Market Data News

New Order Tracking Mechanism on NAV Trading

16:18 CET 24 Oct 2014
Market Data MD Cash and Indices

 
In brief: The new order tracking mechanism on the NAV Trading Facility in TCS, which will enable fund agents and fund issuers to identify investors, will be available in the Test environment (EUA) as of Wednesday 3 December 2014. The exact Production date will be communicated in due course.

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eurmteam@euronext.com

 

 

Further to the Info-Flash published on 9 July 2014, Euronext is pleased to confirm that the new order tracking mechanism, a new feature in the Trade Confirmation System (TCS), the platform for the NAV Trading Facility, will be implemented in the External (EUA) Test environment as of Wednesday 3 December 2014. The new order tracking mechanism will enable fund agents and fund issuers to identify investors.

The implementation of this new service in the Production platform is scheduled for Q1 2015. The exact date will be confirmed in due course.

The new order tracking mechanism has been developed in response to customer feedback and will support the expansion of the NAV Trading Facility to active open-end funds in France.

The project design takes into consideration the recommendations on investor identification published in 2013 by two French trade associations, the Association Française de la Gestion financière (AFG) and Association Française des Professionnels des Titres (AFTI).

BENEFITS TO CLIENTS AND PRINCIPLES OF THE ORDER TRACKING MECHANISM

The order tracking mechanism enables fund agents and fund issuers to identify investors. This will:

■ Improve the quality of order traceability, allowing fund agents and fund issuers to have a more transparent view of their investor base;

■ Facilitate automated follow-up of clients and distributors;

■ Enhance the quality of service delivered to clients and distributors.

Note that this new functionality is optional. However, for members currently using Binary Protocol v4, the change is mandatory.

■ In order to indicate the investor in the TCS declaration, the member will use the investor’s BIC Code.

When matched, the investor’s BIC code provided by the member is automatically included in the notification to the fund agent.

MESSAGE UPDATES

■ Market data

 - No impact on Market Data

■ Order entry Binary Protocol V2

 - No impact on the Binary protocol V2, which does not support this new facility.

■ Binary protocol v4: TCS notice (n) will contain the new fields:

 - ClientIDMiFID at offset 248

 - ClientIDType at offset 260

 - ClientIDMiFIDCross at offset 261

 - ClientIDTypeCross at offset 273

 - Filler at offset 274

The total length of the TCS notice (n) is changed from 252 to 280

■ FIX protocol: TCS notice (U8) will contain the following new tags:

 - ClientIDMiFID Tag 10062

 - ClientIDMiFIDCross Tag 10068

 - ClientIDType Tag 10069

 - ClientIDTypeCross Tag 10070

TESTING

■ While this change does not impact members using the FIX 4.2 or CCG Binary V2 protocols, Euronext recommends that members test their software ahead of the go-live to ensure that the combination of Euronext changes and client systems does not result in any unforeseen regression.

■ For all members using TCS Binary Protocol V4, a mandatory change and conformance test is required.

■ Throughout the EUA period, the Customer Technical Support Group (CTSG) will provide support to members while testing.

DOCUMENTATION

The following documents are available in the Developer Diary at: cash.liffedeveloperdiary.if5.com/Default.aspx

Cash Market documentation:

- CCG Binary Interface Specifications - UTP for Cash Markets – v2.19

- CCG FIX 4.2 Interface Specifications – UTP for Cash Markets – v2.19

The following updated documents will be available in early December 2014:

- The NAV Trading Facility: TCS messages flows, rules and details of the Market Model

- Euronext e-TCS Access Solution Specifications

- Euronext TCS Fund Trading User Guide

For further information in relation to this Info-Flash, contact your relationship manager at eurmteam@euronext.com.

 

Best regards,

Euronext Market Data