Prior to the launch of the DEMO period on 29 May 2000 the plans for the various tests of the market data in DEMO must be presented. The previously announced implementation plan for the information distribution of the A and B subscriptions is expected to be changed. The changes are due to the fact that the Exchange expects derivatives trading to be transferred from ELECTRA after the bond market has been moved to SAXESS. As mentioned in the letter a final strategy for the transfer of the derivatives will be announced shortly.
According to the letter of end-March 2000 the market data transactions would be issued in new transaction versions in connection with the transfer of trading from ELECTRA, and the data would subsequently be distributed from the Danish Securities Centre's MVS platform as the Exchange will close down ELECTRA, once trading has been moved from this platform.
The overall aim is maintained, but expecting that the derivatives will be transferred at a later date than the bonds, the Exchange sees no reason to move the information distribution to the MVS platform before all products have been moved from ELECTRA, and moreover, there is no reason to introduce new versions of the market data information transactions before trading is moved from ELECTRA.
In spite of the expected postponement of the transfer of the information distribution from ELECTRA to the MVS platform of the Danish Securities Centre the Exchange still offers you a chance to test the future market data in the DEMO systems (ELECTRA as well as MVS).
In the period from 29 May 2000 to the beginning of September data will be issued in the DEMO systems on ELECTRA and MVS each Monday. The purpose of this test is to give the DEMO participants a chance to test reception of the adjusted transactions. In this period the DEMO data of the various information transactions cannot be expected to be mutually consistent, and they will not be based on the day's trading in those DEMO systems where the products are available for trading.
The succeeding period in early September 2000 leading up to the launch of the system offers you a chance to conduct more thorough tests of the contents in a more authentic environment. In this period the data of the information transactions will be mutually consistent and based on the day's trading in the relevant DEMO platforms (SAXESS and ELECTRA). The launch date will be announced as soon as possible.
