Cboe Europe to allow market participants to simulate Brexit-like system behaviour
Cboe Europe reminds market participants that it will hold a Saturday Brexit Production Dress Rehearsal on December 5, 2020 as part of Cboe’s Brexit program.
The test day in production will allow participants and vendors to simulate Brexit-like system behavior in production in advance of January 4, 2020. The scope of the test day will include the Production (LD4) BXE, CXE, DXE, TRF (APA) and SIS environments including the Trade Reporting GUI.
Cboe will not be performing any failover or redundancy testing on the day to allow participants the day to test their systems thoroughly.
Participants should note that Cboe is not mandating participation on this test day as Cboe NL (DXE) and the NL APA (TRF) has been live for some time, however it is strongly recommended. The test day will allow Participants to ensure their systems are behaving as expected and ready for Production effective Monday, January 4, 2021 when the Brexit transition period will have ceased.
Participants wishing to take part on the day must submit any outstanding requests for new ports by 16:00 UK time of December 3, 2020. No new port requests will be processed on the Friday before the Saturday test.
Cboe is currently enforcing cross border trading in the Certification (UAT) environment. Additionally, effective Saturday 5th December, 2020 Cboe will enforce the Transaction Reporting solution configuration in place at the port order entry level. This enforcement will reflect the behaviour to be expected in the Production environment, effective Monday 4th January, 2021 when the Brexit transition period will have ended. This change will be reverted at the end of the test day ready for trading on Monday 7th December, 2020.
Participants will need to ensure they have the required UK or NL venue clearing in place in advance of the test day. Firms without the required Clearing paperwork in place will have their order and trade flow rejected.
All symbols will be available for submission on the test day. A sustained low market data load will be simulated throughout the day allowing Participants and vendors to test their market data consumption capabilities.
Simulated market data load will be distributed in the following symbols only: AABc, ADBm, AMSe, ASCo, AZNl, BASd, BORGs, EDFp, EGLu, ERBAGk, HOp, JEOl, LHAd, LLBNz, MTa, NOKIAh, OHLe, OTPt, PZUw, RY4Ci, SIPb, UKWl, VODl, ZAGv
Pegged orders will not be supported on the day. Cboe also notes that trades transacted on the day will not be submitted to CCPs for Clearing and Settlement.
Expected Schedule on the day (Time is UK time)
- Activity
06:30
- Logical ports available for connectivity
07:00
- NOC & Trade Desk available
07:15
- Off-Exchange APA and SI platforms open for trade reports and quotes
07:50
- On-Exchange BXE, CXE and DXE platforms open for auction orders and trades
08:00
- Start of trading, simulated load commences
13:30
- End of trading
The Cboe NL (DXE) and NL APA (TRF) has been live for some time, the UAT environment is already available for testing with Transaction Reporting enforcement enabled.