Technical Information -

Genium INET Upgrade to version 5.0.0220

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This webpage will be updated continuously when new information for the Genium INET 5.0.0220 project is available. In addition to monitoring this webpage, we strongly recommend you to subscribe to IT-Notices for the markets you are active on.

Please note that there are changes to OMnet that may have impact depending on integration. Please always see summary of changes in the specifications to ensure potential impact.

Genium INET 5.0.0220 Project Timeline
December 20 Draft of technical specifications available
January 17 Final technical specifications available
January 25 Initial front-ends available
January 31 External test 4 availability
February 8 Front-end go-live candidates available
March 5 External test system 3 upgrade
March 7 External test system 1 upgrade
March 23 Upgrade to Genium INET to version 5.0.0220
March 25 First trading and clearing day for Equity Derivatives, Fixed Income and Commodities on Genium INET 5.0.0220

OMNET INFORMATION

 

FIX INFORMATION

 

FRONT-ENDS

External Test Systems Availability. Planned upgrades of External Test Systems to release 5.0.0220:
External Test System Planned Upgrade Planned 1st day of member testing
EXT4 January 30 January 31
EXT3 March 5 March 6
EXT1 March 7 March 8

Visit Genium INET Testing page for additional information about the External Test Systems.

Please contact Member Services at ms.gi@nasdaq.com if you experience any login issues to the external test systems.


 

Details about recent Genium INET releases can be found below and you can find information about previous Genium INET Release 5.0.0201 - Nov 2017 here.

Equity Derivatives

There are no functional changes for Equity Derivatives.

NASDAQ APPLICATIONS

Clearing Workstation 1 - Optional upgrade

NASDAQ API/PROTOCOLS

OMnet:

There are changes to OMnet that may have impact depending on integration.

Fixed Income Cash

MMT FLAGS IN TRADE CHANGE MESSAGE
When the volume of a trade is amended it may happen that the MMT-flags for deferral must be changed.

If e.g. the traded volume in the original trade was too low for the trade to be deferred but increased in the rectify message (and the trade is requested to be deferred) the rectified trade will need new MMT-flags. This change of MMT-flags or deferred time is not reflected in the current Trade Change messages (BD39/CQ39) but will be included in the new BD42/CQ135 Trade Change messages.

If the OMnet messages are used the change is mandatory. For more information see the NASDAQ API/PROTOCOLS section below.

MINIMUM ACCEPTABLE QUANTITY ORDER (MAQ)

This is a Technical launch only, go-live date for the relevant markets to be communicated

MAQ definition

The MAQ shall be defined as the actual quantity that needs to be met. There is no connection or restriction with regards to the value of the LIS criteria and what value can be set as the MAQ.

 

MAQ orders

Orders can be entered for execution with a minimum quantity. Minimum Acceptable Quantity (MAQ) Orders are only accepted during Continuous Trading with a time-in-force IOC (no other Time in Force will be allowed). Adding Minimum Quantity condition to an Order and setting this to equal the volume gives the equivalent of a Fill-or-Kill (FOK). Minimum quantity cannot be combined with any other Order attribute.

MAQ Orders can participate in the auctions with the MAQ requirement temporarily waived. That is, MAQ Orders can participate in both auctions and the continuous market; however, the “MAQ requirement” will only be enforced during the continuous market.

MAQ Orders can match against resting orders provided that the net volume executed surpasses the MAQ condition. This means that a MAQ Order can be executed against one or several Orders.

 

MAQ on non-displayed orders

MAQ will become especially relevant for Non-displayed Orders. Here the Non-displayed Order would still need to meet large in scale (LIS) criteria, but the participant would be able to state that the Order should only match if the MAQ criteria is met or exceeded. An Order will not execute during Continuous Trading unless the MAQ criteria is met. Participants would still be able to enter a Non-displayed Order without a MAQ if desired.

 

Trading Phases and Validity

Pre-Open

Non-displayed Orders with a MAQ can be entered during the pre-opening phase, prior to the opening auction, but MAQ will not be honoured. Only Limit Non-displayed Orders can be entered during the pre-open phase.

Continuous Trading

During Continuous Trading, Non-displayed Orders with a MAQ can be entered as:

- Limit, Market-to-Limit and Market Orders.

Auctions

Non-displayed Orders with a MAQ will participate in the auctions but MAQ will not be honoured.

Time Validity

Non-displayed Orders with MAQs can be entered with the following time validity:

- Good Till Session

- Good Till Date (days)

- Day

- GTC (Good Till Cancel)

 

Visibly priority

Displayed orders will be ranked ahead of non-displayed orders at the same price during continuous matching and normal ranking rules. Order ranking will thus be as follows:

Price – internal – visibility – time

If the functionality is to be used the OMnet and FIX changes are mandatory. For more information see the NASDAQ API/PROTOCOLS section below.

NASDAQ APPLICATIONS

Clearing Workstation 1 -  Optional upgrade

No functional changes

Trading Workstation - Optional upgrade

The windows; Enter Order, Execute Order, Order Book and Order History in Trading Workstation will be updated with a new MAQ field

NASDAQ API/PROTOCOLS

OMnet:

Find more information in the OMnet Message Reference Guide.

FIX:

Find more information in the FIX Protocol Specification.

Fixed Income Derivatives

There are no functional changes for Fixed Income Derivatives.

NASDAQ APPLICATIONS

Clearing Workstation 1 - Optional upgrade

NASDAQ API/PROTOCOLS

OMnet:

There are changes to OMnet that may have impact depending on integration.

Commodities

There are no functional changes for Commodities.

OMnet:

There are changes to OMnet that may have impact depending on integration.

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