MiFID II

Publiceringsdatum: May 10, 2017 3:33:5 PM

New European legislation for MiFID II is to be effective January 2018. The aim of MiFID II is to strengthen investor protection and improve market structure.

NGM plans to roll out changes related to MiFID II as per below:

Date

31 March 2017

11 May 2017

7 July

August

23 October 2017

4 December 2017

6 December 2017

8 December 2017

Evening of 2 January 2018

3 January 2018

What

Announcement of upcoming NGM FIX Protocol changes

Roll out of MiFID II release in test systems for integrators

Announcement of Order Record Keeping data provisioning

Announcement of upcoming member rule updates

Roll out of MiFID II protocol changes in production

Move of instruments from regulated to unregulated markets

Order record keeping.

System restart.

Adaptation for MiFID II

Requirement on MiFID II compliant behavior in production

Description

    • Transparency adaptations related to RTS 1 and RTS 2 (see Appendix A in NGM FIX Protocol specification for detailed information on protocol adjustments)

    • Order record keeping input added to orders and quotes (RTS 24)

      • Special note: Quotes are by default carrying the following attributes:

        • OrderCapacity is implicitly considered being "DEAL" (Dealing on own account)

        • All quotes are considered being subject to "Liquidity provision activity" (market making)

    • Timestamps changed to microseconds (previously milliseconds) (RTS 25)

    • Roll out of a system with the announced changes from the 31 March in test systems for external parties.

    • Information on how to supply and reconcile information on National IDs, LEIs and Algorithm IDs to NGM.

    • Announcement of upcoming member rules to be applicable from 3 January 2018

    • First day in production is Monday 23 October 2017

    • Roll out will be performed during the preceding weekend with mandatory member upgrades on Saturday 21 October

    • ETPs move from NDX Denmark/Finland/Norway/Sweden to corresponding new market segments under the top-level market segment named ETP.

    • Some structured products (affected by CCP clearing requirements in MiFID II) move to corresponding new market segments under the top-level market segment named Investment Products MTF.

    • The Order Record Keeping production environment is available.

    • Contact NGM Support to obtain credentials.

    • After market closing of 8 December, the Elasticia system will be restarted.

    • All orders will be removed from the system prior to the restart.

    • The restart is due to a change of the system where the IDs set to orders, quotes and trades are changed to adopt to required format in reports related to RTS 22 (members) and RTS 24 (exchanges).

    • All previously supplied mappings of short codes to long codes will be deleted.

    • All orders will be flushed.

    • Short codes are required to be set in orders and quotes sent to NGM and mappings from short codes to long codes must be supplied end of day outside of the FIX protocol.

    • Iceberg orders must have a value of at least 10,000 EUR to be accepted.

    • Manual trade reports will only be allowed in equity markets.

    • New tick size tables for the equity market segments

    • Please refer to the member rules and market model for additional information on changes.