Millennium Exchange Oslo Børs – MiFID II Deployment And General Information

Deletion of orders
According to our previously published deployment guide, Oslo Børs will delete all overnight stock orders at the end of the trading day on 29 December 2017 due to changes in the tick tables. Members may delete own orders until 16:45 CET. Remaining stock orders will be deleted by Oslo Børs between 16:45 and 17:30 CET. If members choose not to delete their own orders, it is important to continue to stay logged into Millennium Exchange, so that all cancellation messages are received and the member’s internal systems can be kept up to date.

Overnight orders for both equities and fixed income instruments will be deleted in a similar manner between 2 and 3 January due to changes in regulatory requirements (If fixed income members chose to delete own orders, orders must be deleted prior to 16:15 CET). Oslo Børs regrets the inconvenience this causes.

Tick ​​size
All securities covered by MiFID II shall use predefined ticksize tables. All equity instruments listed on Oslo Børs will move to the MiFID II tick size regime from 2 January 2018, thus tick ​​size on Oslo Børs will no longer be linked to Oslo Børs’ liquidity segments, but will be based on MiFID II's RTS 11. 
Oslo Børs has a history of providing relevant tick size information in daily reference data files, and thiswill continue post MiFID II. Although the instrument’s relevant Tick Table ID will not change intraday, the actual tick value may change intraday, reflecting appropriate use of MiFID II tick size regime. Please see details in OSLMIT401 Reference Data.

Market Making Agreements
Investment firms engaged in algorithmic trading and pursuing Market Making Strategies on any Oslo Børs traded equity, derivative and equity-like instrument (according to MiFID II RTS 8's definition) must, after 3 January, enter into a market maker agreement with the Oslo Børs. It is the member’s responsibility to contact Oslo Børs to enter into a Market Making agreement. You may read more about Market Making on Oslo Børs here. Please contact Torbjørn Vik (please find email below) in order to enter into a Market Making agreement.

Approved Publication Arrangement (APA)
Oslo Børs has received licence by Finanstilsynet (the Financial Supervisory Authority  of Norway) to offer services as Approved Publication Arrangement – APA. With implementation of MIFiD II all trades that are defined as OTC-trades (i.e. not entered into under the rules for a market) must be published using an APA. This applies to both equity, fixed income and derivatives. Oslo Børs’ APA covers all instruments traded on one of our markets. The APA is based on the same infrastructure used for reporting exchange trades, which enables our clients to build cost efficient solutions. Trade reports will for the initial 12 months be free of charge.

OB Record Keeping
As of January 3, all members must use the OB Recrod Keeping gateway to fulfill the obligations of MIFID II's RTS24. This interface enables members to submit mapping between short codes, which are included in members' orders, and real customer / algo identification. The interface used for transmission is described here. Members who have yet to create users for OB Record Keeping, please contact enablement@oslobors.no  as soon as possible.

Lit Auctions instruments scheduled from 15 January
The functionality Turquoise Lit Auctions™ on Oslo Børs is designed to reduce impact on trading participants when MiFID II's Double Volume Cap (RTS3) is in place. Technical launch was made through a backward compatible upgrade of the Millennium trading system Saturday 16 December. Oslo Børs aims to create order books for Turquoise Lit Auctions™ on Saturday 13 January, and plan to operate the functionality from Monday 15 January 2018. Updated reference data files for Monday 15 January will be delivered on Saturday 13 January, and again in the morning Monday 15 January. Oslo Børs’ Delta web contains more information and a compressed overview of the of Turquoise Lit Auctions™ on Oslo Børs- functionality.