INDICATIVE EURONEXT PROJECT ROADMAP FOR 2020

The Euronext project roadmap for 2020 is now available online.

Euronext is pleased to inform clients that a summary presentation of the most significant projects for Euronext in 2020 (“project roadmap for 2020”) is now available on our website at: https://connect2.euronext.com/it-documentation-library/

Alternatively, please click here to be taken straight to the document.

In the context of the current COVID-19 situation, Euronext is mindful of the conditions in which our customers are operating.  The intention in publishing this Info-Flash is to share the latest indicative dates related to the most significant Euronext projects through the remainder of 2020.  The projects included are expected to have material customer impact, so have been included in order to support resource planning as far as the current situation permits.  This is not an exhaustive list of Euronext projects.

The document contains a summary of the target delivery timescales and the date of either the most recent project-specific Info-Flash, or the expected date of the next one. In some cases, a specific go-live date is shown, whereas for several other initiatives, the target delivery date is indicative only. In many cases, the delivery date may be subject to change, not least because regulatory approval is required.

Please note also that the roadmap is not intended to be exhaustive and that some initiatives are not included at this stage, but will be added once details can be confirmed.

The initiatives included are primarily those where technical work from our customers is anticipated in order to deliver an upgrade or improvement.

This document will be updated and republished on a quarterly basis and in case of major changes.

The indicative roadmap includes five topics:

1.       Oslo Børs core migration

Following Euronext’s acquisition of Oslo Børs VPS Holding ASA in June 2019, Oslo Børs’ trading systems, across asset classes, will migrate from the Millennium Exchange and SOLA systems to the Euronext Optiq® systems. The migration of Cash, Derivatives and Fixed Income products is scheduled for Q4 2020, pending regulatory approval.

As outlined in the Info-Flash of 13 December 2019, in preparation for the migration, parties will need to:

■     Establish connectivity: Particularly for current Oslo-only clients, who will need new connectivity to Euronext’s data centre in Basildon (near London) replacing the current Oslo backbone solution for Millennium and SOLA.

■     Update membership and market data agreements: In order for current clients of Oslo Børs to continue their Oslo Børs activities, updated agreements need to be in place. Clients will need to complete updated membership agreements and/or market data agreements with the legal entity Euronext N.V. The updated agreements will include the possibility to extend access to further Euronext markets.

■     Ensure readiness for go-live: Clients of Oslo Børs need to be ready for trading of all Oslo Børs asset classes on Optiq by late Q3 2020, pending regulatory approval. Any client of other Oslo Børs products that are expected to change as a result of integration must also be ready for the go-live. Clients already connected to any other Euronext market will be able to access Oslo Børs markets at the go-live date by extending their membership to the Oslo marketplace.

Please note that as communicated on by Info-Flash on 5 February 2020, after further consultation with Nordic clients and stakeholders, Euronext and Oslo Børs have decided to continue the current interoperability model for cash clearing with the three existing Central Counterparts (CCPs): LCH Limited, EuroCCP and Six X-Clear.

The CCP for the Derivatives market will change from SIX X-Clear to LCH SA.

In order to support client preparations, we are offering two dress rehearsals in the production environment prior to each go-live. The execution of the migration plan is subject to regulatory approval and market readiness.  Further details can nevertheless be found in the Info-Flash published on 16 March 2020.

 2.       STRUCTURED PRODUCTS

As outlined in the Info-Flash published on 26 December 2019, 2020 will see Euronext dedicate a new segment on Euronext Access Paris (XMLI) to Structured Products trading with optional clearing (replaced by bilateral settlement for trading members who choose to opt out of clearing).  Optional clearing will allow members to trade Structured Products until 22:00 CET.

As a reminder, on the XMLI Segment:

■     Minor changes will be required from members at Order Entry level.

■     Issuers will choose instruments to trade on the Order Driven or the Hybrid (aka Request For Execution) market model.

■     Members will be able to decide to opt out of clearing. For non-cleared trades, settlement will be initiated by Euronext on a netted bilateral basis via SWIFT messages sent directly to trading members’ settlement agents.

■     Trading until 22:00 CET will be available. (Bilateral settlement will be a prerequisite for trading until 22:00 CET.

More details regarding the scope, schedule and related documentation can be found in the Info-Flash of 26 February 2020 which announced the opening of the External User Acceptance (EUA) phase on 16 March.

 3.       ETP ACCESS

With the launch of Euronext ETP Access (formerly known as ETF Access) later this year, trading participants will have access, via a single entry point, to all 7000+ European ETP listings as well as innovative features such as multilateral RFQ capability and NAV trading, at a competitive fee.

The technical documentation for Euronext ETP Access has already been made available on the Euronext website at: www.euronext.com/etf-one-stop-shop 

The External User Acceptance (EUA) platform is expected to open in April; a further announcement will be made later this month to confirm the exact date.  More details concerning the platform will also be shared at this time by Info-Flash.

 4.       EURONEXT BLOCK

Euronext Block MTF is a pan-European large-in-scale (LIS) Equities conditional trading platform, and is hosted on Euronext’s state-of-the-art Optiq® technology. New functionalities will be implemented on the platform which will help participants source block liquidity in a more targeted and proactive manner, specifically for small and mid-cap stocks.

More details will be shared in the coming weeks.

 5.       DISASTER RECOVERY (DR) TESTS

There were originally two DR tests planned in 2020. However, Euronext took the decision to cancel the Cash & Derivatives Markets Disaster Recovery Test scheduled with its customers on Saturday 28 March.  This  may be rescheduled, in which case a further announcement will be made by Info-Flash during Q2.

Euronext still intends to schedule a test to coincide with the FIA event, which is currently scheduled for Saturday 24 October. This is the annual industry-wide disaster recovery exercise, which is a combined effort of the exchanges, clearing houses, swap execution facilities, futures commission merchants, service providers and related entities to practise resiliency by completing test transactions from backup systems and sites. Euronext will verify the compatibility of this date with key milestones for the other projects shown in the roadmap.

Roadmap updates

Euronext intends to publish an update to this Roadmap before the end of July 2020.

 

Further information:

Operational Client Services Desk clientsupport@euronext.com

Belgium +32 2 620 0585              France +33 1 8514 8585                Ireland +353 1 617 4289
Netherlands +31 20 721 9585      Portugal +351 2 1060 8585            UK +44 20 7660 8585

Kontakt oss

Torbjørn Vik

  • Head of Equities and Client Relations
  • tv@oslobors.no
  • +47 22 34 17 47
  • +47 99 69 18 91

Kontakt - teknisk

Christian Ringstad