Impacts and timetable

Main impacts for our customers

  • Simplified and harmonized message structure (where applicable)
  • Enhanced binary protocol is implemented
  • FIX 4.2 and FIX 5.0 are replaced by FIX 5.0 SP2 for order entry
  • Refresh and retransmission services are replaced by regular multicast snapshot
  • Multicast channels for market data will change
  • Optimized feed for each type of connectivity

Implementation timetable

The launch strategy for the Optiq migration programme, that started back in November 2016, is based on:

  • a six-month period to test and validate the External User Acceptance platform (EUA), allowing our clients sufficient time to complete the mandatory conformance tests
  • compliance with MiFID II requirements

The first phase of the migration covers the Market Data Gateway (MDG) for Cash and Derivatives. An EUA platform for clients testing was made available in November 2016. The production launches will take place in July 2017 for both Cash and Derivatives Markets. All clients will need to have fully validated all required conformance testing, to be ready for production implementation.

The launch of Euronext’s new technology platform Optiq® will deploy the MiFID II requirements for Euronext Market Data. Optiq Market Data Gateway (MDG) for Cash Markets entered into production on 10 July 2017. The market data upgrade will conclude with the launch of Derivatives MDG on 28 August 2017.

Market data gateway (MDG)

 

Specifications:
1st release

EUA platform

Production platform

Cash & Derivatives

13 July 2016

29 November 2016

10 July 2017 (Cash Markets)
28 August 2017 (Derivatives Markets)

The second phase of the programme, which includes the Order Entry Gateway (OEG) and Matching Engine (ME) upgrades, begins in August 2017 with the opening of the test Cash Markets that went live in production on 23 April 2018 for Fixed Income and 25 June 2018 for the remaining Cash Markets.
Euronext will next initiate the roll out of Optiq for Euronext Derivatives Markets with an estimated go live in H1 2019.
Additional details will be provided via Info-Flash in due course.

Order entry Gateway (OEG) & matching Engine (ME)

 

EUA platform

Production platform

Cash

August 2017

-23 April 2018 Fixed Income

-25 June 2018 remaining Cash Markets
 

Derivatives

H4 2018

H1 2019

 

 

Fixed Income implementation schedule

Sequence

Requirement

Effective Date

Confirmation via Info-Flash of the order book purge

After approval, Euronext will send an Info-Flash confirming the order book purge on Friday 20 April 2018 at 17:40 CET.

Friday 20 April 2018
before 15:00 CEST

Order book purge on UTP

Central Order Book (COB) purge after 17:40 CET for Fixed Income products, their order types including day orders and validity types. The list of Fixed Income groups are available in the appendix of the migration guidelines. Customers who disconnected their systems from the order book prior to the purge will be required to purge their own orders.

Note that TCS Bonds groups will not be subject to a purge.

Friday 20 April 2018
at 17:40 CEST

Migration of Fixed Income instruments from UTP to Optiq

All Bonds will migrate to the new Optiq Fixed Income trading chain. Access to Fixed Income instruments through CCG will no be longer possible and will be rejected with a 20351 Order entry disabled for this class or a 20141 Class closed error message.

Access to Fixed Income instruments on TCS will not be possible until the migration of all Cash segments onto Optiq on 4 June 2018.

From Saturday 21 April 2018

Additional Saturday testing opportunity for customers

The market will open between 12:00 and 14:00 CET, customers will test that they have access to their Order Entry Session, log on, inject orders into the order book, receive market data messages and log off.

Once the Go-Live is confirmed, clients will keep the configuration in place and will not perform a roll-back in order to begin trading using Optiq OEG and MDG on the following Monday.

Clients will need to ensure that they have purged their systems of the orders placed during the Saturday tests.

Saturday 21 April 2018
between 12:00 and 14:00 CEST

Updated SBE template on OE and MD

A new SBE template version 102 for order entry and market data on Fixed Income will be available on the website and on the EFS.

All other existing market segments on UTP will remain on the existing SBE template for market data version 4.

Saturday 21 April for the test in Production;

From Monday 23 April 2018 in Production

Confirmation via Info-Flash of the migration to Optiq for Fixed Income

After final approval, Euronext will send an Info-Flash confirming the migration to Optiq Fixed Income on Monday 23 April, including the potential list of open bugs.

Saturday 21 April 2018
between 15:00 and 16:00 CEST

Sending orders on the Fixed Income segment on Optiq

Customers send Fixed Income orders for the Central Order Book through the Optiq OEG.

Market data for Fixed Income (channels 150 to 154) is upgraded and disseminated with new SBE template version 102.

Customers continue to send Cash markets orders for other segments through the CCG. The market data channels for these segments remain unchanged, using the existing SBE template version 4.

As a reminder, TCS Bonds will not be available until the migration of all Cash segments onto Optiq on 25 June 2018.

From Monday 23 April 2018