Euronext would like to inform customers that the Fixed Income release for the Oslo Optiq migration is available in the Next EUA (p-EUA) environment. The Interoperability web form for Oslo Cash is now available.
OSLO FIXED INCOME NEXT EUA RELEASE
Euronext informs customers that the Fixed Income release for the Oslo Optiq migration has been available in the Next EUA (p-EUA) environment since 9 September 2020, as communicated in the Operational Notice of 9 September 2020. This release implements SBE v302 for both Order Entry (OEG) and Market Data (MDG) and includes Oslo features for both Optiq (Central Order Book) and Saturn.
The Deferred (Oslo) Publication feature for Saturn is expected for 30 September in Next EUA (p-EUA) as mentioned in the Migration Guidelines.
Fixed Income – Named Orders (Central Order Book)
The Anonymous field on instrument level (Standing Data (1007) dictates whether an instrument is Anonymous or Non-Anonymous. A Non-Anonymous instrument will publish the market data message Long Order Update (1015) alongside the regular Order Update (1002). Inside the Long Order Update (1015), the member is identified by the field Firm ID. Kinematics can be found in the Euronext Cash Markets – Optiq Kinematics Specifications 4.2.0.
Oslo Fixed Income Saturn OBOE
■ SBE 302 added two fields to Full Trade Information (1004) when using OBOE: Settlement Date (Mandatory for trade types ‘Non-Standard Settlement’ and ‘Repo’) and Repo Settlement Date (Mandatory and only relevant when with trade type = ‘Repo’)
■ In field Waiver Indicator new value ‘ILQD’ available for OBOE Bonds only.
■ In field OTC Post Trade Indicator, new values ‘TPAC’ (Package Trade), ‘ILQD’ (Illiquid), ‘SIZE’, ‘LRGS’ (Large In Scale) available for OBOE Bonds only.
■ The new Euronext Trade Flags in Saturn are linked to Trade Types in Market Data (Full Trade Information (1004)). Off-Book On-Exchange trades are identified by EMM = 5 (Cash On Exchange Off book) in the Full Trade Information (1004) message. See table below for details:
Known Issues
New known issues:
■ When performing an OBOE Repo report (9 - RE: ‘Repo’), field MiFID Notional Price is not set to YIEL in Full Trade Information in MDG
■ INC-53233 – OBOE: the Waiver ILQD not present via GUI and unknown via Upload (Saturn)
■ INC-53236 – OBOE: OTC Post Trade ILQD;LRGS;SIZE and TPAC are not present via GUI and unknown via Upload (Saturn)
■ INC-53303 – OBOE on Bonds possible after cut-off (16:00) (Saturn)
The previous known issues have been corrected:
■ Impossible to select DEFFERAL (OSLO) on APA, rejected with error '5' must be less than or equal to 4
■ Settlement Date column is not present in Dashboard, Filter, or Export.
■ Price & volume control warning on Oslo OBOE still present (should not be).
■ Tradeflag 27 Market VWAP Operation Trade (Cash Only) not published in MDG when doing 5 - VW: ‘VWAP Trade’ trade
■ Tradeflag 26 - Delta Neutral Trade - Underlying Cash Leg (Cash Only) not in MDG when doing 6 - DT: ‘Derivative-related Trade’
OSLO CASH INTEROPERABILITY WEB FORM
The webform for Front-to-Back Testing for Oslo Cash Interoperability is now available here. Trading members should use this form to confirm that they have successfully performed front-to-back testing between Euronext Optiq and their Clearing partner (Euro CCP/Six x-clear/LCH Ltd).
As a reminder and as mentioned in the Migration Guidelines (section 3.1.1.9), Trading Members must be aware that the current Oslo Børs mnemonics will no longer be used with the interoperable CCPs in the trade message reports following the migration to Optiq. Euronext cash trading participants are configured with the following codification in the Euronext membership forms:
– Euronext Trading member ID, which is used to identify the trading participant in the Euronext Trading platform – Optiq, TCS and Saturn – and is conveyed in the order entry messages.
– Trading Member BIC code, which is used to report the Trading Member’s unique ID in the real time trade report message to the interoperable CCP
– Clearing Member BIC code, which is used to report the Clearing Member’s unique ID in the real time trade report message to the interoperable CCP.
As a consequence, further to the migration, the BIC code will be the reference to identify the trading participants in their front-to-back reconciliation with their clearing members.
Customers who have additional Oslo related questions are invited to contact the Client Services team and use the dedicated client support mailbox for the Oslo migration oslomigration@euronext.com.
