20150323 JSE Market Communication v05 Final

JSE Market Communication
Session
23 March 2015
Agenda
• Business Continuity
• Business Continuity Market Forum
• Power Challenges
• JSE Client Services Centre
• JSE Services – Recent Incidents/Outages
• 2015 Trading System Releases
• Derivatives Markets
• Equity Market
• Margin Policy Amendment
• Integrated Trading and Clearing (ITaC) update
• 5 Min Break
• T+3 update
• BDA Billing Model Review
2
Business Continuity
Gwen Linden
Business Continuity Market Forum
• Business Continuity - vital part in providing JSE services
• Business Continuity Market Forum with broad range of market
participants is being re-established
• Forum to be used as a platform to share and discuss business
continuity and disaster recovery related information
• Sessions will focus on:
• How the JSE will respond to events that significantly disrupt our
business and that of our clients including power shortages and/or
power grid failure
• How clients should connect to JSE systems/services if disaster recovery
procedures are invoked
• Scheduled disaster recovery tests for 2015 and the required level of
participation
• JSE services available at the Remote Disaster Recovery Site
4
Business Continuity Market Forum
• Business Continuity Management (BCM) includes:
•
•
•
•
Entire site failure and disaster recovery;
Individual component/service failure and recovery; and
Incident /Outage Management
Circumstances in which JSE would halt markets
• Target audience
• Compliance Officers/Business
managers/co-ordinators
Continuity
Management
(BCM)
• We can only accommodate a maximum of 1 representative from each
firm to manage the size of the forum
• Meeting frequency - three times a year
• Cut-off date for nominees was 20 March 2015 and meetings being
scheduled
• Feedback from the forum will be provided to the rest of the market
through compliance officers and/or service hotlines
5
Power challenges
• JSE published Service Hotline 14/15 on 5 February 2015 detailing current JSE
power contingency
• JSE production data centre (including Colocation) is built on Tier III specifications
providing concurrently maintainable redundant A and B paths for both power
and cooling to the data centre
• Separate generator for the JSE building
• In the event of load shedding, the JSE Uninterruptable Power supply (UPS)and
generators ensure that there is no loss of power to the JSE data centre until such
time as Eskom power is restored
• 36,500 litres on site diesel capacity
• JSE can run continuously for up to a maximum of 56 hours on a full tank,
however each generator requires a service inspection after 12 hours of run time
• Diesel tank thresholds are proactively monitored to ensure adequate supply and
refuelling and the JSE is ensuring priority delivery arrangements with current JSE
diesel suppliers will be in place
• Diesel Contamination
• Diesel Shelf life is 1.5 to 2 years - JSE conduct annual diesel tests
• Bulking up on diesel is not an option
6
Power challenges
• Recent Eskom announcement regarding prolonged electricity
outages:
• JSE working with the Financial Sector Contingency Forum (FSCF) and
specifically their Operational Risk Sub-committee (ORS) to define and
document possible scenarios in the event of prolonged electricity
outages or total grid failure
• First FSCF meeting on 28 April 2015
• BCM Forum will be used to document possible scenarios with market
participants and feed into FSCF process
• Clients need to ensure they have adequate
contingency measures to remain operational
7
Client Services Centre (CSC)
Chris Grove
JSE Client Services Centre (CSC)
• In October 2014 we communicated a JSE restructure
• Included in the restructure was centralising of support for all markets and
all JSE services in a single team
• We asked clients to provide on-going feedback around the support and if
the new structure is working
• We want to thank you for providing us with feedback
• Some concerns raised to date:
•
•
•
•
•
Processing of Zero Fee and Refund requests
CSC staff’s BDA knowledge not comprehensive enough
Response and turn around time of queries too long
Omitting and/or miscalculation of dividends on eCFD’s and IDX
Credit notes and/or relevant documentation not being provided for on
Commodity Derivatives Market
• Time taken by JSE to correct Margin parameters on various contracts
9
JSE Client Services Centre (CSC)
• We have heard you…….
• What are we doing about this……
JSE Client Services Centre (CSC)
We want to reassure all our clients that
we are very committed
to our CSC vision
11
JSE Client Services Centre (CSC) vision
Customers Are
Always Our Top
Priority.
EXCEPTIONAL SERVICE.
EVERY SINGLE TIME.
12
JSE Client Services Centre (CSC)
•
•
We acknowledge that due to additional functions taken into the area, it is
not possible for each CSC team member to gain in depth knowledge on all
aspects of our services to provide the required level of support across all
the JSE’s markets and systems and services
Extensive training over a period of time is required to upskill team
members of many complex areas of our business to achieve a reasonable
level of productivity
13
JSE Client Services Centre (CSC) - new structure
• CSC team has therefore been split into 2 core areas:
• Trading Support and Post Trade Support
14
JSE Client Services Centre (CSC)
• CSC team has therefore been split into 2 core
areas:
• Trading Support and
• Post Trade Support
• Focussed teams will allow teams to assimilate
and share knowledge at a faster rate, allowing
team members to become specialists in a
shorter time frame
• Once a team member reaches an expert level
of competency in an area, the new structure
will accommodate cross skilling between
teams if required
Mastery
of Skills
Shared
Knowledge
Faster
Learning
Improved
Client
Service
15
JSE Client Services Centre (CSC) – new structure
Head: Client Services Centre
Vacancy
(Chris Grove – acting Head)
Manager: Trading Support
Manager: Post Trade Support
Nasheen Sharma
Julian Amorim
16
JSE Client Services Centre (CSC) functions
Trading Support – All markets
•
•
•
•
•
•
•
•
•
•
Trading enablements
Live Connectivity Test (LCON) support
Participant Test Weekend (PTW) support
Colocation
API Support
Business , Technical and Functional
trading queries (including Trading rules
& Directives)
Proactive trading system monitoring
Customer Test Service (CTS) support
Order Cancellations
Zero Fee requests
Post-Trade Support – All markets
•
•
•
•
•
•
•
•
•
•
•
T+3 Support
All functional aspects of BDA
Securities lending and borrowing
Corporate Actions support
CGT, IT3B, DWT SARS, REITs and WTI
processing & reporting
Segregation of funds support
Settlements
ECS functional and business support
Upload functions BDA
Dissemination
BDA 1-on-1 training
17
JSE Client Services Centre (CSC) functions
Trading Support – All markets
•
Post-Trade Support – All markets
•
•
•
•
•
•
Nutron (Equity Derivatives,
Commodities Derivatives, Interest Rate
& Currency Derivatives)
Nova
IDP
Equity End of Day dissemination
Indices End of Day dissemination
SENS
•
Equity Derivative, Interest Rate and
Currency Derivatives daily feed upload
into BDA
Capad
•
Password resets
•
Password resets
18
JSE Client Services Centre (CSC) service model
•
•
CSC provides 24 X 7 X 365 support to all JSE clients
Onsite support
•
•
•
•
Monday to Friday from 06h30 to 19h00 each business day
Email CustomerSupport@jse.co.za
Phone +27 11 520 7777 (especially if time sensitive)
After hours off site support
•
•
•
Monday to Friday from 19h00 to 06h30 and on weekends 19h00 Fridays
to 06h30 on Mondays
A wide variety of support is provided across all JSE markets and services
predominantly for end of day data subscribers
Phone +27 11 520 7900
19
JSE Client Service Centre (CSC)
•
Next steps
•
•
•
•
•
•
•
CSC Managers will monitor all requests and issues logged and will ensure
correct allocation to the various teams
JSE will be implementing new telephony software in CSC in next couple of
months
With the new software we aim to get clients to be directed to the correct
support team using IVR
Please be patient as we transition to this new system
In the event where the telephony system is down, we will revert to manual call
management
Better management of incoming calls, calls on hold, call duration etc.
On-going improvement of business processes
20
JSE Services –
Recent Incidents/Outages
Riaan van Wamelen
JSE and BDA batch delays
Description
Delays in JSE
batch processing
on 10 March as a
result of a
technical issue
impacted the
delivery of JSE
services not only
on the day but
also subsequently
on quality and
availability of JSE
services on 11
and 12 March
2015
Client Services impacted
Equity and Indices end of day dissemination
• Delay in the dissemination of Equity (E)and
Indices (I) products on the 10th – SLA’s missed
• Rolling daily, weekly and monthly calculated
values within the E and I products were
incorrect for 10, 11 and 12 March
BDA
Mitigations
• In-depth root cause
analysis currently still
in progress
• Additional
procedures have
been put in place to
identify potential
batch related issues
earlier
As a result of the JSE batch delay the BDA batch
was subsequently delayed by approximately 6
hours impacting the following BDA services on 11
March:
• BDA dissemination files only available at 09h00
• BDA online available at 09h30
• BDA reports available at 10h00
• Delay in the settlement messages until 13h10
• Delay in the delivery of CAPAD reports
22
Equity derivatives market
Order confirmation latency
Description
Equity Derivatives Market
(EDM) clients experienced
latency with regards to
order confirmations on 12
March 2015. This was due to
a partially faulty hardware
component.
Client Services
impacted
EDM Clients
• Delay in receiving
order confirmations
from 08h38 to 09h14
Mitigations
• Faulty hardware component was
replaced on the evening of the 12th
March
• JSE in discussions with 3rd party
vendor to identify additional alerting
that can be put in place to identify
partially faulty (degraded) hardware
components
23
Market availability
Market Availability per Quarter
100
99.95
99.9
99.85
99.8
99.75
99.7
99.65
99.6
2014 Q1
2014 Q2
2014 Q3
2014 Q4
2015 Q1
24
2015 Trading System Releases
Andrea Maisel and Soraya Seedat
2015 Trading system releases
Derivative markets
• STT Release 1: Proposed go-live dates
• IRC Market – 15 August 2015
• EDM and CDM – 5 September 2015
Market
Change Item
Interest
Rate
New Swaps Trading
Window
Currency
Derivatives
All Markets
Spot Bonds
Commodity
Derivatives
Description
New Instrument Type - Swap Futures. This product matches the economic
performance of a cleared ZAR OTC interest rate swap and is traded similar to all
other JSE listed derivatives. Includes creation of Report Only Booking Window
and a Central Order Book trading screen for Standard and Flex Contracts.
New Instrument for Forward/Forwards that will not be traded as Any Days or
Forward-Forward as
Standardised contracts. Forward-Forward will have its own trading window. All
Instrument.
current functionality for the Forward/Forward product must stay as is.
Change Price band
without unAbility to change price limits without having to suspend contracts first
suspending
Allow functionality to capture both the companion instrument and spread at
New Report Only
which it was traded. In addition, new flags/fields to better represent trade
Capture Flags - Corp
information to the market. These fields are required on the Nutron booking
Bond Spreads
screen in all views (i.e. Un-Matched, Unsettled and Completed).
Introduction of basis future trading to enable users to guarantee physical
Basis Trading
delivery within a preferred geographical area.
26
2015 Trading system releases
Derivative markets
• STT Release 1: Other important timelines:
• Updated API specifications published May 2015
• Code delivery and member testing commences June 2015
• STT Release 2:
• Tentative Go-live date: November 2015
• Release scope will be communicated in due course
27
2015 Trading system releases
Equity Market
Background
• There is expected to be at least 1 Equity Market Release his year
• JSE has investigated large Closing Price variations in trading segments ZA04
and ZA06
• Closing Price methodologies for these two trading segments were reevaluated against the trading behaviour that is occurring in the Equity
Market
• JSE is proposing a change to Closing Price Methodologies 2 and 3 and the
JSE is currently consulting with Equity Market stakeholders on this
proposed change
• Progress updates will be provided as and when necessary
28
Margin Policy Amendment
Terence Saayman
Initial margin in the Derivatives markets
Risk management
• Margin Policy Amendment
• Large position addition to JSPAN
• Liquidation period addition to JSPAN
• Margin Offsets Investigations (Index futures)
30
Integrated Trading and Clearing (ITaC)
Leanne Parsons
What is in it for our clients – volumes and innovation
•
•
Increased trading volumes and liquidity through
•
stable platform with consistent and low latency – enabling low latency high
volume strategies
•
access enabled for international clients
•
efficient access to real time derivatives market data
Enabling Product innovation
•
options on spot equities which is the international norm
•
opportunities for cross-market trading strategies e.g. pairs trading (cash and
derivatives combined)
•
expanded services opportunities for international clients
32
What is in it for our clients - clearing
•
Efficient asset utilisation, in turn improving liquidity
•
acceptance of non-cash collateral
•
frees up cash providing relief for clients in the face of rising capital
requirements
•
market demand for non-cash collateral to ease liquidity
• margin offset
•
flexible and efficient offset including cross-market offset
opportunities
• increased opportunities for netting of settlements
• Alignment with global best practise and international
regulatory(IOSCIO) guidance
33
What is in it for our clients - clearing
•
•
Centralised, sophisticated and more real-time risk management to
•
better protect the market
•
align to global best practice and regulation in support of
internationalisation of the markets
Consolidated clearing operations will achieve
•
operational efficiencies in client post-trade processes
•
improved valuations processes reducing risk of incorrect margin calls
with associated financial implications to clients
34
What is in it for our clients - technology
•
Technology
•
standard APIs - resulting in lower connectivity/ access costs
•
operational efficiencies as a result of managing interfaces with fewer
JSE systems
•
opportunity to leverage existing JSE platform expertise
•
consolidation of platforms results in reduced system maintenance
costs in the future (post project implementation)
•
separation of trading and clearing systems reduces operational risk
and complexity
•
open, competitive software provider landscape increases choice of
front end vendor
•
publication of trade information aligned to international best practice
35
Equity market experience
Technology innovation correlated with market growth
36
Required solution characteristics
For ITaC to be successful, the following solution characteristics are
required:
Cross-market
functionality
for
Clearing and
Settlement
Cross-market
functionality
for
Trading
Common
reference data
sourced
centrally
Cross-market
functionality &
real-time
alerting for
Surveillance
Highly
available
platform
Internationally
accepted
client
integration
formats
Operational
cost efficiency
Standardised
market access
for trading,
post trade and
market data
37
Proposed solution overview
•
Deliver ITaC by
•
leveraging the investment in MillenniumIT by implementing trading for
all derivative asset classes and cash interest rate products on the
MillenniumIT platform
•
implementing Cinnober as the clearing technology for all asset classes
•
enhancing certain existing and implement certain new JSE systems to
enable the replacement of the current derivatives technology platform
•
phasing implementation
38
Proposed phases
• The programme consists of 2 Projects
•
Project 1:
•
Phase 1a: Equity Market upgrade for trading only
o Targeting Q3 2016 (dependent on T+3 implementation)
•
Phase 1b: Equity Derivatives Market
o Targeting Q2/3 2017
•
Phase 1c: Currency Derivatives Market
o Targeting 2 months after Phase 1b
implementation
•
Project 2: Commodity Derivatives Market,
Interest Rate Derivatives and Bonds
Markets
Trading system proposed configuration
• Single instance of the trading engine
• Consolidated hardware
• Consolidated single code base for the JSE
Trading Engine
Trading Partition 1
Trading Partition 2
Trading Partition 3
Equities
Equity
Derivatives
Commodity
Derivatives
Currency
Derivatives
Bonds
Interest Rate
JSE Single Code Base
40
Upgrading current equity market trading engine
• Due to the vendor requirement for a single code base, we would have to
implement an upgrade to the Equity Market trading platform either at the
beginning or end of the ITaC journey
• There is a marginal timeline advantage to implementing equity derivatives
first. This is outweighed by:
•
reduction in implementation risk by delivering components in a phased
approach
•
deploying new infrastructure and testing new single code base and instance
with a market that is familiar with MillenniumIT platform
•
using a market with well established software vendors where members do not
require a new trading front-end to be delivered
•
providing an opportunity to achieve JSE client readiness in phased approach
•
avoiding multiple Millennium trading environments which is significantly
complex to manage and presents high risk
41
ITaC timeline principles
• Project 1 : Phase 1a - Equity Market Upgrade
• Change to a market data message
• Initial trading specifications to be issued 8 months prior to go-live
• Customer Test Service (CTS) environment available 6 months prior to
go-live
• Deployment
• First mandatory dress rehearsal
approximately 2 months prior to go-live
• Final conformance cut-off
approximately 1 month prior to go-live
42
ITaC timeline principles
• Project 1 : Phase 1b & 1c - Equity Derivatives and Currency Derivatives
• Trading
• Initial trading specifications issued 14 months prior to go live
• Customer Test Service (CTS) available at least 12 months prior to go-live
• Clearing
• Initial clearing specifications issued 12 months prior to go live
• Customer Test Service (CTS) available at least 10 months prior to go-live
• Deployment
• First mandatory dress rehearsal
approximately 2-3 months prior to go-live
• Final conformance cut-off approximately
1-2 months prior to go-live
43
Software delivery methodology
• The ITaC programme will as far as possible be delivered using the Agile
software delivery methodology to ensure early successes and phased
delivery
• The exceptions are:
• MillenniumIT trading solution
• MillenniumIT currently utilises a waterfall methodology and
imposing a methodology change on them will increase delivery risk
• In light of project Jaya and subsequent upgrades, there is low
delivery risk
• Integration layer
• The integration requirements will be delivered incrementally in
order to align to various system dependencies
44
JSE front-end decision reminder
• As previously communicated the JSE has taken the decision to no
longer provide a Trading and Deal Management front-end to the
market
• JSE is providing substantial lead time to the market of this decision
• All derivative market members (including clearing members) are
urged to begin engagements with potential software providers as
soon as possible to ensure their trading and clearing front-end
requirements are met
45
ITaC user readiness approach
•
•
•
•
•
Regular checkpoints will be held with clients
Quarterly Market Communication sessions will focus on the high level
project status to ensure that clients are informed of progress
Regular Functional and Technical Working Group (WG) sessions will be
held to discuss both the functional and technical aspects of the new
solution in more detail
• Initially WGs will be held weekly and thereafter monthly
• During May/June 2015 weekly sessions will discuss in detail the
solution functionality for Trading and Clearing
• Clients will be requested to provide input and suggest topics or
areas of discussion they wish to have covered during the WGs
FAQs document on the website is being updated and will be maintained
throughout the project as required
Communication of documentation and specifications as well as project
updates as required
46
Intermission
5 minute break
T+3
Brett Kotze
Agenda
•
Overview of the T3 timeline
•
Phase 3 Implementation principles
•
Impact of the Phase 3 implementation, and what is
expected of the market participants
• JSE Equity Members
• CSDPs
•
T3 market readiness
49
Benefits of the T3 programme
Alignment with global
standards for the South
African market:
• Improved credibility
• Fulfilment of
regulatory obligations
• A host of operational
efficiencies
50
Overview of the T3 timeline
Overall programme status
Phase
Status
1
Implemented successfully - 22 July 2013
2
Implemented successfully – 20 October and 27 October 2014
3
Analysis in progress, commenced with development and iterative testing
Phase 1 – Regulatory and Automation
Phase 2 – ECS go-live on T+5 Settlement Cycle
Mid 2016 ready for go-live
Phase 3 – Market on T3 settlement cycle
51
Phase 3 timeline
2014
Q3
2015
Q1
Q4
2016
Q2
Regression Cycle
SYT (7 iterations)
Q3
Q4
SIT (External – 3 Cycles)
Q1
Q2
UAT (2 Cycles)
SIT
(Internal –
2 Cycles)
Internal Analysis
Vendor documentation and development
Go-live:
May-July
2016
Internal development documentation
Internal Development
User Readiness
We have communicated to the market that we aim to go-live with T+3 between May and July 2016
52
Overview of the Phase 3 scope
JSE
CSDPs
JSE Equity
Members
Strate
Clients
T+5 to T+3 settlement cycle (timeline changes)
x
x
x
x
x
Scrip Lending and Borrowing / Money Lending and
Borrowing
x
Terminating transactions BDA (Control clients and
Brokers Prop)
x
x
x
x
x
Terminating transactions CSDP's
x
x
x
x
x
Failed Trade Management
x
x
x
x
x
Margining (SFA's)
x
x
Rework SFA's for prime broking
x
x
Functions changing / impacted
x
These changes affect a number of systems within the JSE
53
Agenda
•
Overview of the T3 timeline
•
Phase 3 Implementation principles
•
Impact of the Phase 3 implementation, and what is
expected of the market participants
• JSE Equity Members
• CSDPs
•
T3 market readiness
54
Implementation principles - overview
• General considerations – T+3 Phase 3 go-live would:
•
Not take place over month-end
•
Not take place over futures close-out
•
Limit the amount of corporate actions (if possible)
• Internal planning considerations:
•
Application of lessons learnt from T3 Phase 2 - specifically relating to testing
•
Increase in scope of testing (due to external parties being involved and impact to their
systems)
•
•
This may include buy-side clients as well - so consideration had to be given to coordinating testing
with multiple parties testing at the same time
Allowing for testing of the migration from T5 to T3 settlement cycle multiple times
55
Implementation principles – Overview (cont.)
•
•
Internal planning considerations (cont.):
•
Aligning of timelines with external participants – Strate / CSDPs / JSE Equity Members
•
Internally applying an iterative approach for development and testing to - reduce possible issues during
the System Integration Testing (SIT) phase
•
Getting external participants - specifically Strate and the CSDPs - involved in testing as early as possible
(focused towards SIT cycle 2)
•
Encouraging JSE Equity Members to get involved in testing as early as possible
•
Roll-out of design workshops to reconfirm designs
Steps to reduce the complexity of Phase 3:
•
Fractions and rounding down
•
Freezing of the registers
•
Further automation of removal process
•
Certain functionality within JSE systems which does not affect external parties:
•
Changes to SLB functionality (ECS)
•
Fails Management (ECS and BDA)
56
Agenda
•
Overview of the T3 timeline
•
Phase 3 Implementation principles
•
Impact of the Phase 3 implementation, and what is
expected of the market participants
• JSE Equity Members
• CSDPs
•
T3 market readiness
57
Embracing the impact of T3:
What is expected of the market participants
58
Embracing the impact of T3:
The new settlement timelines
Reducing the timeframe in which to conduct the existing processes and activities will result in
quicker settlement
59
What is expected of the market participants
• JSE Equity Members:
•
•
Pre-implementation:
•
Involvement in project working groups (Marketing & Education, Broker Forums etc.)
•
Completion of training on system changes
•
Participation in testing activities (User Acceptance Testing)
•
Review and updating of internal processes (to align to the T+3 activity timetable)
•
Updates to client mandates (i.e. corporate actions timelines)
•
Updates to CSDP mandates (i.e. corporate actions timelines)
•
Review and comment on the proposed changes to the JSE & Strate rules and directives
•
Client Awareness (including updated material obligations)
•
Updates to SLA between brokers and external parties
Post-implementation:
•
T+5 to T+3 migration (1st week after go-live)
•
Adoption of updated JSE Equity rules and directives
•
Fails Management processing
Primary impact areas:
- Automation (real-time deal
management)
- Alignment of Back-office
processes to the new T3 activity
timetable
- Fails Management processing
60
What is expected of the market participants (cont.)
• CSDPs:
•
Pre-implementation:
•
Involvement in project working groups (Marketing & Education, CSDP Forums, PM Forum etc.)
•
Submission of progress updates (for internal development and testing, against project
milestones)
•
•
Participation in testing activities (from cycle 2 of System Integration Testing (SIT))
•
Review and updating of internal processes (to align to the T+3 activity timetable)
•
Review and comment on the proposed changes to the JSE & Strate rules and directives
•
Updates to client mandates (i.e. client instructions)
•
Updates to SLA between CSDPs and external parties
•
Client Awareness
Post-implementation:
•
T+5 to T+3 migration (1st week after go-live)
•
Adoption of updated JSE and Strate rules and directives
•
Fails Management processing
Primary impact areas:
Primary
impact areas:
- Alignment of processes to
- Alignment of processes to the
the new T3 activity timetable
new T3 activity timetable
- Fails Management
- Fails Management processing
processing
61
What is expected of the market participants (cont.)
• Buy-side and Foreign Clients:
•
•
Pre-implementation:
•
Internal testing of systems (updated to align with the new T3 activity timetable)
•
Participation in market-wide testing activities (specifically of the new Fails Management process)
•
Review and updating of internal processes (to align to the T+3 activity timetable)
•
Review and approach of updated Client Mandates from the CSDPs and/or Brokers
•
Review and comment on the proposed changes to the JSE & Strate rules and directives
Post-implementation:
•
T+5 to T+3 migration (1st week after go-live)
•
Adoption of updated JSE and Strate rules and directives
•
Fails Management processing
Primary impact areas:
Primary
impact areas:
- Alignment of processes to
- Alignment of processes to the
the new T3 activity timetable
new T3 activity timetable
- Fails Management
- Fails Management processing
processing
62
Agenda
•
Overview of the T3 timeline
•
Phase 3 Implementation principles
•
Impact of the Phase 3 implementation, and what
is expected of the market participants
• JSE Equity Members
• CSDPs
•
T3 market readiness
63
T3 market readiness
• CSDP / JSE Equity Members engagement with the JSE:
•
Sign-off of test scope (including entry and exit criteria)
•
Progress reporting (against the agreed project milestones)
•
Participation in training planning and prep activities
•
Attendance of required training
•
Sign-off of testing cycles
•
Go-live readiness checks
•
Sign-off of implementation approach and plan
•
T5 to T3 migration activities (1st week post go-live)
64
T3 market readiness (cont.)
• User Readiness Activities:
•
Convening of the T+3 Marketing and Education committee
•
Set-up of various CSDP / Broker Forums:
•
Workshops held with the JSE Equity Members, CSDPs and ASISA in 2014 to finalise scope for Phase 3
•
Workshops being set up with JSE Equity Members, CSDPs and ASISA in next couple of weeks to
reconfirm design
•
Set-up of Local and International Roadshows
•
Creation and dissemination of educational paraphernalia:
•
•
T5 to T3 Activity Timetable
•
Corporate Actions
•
SLB
•
Removals
•
Material Obligations
Market-wide progress reporting (letters / mailshots)
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BDA Billing Model
Leanne Parsons
BDA billing model
•
•
•
•
A BDA billing working group will be established
JSE is currently conducting analysis and modelling
JSE targeting formal consultation during July 2015 to September 2015
with notice being given on 1 October 2015
Depending on market consultation and no impact to T+3 initiative, JSE
would like to implement new BDA billing model by 1 January 2016
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Questions?
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