Optiq Phase 3 Derivatives: Members Consultation

Introduction

Euronext is currently deploying its new generation trading platform, bringing improved customer experience through the migration from its current technology platform Euronext UTP to its new leading edge platform: Optiq®. Optiq provides customers with maximum flexibility, simplified and harmonised messaging as well as high performance and stability.

Optiq Market Data Gateway (MDG) was rolled-out for both Euronext Cash and Derivatives Markets in July and August 2017. Optiq Order Entry Gateway (OEG) was rolled-out for Euronext Cash Markets on 23 April and 25 June 2018.

Euronext will next initiate the roll out of Optiq Order Entry Gateway (OEG) for Euronext Derivatives Markets. 

The migration of the Euronext Derivatives Markets to Optiq presents an opportunity to review:

  • The technical services provided by the platform
  • The business services provided by the platform (i.e. trading features, microstructure and access model)

The purpose of this consultation is to inform our customers of the major changes being made to Euronext’s Derivatives Markets and to obtain feedback on a subset of elements.

The consultation starts on 1 August 2018 and ends on 7 September 2018

The objectives of the Optiq derivatives migration

The objectives of the migration of the Euronext Derivatives Markets to Optiq are to:

  • Deliver improved performance and predictability of the trading platform; 
  • Provide maximum flexibility with shorter time-to-market for new products and services;
  • Leverage the implementation of Optiq on Euronext Cash Markets for Euronext Cash and Derivatives Trading Members by harmonising access, protocols and private messages.

Context of the consultation

The migration of the Euronext Derivatives Markets to the Optiq platform presents an opportunity for Euronext to reconsider the current structure of our Derivatives Markets and leverage on the Optiq technology to:

  • Redesign the access model to our trading platform
  • Re-focus on the core features of the Derivatives Markets
  • Provide flexibility to strengthen Euronext ability to develop new products whilst maintaining a unique state-of-the-art trading platform for all Euronext Cash & Derivatives Markets.

This document provides an overview of some of the major changes planned as part of the migration to Optiq. The changes described in this document are for information only and solely intended for consultation purposes. In doing so, Euronext aims to enable customers anticipate potential technical, organisational and business impacts the programme may have on their firm and clients.

The consultation is organised by trading features as follows:

  1. Technical changes in the Access Model         
    1. Market segmentation
    2. Access Model
  2. Migration strategy
  3. Functional changes in Market Data referential
  4. Functional changes in trading features and market model including:
    1. Wholesale trading
    2. Price Limit and trade price validation
    3. Implied model
    4. Market Making
    5. Drop Copy
    6. Pre-Trade Risk Management

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Related information

Euronext Optiq Phase 3 Derivatives Members Consultation