nasdaqomx

Conformance

Conformance of Trading Applications for MiFID II

Due to the introduction of MiFID II, there are changes to Nasdaq API´s, protocols and changes to the conformance test scenarios in accordance to the MiFID II regulations. 

  • Trading venues shall require their members to undertake conformance testing prior to the deployment or a substantial update of:
    • the access to the trading venue's system;
    • the member's trading system, trading algorithm or trading strategy.
       
  • The conformance testing shall ensure that the basic functioning of the member's trading system, algorithm and strategy complies with the trading venue's conditions.

     
  • The conformance testing shall verify the functioning of the following:
    • the ability of the system or algorithm to interact as expected with the trading venue's matching logic and the adequate processing of the data flows from and to the trading venue;
    • the basic functionalities such as submission, modification or cancellation of an order or an indication of interest, static and market data downloads and all business data flows;
    • the connectivity, including the cancel on disconnect command, market data feed loss and throttles, and the recovery, including the intra-day resumption of trading and the handling of suspended instruments or non-updated market data.
  • RTS 7 Document

Conformance tests for INET

MiFID II functionality is implemented for OUCH, FIX Order Entry and FIX Trade Reporting protocols continuously and will be made available in Production in several phases. Once new functionality is available to test, a conformance test can be made in order to use the new functionality in production. All applications subject to MiFID II need however to be conformed September 30 2017 at the latest in order for members to be able to fulfil the MiFID II requirement of being able to prove the use of conformed applications by certifying usage of applications in Nasdaq Member Portal. 

Protocol Changes to INET

Mandatory conformance test will apply for all new or modified message types.
Please find updated protocol specifications and new conformance test scenarios on the following webpages.
 

INET Test Systems

Nasdaq MIFID II Test Facility (M2) is the new external test environment for testing INET Nordic MIFID II related changes. The availability of new functionalities can be found on the INET Testing website. 

Conformance Test Schedule for INET

Please see planned schedule for protocol changes in subject for conformance testing.
Once new functionality is available in test systems, a conformance test can be conducted. To avoid congestions of conformance testing, all identified applications will be appointed a time-slot in September for conformance testing.

Functionality  Available in NTF Available in M2 Test Production Launch Mandatory
as of 

FIX 5.0 Trade Reporting
(On-Exchange)

Dec 12 - 2016

April 24 - 2017 

April 24 - 2017

Prior to production use.

FIX 5.0 OTC/APA Trade Reporting

 

Aug 21 - 2017

Oct 23 - 2017

Prior to production use.

OUCH & FIX Order Entry
(MiFID II related changes)

N/A

April 24 -  2017

June 7 - 2017

Nov 20 - 2017

OUCH & FIX Order Entry
(incl. Auction on Demand)

March 20 - 2017

April 24 -  2017

June 7 - 2017

Prior to production use.

More information regarding activation of new functionality and protocol impact can be found on the
INET enhancements website. 

 

Conformance Test Genium INET Trading Applications

Due to the introduction of MiFID II, changes to the Genium INET APIs and protocol, OMnet & FIX will be made. New messages and modifications to current OMnet and FIX messages are added to the specifications that will go live November 20th, 2017. The new fields are added so members will be able to submit information required by MiFID II regulations. Members and ISVs have to complete a mandatory conformance test, scheduled for September. Once the applications have been conformed and approved, they will be visible in Nasdaq Member Portal for member self-certification. All application in subject for MiFID II needs to be conformed September 31st at the latest in order for members to be able to fulfil the MiFID II requirement of being able to prove the use of conformed applications by certifying usage of applications in Nasdaq Member Portal

Protocol Changes to Genium INET

Mandatory conformance test will apply for new and current messages that have been modified with new fields and new conformance test scenarios.

Please find updated protocol specifications and new conformance test scenarios on the following webpages.
 

Genium INET Test systems

Conformance tests will be conducted in Genium INET External Test System 4.
Please see see External Test System schedule on the Genium INET 5.0.0210 website

Conformance Test Schedule for Genium INET

All applications supporting submissions of orders are subject of conformance test. Conformance tests will be performed in September and all companies identified will be appointed with a time slot of when the conformance test will be conducted. In case you have not t received an appointment for conformance test but you are impacted by the technical changes implemented in FIX or OMnet. Please contact technical support by sending an email to technicalsupport@nasdaq.com

Conformance test timeline for Genium INET

Start End Activity Area

May 15

N/A

Test

 

EXT4 available supporting changes to FIX/OMnet

May 22

N/A

Review

New conformance test scenarios published for OMnet and FIX

July 17

N/A

Test

EXT4 with functionality needed for conformance testing

Sept 1

Sept 30

Conformance Test

Conformance test period

 

Register Applications and Member Self-Certification in Nasdaq Member Portal

All applications developed by Independent Software Vendors (ISV´s) or developed in-house by members, connecting to INET and Genium INET needs to be registered in the Nasdaq Member Portal. Members with Sponsored Access Clients have to register their Sponsored access clients and map their users/sessions to the application.
 

Registration of applications is the first step in order for members to prove the use of conformed and approved application.

The registration will consist of the name of the application, version number, contact information etc. Once registered, a conformance test can commence in order to be approved for production access. 

 

Please see the following guide of how to register and self-certify the use of applications in the following guide
Applications in Member Portal guide.pdf

Conformance Support



Please contact the following for support;

Conformance Test Team
Email: conformancetest@nasdaq.com
Phone: + 46 8 405 6410 (INET)
Phone: +46 8 405 6750 (Genium INET)

 

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