Nasdaq Support

How will the technological infrastructure of Borsa İstanbul be renovated?

Technological transformation program will be carried out in two stages. First, Equity Market Processing System, Data Dissemination System, Surveillance System, Index Calculation System, Settlement and Custody System, Operational Databases and Reporting Infrastructure will be renovated. It is planned to renovate all other market systems in the second stage.

Which technologies will be used for order transmission and when will the related announcements be made?

Similar to the existing system, a FIX protocol based order transmission infrastructure will be used for the order transmission. Due to the change in Trading System and potential alterations in trading rules, there will be changes in the message format and content.

The draft guide on the FIX order transmission protocol definitions (Rules of Engagement) is planned to be published in August 2014 and the final version will be available in November 2014.

Which technologies will be used for data dissemination systems and when will the related announcements be made?

The protocol used in data dissemination infrastructure of Equity Market, which is specific to Borsa İstanbul, will be replaced with the TIP protocol, which is used in NASDAQ OMX data dissemination systems. The draft guide on the this protocol is planned to be published in August 2014 and the final version will be available in November 2014. Data vendors are recommended to plan their work within this schedule.

When will the test environments be opened for order transmission and data dissemination systems?

The test environments where the members and data vendors will be able to test their systems to comply with the frame of the published guides, are planned to be opened in January 2015.

When do you aim to complete the first phase of the transformation program?

We aim to complete the first phase by mid-2015.

Are any changes planned in the content and format of the reports broadcast by Borsa İstanbul for the Equity Market?

Changes will be made in the content and format of the reports broadcast by Borsa İstanbul for the Equity Market. We are planning to conduct a survey on the methods of use for these reports in March 2014.

When is the certification of the applications planned to be initiated?

Certification of the applications developed by the members, data dissemination companies and the software companies supporting the members is planned to be initiated in April 2015.

Will there be changes to the broker terminals used by member representatives in the trading floor and user interfaces? Do you plan to organize trainings?

Broker terminals used by Borsa İstanbul members in the trading floors and used for remote access will be replaced within the scope of this transition program. Trainings on the use of the user interfaces are planned to begin in April 2015.

Which protocol can be used for vendors to receive trades and market depth for Equities + Indices + Bonds & Bills + Futures & Options ?

TIP protocol will be used for vendors to receive market data for Equities + Indices (Phase1), Bonds & Bills + Futures & Options (Phase2).

TIP provides Market by Price (MBP) information for all markets.

Do all Data Vendors have to migrate from DDS to TIP or can they choose ITCH?

Yes, it means that all Data Vendors have to migrate from DDS to TIP.

ITCH protocol is required for the members who will use the co-location service to receive Market by Order(MBO) tick by tick with low latency. ITCH shouldn’t be used as a source for data dissemination for third parties.

ITCH market data would be provided solely to customers that receive CoLocation Service and these customers will not be allowed to distribute ITCH data.

For detailed information about Borsa İstanbul CoLocation Service, please contact with Marketing and Sales Department (Colocation-Marketing@borsaistanbul.com )

Which changes are required from a contractual side ?

Existing Data Distribution Agreement (DDA) will be used from contractual side.

Do DDS existing connections are needed for receiving TIP/ITCH or could we integrate the roadmap migration ?

Yes, existing DDS connections can be used for receiving TIP.

As defined in Question1, ITCH shouldn’t be used as a source for data dissemination for third parties. It will only be available at CoLocation center. It can’t be taken outside of CoLocation center. Existing DDS connections cannot be used for receiving ITCH data.

What do you require from Data Vendors to receive full Market Data ?

We require from Data Vendors to make their systems ready to receive full market data in TIP protocol.

What will be the costs from migrating DDS to ITCH or TIP ?

Since same DDA would be used, costs mentioned in the agreement would be applicable for TIP.

ITCH cannot be used as a source for data dissemination for third parties. It will only be available at CoLocation center. It can’t be taken outside of CoLocation center. For ITCH data costs, you should contact at “Colocation-Marketing@borsaistanbul.com” separately depending on your requirements.

What will you require us for April Certification on TIP/ITCH ?

We are not planning to make Certification on TIP. However, we are planning to make data dissemination tests with data vendors during that period.

You said a meeting is planned in the second half of October: will this meeting can be accessed via conference call ? Is there a date & slides ?

The meeting will be on 14th of November in Istanbul. This meeting can not be accessed via conference call and will be done in Turkish. English version of the presentation used in the meeting will be published on our web site.

When you talk about the first phase which will be completed mid 2015, does it includes the reception of market data in the new protocol ?

Yes, TIP protocol will be on production in mid 2015. However please note that Equities and Indices datafeed with TIP wil be on production in mid 2015, and other markets will be included in 2nd phase, which will be completed in mid 2016.

We would like to know what are the differences between TIP and ITCH? Will both protocols disseminate real time data (bid & ask, Market Depth) ?

ITCH is only for Colocation customers. Data Vendors will not be allowed to use ITCH and disseminate the derived data from ITCH. ITCH data cannot be taken outside of colocation either. TIP and ITCH protocols are totally diffferent from each other in terms of communication methods and message structure. Both protocols disseminate real time data. But TIP protocol disseminates MBP data and ITCH protocol disseminates MBO data with low latency.

Could you elaborate the “co-location services” ?

Borsa İstanbul CoLocation Service is a direct connection offering that enables clients to place their equipments in Borsa İstanbul Data Center in which the Exchange’s market systems are also located. Thereby clients have the opportunity to access the market systems in a faster and more reliable manner. For detailed information about Borsa İstanbul CoLocation Service, please contact with Marketing and Sales Department (Colocation-Marketing@borsaistanbul.com)

Will there be any change in connection speed and bandwith reguirements of data vendors? What will be the bandwith at closing and opening session?

In January 2015 after system integration tests, there will be an additional announcement. When we take into consideration the volume of markets and the number of orders that we target after Nasdaq, the increase will be reflected to the intensity of lines. We expect a change in the characterictic of markets.

Is Borsa Istanbul going to provide Trader Workstation to members?

Yes. A Windows based new version of Trader Workstation will be provided by Borsa Istanbul.

How many Trader seats will be available for each member at Trading Floor?

Number of Trader seats that will be provided to each member will be determined according to the capacity of new Borsa Istanbul Trading Floor and according to the management’s decisions.

Is new system going to support different languages?

Yes, new system is going to support Turkish and English. Language option will be selected during Logon in Trader Workstation. There will be Turkish and English connection options for APIs.

Is there a change in order priority?

No. As in current system, orders will have price – time priority.

Is it possible to infer the priority of the order from the OrderID received? (Consecutive Order ID as in current system)

No. An OrderID will be produced by the system for each Order/Quote/Trade Report sent by members. OrderID is a 64bit, unique value. OrderID, Symbol (Order Book ID) and side information together will identify the order. So, OrderIDs will not be like 1, 2, 3, …

There are several channels for order submission. How shall a member produce Client Order IDs?

There will be 2 partitions for both FIX and OUCH connections. A separate connection is needed for each partition. Members will also have a connection from Co-Location in addition to the Remote Access Network. Client Order IDs should be unique for each connection individually.