
JSE User Connectivity to Trading and Information
Services

• The JSE Information System is based on multicast
  data.
• Users will have to subscribe to public data
  services (BDGs).
• Configuration changes to routers and firewalls
  are required to support multicast.

17
JSE User Connectivity to Trading and Information
Services

• Users wishing to share system infrastructure will
  be contractually bound for multicast Information
  Services.
• Connectivity to test environment is available via
  leased or ISDN lines.

18
TRADING AND INFORMATION SERVICES, INTERFACE
SPECIFICATIONS AND DATA FORMATS
19
Trading and Information Services, Interface
Specifications and Data Formats

• Objective of these documents is to provide
  members with a high-level technical understanding
  of the new trading and information solution
• The documents do not include any changes to other
  JSE internal systems e.g. BDA field changes
• Some of the functionality described in these
  documents will not be utilised by the JSE for
  Release 1

20
Trading and Information Services

• This document will detail the services to be
  offered by the JSE Securities Exchange
• Several sections of this document still need to
  be updated for JSE services - especially with
  regard to connectivity overview, access methods
  and real-time information services to be offered
  by the JSE.

21
Interface Specification

• Overview of the full functionality of the new
  trading and information systems
• It details 3 interfaces used by the trading and
  information systems
• Broadcast interface
• Interactive request interface
• Secure interactive interface

22
Interface Specification

• Document is complementary to the Trading and
  Information Services and Data Formats documents

23
Data Formats

• Consists of 6 separate documents
• Broadcast Message Layouts
• Interactive Message Layouts
• Field Definitions
• Advisory Codes
• Message Types and Version Identifiers
• Data Field Cross Reference

24
Data Formats

• This set of documents is complementary to the
  Interface Specification
• Message layouts are different
• Field size changes, especially trade number,
  order number, price and instrument mnemonic

25
Data Formats

• Note that some IP updates are not included as yet
• Also note that the values that certain fields
  that will hold for the JSE Market are still to be
  defined

26
Next Steps

• Practitioners Working Group (PWG)
• - 10 July 2001
• Technical Working Group (TWG)
• - 10 July 2001
• - 16 July 2001
• Trading Advisory Committee (TAC)
• - 11 July 2001
• Final JSE Specifications
• - 18 July 2001

27
Communication
Email JSESpec_at_jse.co.za Web www.jse.co.za /
jse initiatives
28
QUESTIONS
www.jse.co.za