Technical Information -

Genium INET Upgrade to version 5.0.0225

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This webpage will be updated continuously when new information for the Genium INET 5.0.0225 project is available. In addition to monitoring this webpage, we strongly recommend you to subscribe to IT-Notices for the relevant markets.

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

Genium INET 5.0.0225 Project Timeline
8 April Final technical specifications available
7 May - 31 May External test 4 availability
7 May Trading Workstation initial candidate available
17 May Trading Workstation final candidate available
21 May External test 3 upgraded to 5.0.0225
23 May External test 1 upgraded to 5.0.0225
8 June Upgrade to Genium INET version 5.0.0225

OMNET INFORMATION

OMNET HEADER File

FIX INFORMATION

FRONT-ENDS

  • Trading Workstation: Trading Workstation (inital version) - To be published
  • Clearing Workstation 1: Not applicable - No functional enhancements in 5.0.0225
  • Q-Port: Q-Port User Guide - To be published

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.


 

Equity Derivatives

There are no functional changes for Equity Derivatives 

Nasdaq applications:

Trading Workstation - Optional upgrade 

Nasdaq API/Protocols

OMnet:

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

(Please see OMnet message reference for more information)

FIX:

There are changes to the FIX protocol that may have impact depending on integration

(Please see FIX specification for more information)

Fixed Income Cash

NEW ISSUING AUCTION FUNCTIONALITY
Following dialog between Nasdaq Copenhagen and the Danish issuers the following changes to the issuing auction functionality will be introduced to increase the efficiency of the issuing auction markets.

Three new features will be implemented:

Flexible IPMO session 

Directed Issuing Auction Request transaction 

Minimum bid amount

Flexible IPMO session

This change will make the transition from the Auction session (where market makers are inserting their orders) to the Uncross (where orders are matched) more flexible. The issuer will be able to start the Uncross at any time during the IPMO session (where the issuer only is allowed to insert orders), i.e. when the issuer is ready to run the auction he/she may initiate the Uncross sending an Initiate Uncross transaction.

The maximum length of the IPMO session will be 10 minutes. If the issuer hasn’t started the Uncross before the end of the IPMO session, the Uncross will run automatically at that time.

Directed Issuing Auction Request

To enable the option to address specific market makers to participate in an auction, Nasdaq introduce the possibility to specify exactly which market maker(s) that shall receive the Issuing Auction Request. A new Directed Issuing Auction Request transaction will be added where issuers can specify the market markers to participate in the auction. The issuer may address all market markers (participants) having access to the Auction market by leaving the participant field empty, i.e. it will then work exactly as the current Issuing Auction Request.

The current Issuing Auction Request transaction will still be active and can be used by the issuers to initiate auctions.

Minimum bid amount

It will be possible to add information about the minimum bid amount in the new Directed Issuing Auction Request. If the issuer fills in a minimum bid amount the market makers’ orders must at least have this amount. Orders with amounts less than the minimum bid amount will be rejected.

Implementation

The above mentioned new functionalities will only have a non mandatory technical go-live in the 5.0.0225 release. The current issuing auction functionality will until further notice remain available and unchanged. The new functionality will be activated for Production use when issuers and market makers are ready to use it, which we expect to be late summer 2019.

Fixed Income Derivatives

There are no functional changes for Fixed Income Derivatives.

Nasdaq applications:

Trading Workstation - Optional upgrade 

Nasdaq API/Protocols

OMnet:

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

(Please see OMnet message reference for more information)

FIX:

There are changes to the FIX protocol that may have impact depending on integration

(Please see FIX specification for more information)

Commodities

NASDAQ COMMODITIES IS PLEASED TO ANNOUNCE THE LAUNCH OF NEW INSTRUMENTS AND FUNCTIONALITIES IN GENIUM INET
Subject to successful testing and regulatory approval, the products and functionalities below will be launched in the 5.0.0225 release.

The contract specifications in the Joint Trading and Clearing Appendix 2 and the product calendar will be updated to reflect the launch of the listed products. First day for trading and clearing for the new contracts will be June 11, 2019. A detailed description of the new functionalities will be published in due course.

Nordic Electricity Base Average Rate Week Future Contracts

Nasdaq Commodities will list Nordic Electricity Base Average Rate Week future contracts that are tradable in the Spot Reference Period/Delivery Period. These weekly contracts will be listed in parallel with the existing Nordic Electricity Base Week Future contracts (non-tradable in Delivery Period) for a certain period of time. Further we will stop rolling the existing Nordic Electricity Base Week Future contracts. The new product offering will consist of seven (7) Nordic Electricity Base Average Rate Week Futures.

Contract Specification

Nordic EPAD Electricity Base Average Rate Week Future Contracts for the Swedish and Finnish Price Areas

Nasdaq Commodities will list Nordic EPAD Electricity Base Average Rate Week Future contracts that are tradable in the Spot Reference Period/Delivery Period. These weekly contracts will be listed in parallel with the existing Nordic EPAD Electricity Base Week Future contracts (non-tradable in Delivery Period) for a certain period of time. Further we will stop rolling the existing Nordic EPAD Electricity Base Week Future contracts. The new product offering will consist of six (6) Nordic EPAD Electricity Base Average Rate Week Futures contract for the Swedish and Finnish price areas.

Contract Specification

Nordic EPAD Electricity Base Monthly, Quarterly and Yearly Future Contracts for the Norwegian Price Area NO3-Trondheim

Nasdaq Commodities will extend the Nordic product offering with listing Electricity Price Area Differential (EPAD) contracts for the Norwegian price area NO3-Trondheim.  The product suite will consist of three (3) monthly, three (3) quarterly and three (3) yearly Future contracts. The monthly contracts will be Average Rate Future contracts, which mean they are tradable in the Spot Reference Period/Delivery Period. The listing of additional EPAD contracts will enable market participants to hedge against deviations between the local area price and the Nordic system price.

Contract Specification

Directed Quote Request and Response Messages

Nasdaq Commodities will implement updates to the FIX and OMnet protocols with Directed Quote Request and Response messages. The Direct Quote Request and Response messages will allow a participant to request quotes in commodity instrument series and issue private and direct quotes request to one or more participants, where the responding participant quotes is private and exclusive for the initiator of the request. The respondent can send a directed quote to the quote request initiator with a price and minimum executable quantity. The initiating participant may then act upon the quote by sending in a matching quote response message in the requested order book. 

An execution report will be sent to initiator and respondent if a quote is executed. The marketplace would automatically terminate the negotiation when a specified time limit expires. The order types will also be supported as on-behalf messages, which is further described in the API specifications. 

Trading Workstation will be updated with the new Directed Quote Request and Response functionality in the release. Functionality for on-behalf messages will be enabled in Q-port..

The new order types are non-mandatory and will at this stage solely be regarded as a technical release. Information on when the new order types will be activated and functional use will be communicated in due course.

Self-Match Prevention

Nasdaq Commodities will introduce an enhancement to the Self-Match prevention functionality.

To cater member needs we are introducing a new match prevention methodology, “cancel Aggressive”, to be available for all commodity members. When switched on, the aggressive order will be cancelled if it would match against a passive order in the order book from the same participant.  A “Match Prevention ID” will also be introduced where a user can opt in or out of the members self-match preventions. Self-Match Prevention will not be supported in combination order books, baits or implied orders. 

Please contact Market Place services for more info on how to set up self-Match prevention.

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