Scope: Optiq Order Entry
Contract Specifications Oslo Derivatives Derivatives - Regulated Markets

Contract Specifications for Oslo Derivatives once migrating to Optiq.

Large-in-Scale Features on the Central Order Book Overview v1.1 Cash - Regulated Markets, ETP Access, Euronext Block

This document describes the functional and technical requirements related to the implementation of the Large in Scale features on the Central Order Book.

Euronext Markets - Optiq Drop Copy Service - v2.0.0 Derivatives - Regulated Markets

Drop Copy is a service, providing near real-time copies of trade reports & order messages, usually used
by for risk management, back-offices and compliance teams.
Clients require a dedicated connection to receive Drop Copy messages, which can be setup with
configuration that fits their needs.
The scope of data in Drop Copy could provide client messages for various Logical Accesses, for one, or
across different Optiq Segments.

Self-Trade Prevention Functional Overview v1.4 Derivatives - Regulated Markets

Self-Trade Prevention (STP) has been introduced on Euronext’s Markets to allow Member Firms performing
specific types of activities (e.g. Market Makers) to avoid trading with themselves.
The STP mechanism allows customers to avoid unintentional self-trading that results from the matching of
two opposite orders1 on the same instrument, of the same Member Firm (i.e. with the same Member
Code). The mechanism applies to orders that are submitted via private messages (SBE or FIX) with specific
Account Types.
In the event that two opposite orders belonging to the same Member Firm, and applicable account type,
would match against each other, the mechanism cancels either the resting or the incoming order,
depending on the STP Type chosen.
If STP Type chosen is “Cancel Resting”, then the system enters the incoming order of the possible match,
into the central order book.
If STP Type chosen is “Cancel Incoming”, then no changes occur in the central order book and the incoming
order is rejected.

Optiq Phase 3 Derivatives Spread Classes Derivatives - Regulated Markets
Large-in-Scale features on the central Order Book overview 1.0 Cash - Regulated Markets, ETP Access, Euronext Block

Euronext is introducing new Large-in-Scale (LiS) features on the Central Order Book. The service will create more opportunities to execute LIS orders, leveraging existing liquidity in the central order book. As soon as market participants implement the necessary modifications required to use the model, including conformance tests, they will immediately be able to benefit from the existing invisible liquidity. The new service is now available for testing on the External User Acceptance (P-EUA) test platform. The launch in Production is planned for the first quarter of 2019.

Euronext Cash Markets – Optiq OEG Throttling Mechanism v2.2 Cash - Regulated Markets, ETP Access, Euronext Block

This document provides details of the throttling mechanism for the Optiq® Order Entry Gateways (OEG). This document is a supporting document for other technical specifications made available for Optiq, some of which are listed in the section Associated documents.

Euronext Cash Markets - OPTIQ® Drop Copy Service V1.2.0 Cash - Regulated Markets

Drop Copy is a service, providing near real-time copies of trade reports & order messages, usually used by for risk management, back-offices and compliance teams. Clients require a dedicated connection to receive Drop Copy messages, which can be setup with configuration that fits their needs. The scope of data in Drop Copy could provide client messages for various (or all of their) Logical Accesses, for one, or across different Optiq Segments. This version of the document covers activity on the Cash market only, that are in scope of Phase 2 of the migration to Optiq.

New Warrants & Certificates Market Model - Functional Overview Cash - Regulated Markets

Euronext’s electronic trading platform hosts a Hybrid (Request For Execution) market model for Structured Products (incl. Warrants & Certificates and Structured Notes) formerly known as the New Warrants & Certificate market model or Quote Driven market model. This model has been developed jointly with market participants. The model presented below which manages trading of Structured Products using Liquidity Provider quotes has been approved by Euronext market authorities. On Euronext’s electronic trading platform, Optiq®, this market model is hosted on the dedicated Structured Products segment. Note that this segment also supports the trading of instruments using the Order Driven market model.

Euronext Cash Markets - Optiq Self-Trade Prevention (STP) Functional Overview – v1.3 Cash - Regulated Markets

Self-Trade Prevention (STP) has been introduced on Euronext’s Cash Markets to allow Member Firms acting as Liquidity Providers to avoid trading with themselves. The STP mechanism allows customers to avoid unintentional self-trading that results from the matching of two opposite orders on the same instrument, of the same Member Firm (i.e. with the same Member Code). The mechanism applies to orders that are submitted via private messages (SBE or FIX) with the Account Type of Liquidity Provider (LP). In the event that two opposite LP orders belonging to the same Member Firm would match against each other, the mechanism cancels either the resting or the incoming order (depending on the STP Type chosen). If STP Type chosen is “Cancel Resting”, then the system enters the incoming order of the possible match, into the central order book. If STP Type chosen is “Cancel Incoming”, then no changes occur in the central order book and the incoming order is rejected.

Euronext Cash Markets - OEG Cancel on Disconnect (CoD) Functional - Overview v1.1 Cash - Regulated Markets, ETP Access, Euronext Block

This document describes the (Auto-Mass) Cancel on Disconnect feature in Optiq. This functionality is made available on all Optiq Segments of Cash Market, and is available for management by clients for individual submitted order messages. This document provides a general description of the functionality, how it works and how it behaves in different situations of day-to-day operations and business continuity cases.  Note: This document is for informational purposes only, and should be consulted alongside its associated documents, as outlined below.    Optiq Support Desk Tel: +33 1 70 48 25 55

Email: optiq@euronext.com 

NAV Trading Facility: TCS message flows, rules and details of the market model TCS

Global overview of the application message flow exchanged between SLEs and Euronext’s Trade Confirmation System (TCS), and the associated broadcast messages; main rules and particularities associated with this model.

Scope: Optiq Market Data + Optiq Order Entry
Oslo Bors Products in EUA Cash - Regulated Markets, Derivatives - Regulated Markets
Euronext Block MTF - functional overview service description v2.0 Euronext Block

This document provides a functional overview of the Euronext Block multilateral trading facility (MTF) operated on the Optiq technology. This document provides key information for members of the platform and should be consulted alongside the related documents outlined below.

STRUCTURED PRODUCTS MARKET MODEL - FUNCTIONAL OVERVIEW - OPTIQ – V5.0 (EFFECTIVE 1 JUNE 2020) Structured Products MTF

The purpose of this document is to provide:
- A global overview of the application messages exchanged between Order Entry Connections (Logical Accesses) and Optiq’s Matching Engine (ME), and the associated publicly broadcast market data messages;
- The main rules and particularities associated with this model; -
The enhancements to the model implemented with the migration to Optiq;
with the objective to allow all market participants to gain a better understanding of the model.

How the market works - V4.0 Derivatives - Regulated Markets, Euronext File Services

The purpose of this document is to provide description of main functionalities and services offered by Optiq for Euronext Derivatives markets. This document strives to provide for each identified functionality or service the following elements:

1) Why it is present in our Market

2) Description of the service and its principles

3) Examples, where possible, of its use

4) Advantages & benefits of the services as well as recommendation of use

The aim of the document is to provide a practical overview of functionalities and approaches to Derivatives trading in Optiq. At the end of the document technical and architectural topics are also covered to provide a general overview. This document is the view of the expected implementation of Optiq for Derivatives markets. This document will be updated with further information providing additional details1 . In case of any functional changes they will be highlighted and communicated to clients in due course. A number of functionalities described in this document are subject to regulatory approval, and confirmation of implementation will be provided in due time.

Scope: Optiq Order Entry + Optiq Market Data
OSLO OPTIQ TECHNICAL USER GROUP 2ND Cash - Regulated Markets, Derivatives - Regulated Markets, Saturn

The second Oslo Optiq Technical User Group presentation that was held as a webcast.

Oslo Optiq Technical User Group 1st Cash - Regulated Markets, Derivatives - Regulated Markets, Saturn

The first Oslo Optiq Technical User Group presentation that was held in Oslo, Stockholm, and London.

Optiq Phase 3 Tick Size Summary Derivatives - Regulated Markets
Optiq Phase 3 Trading Schedule Summary Derivatives - Regulated Markets
Structured Products Market Model - Functional Overview - Optiq - v4.0-2 Cash - Regulated Markets

Euronext’s electronic trading platform hosts a Hybrid (Request For Execution) market model for Structured Products (incl. Warrants & Certificates and Structured Notes) formerly known as the New Warrants & Certificate market model or Quote Driven market model. This model has been developed jointly with market participants. The model presented below which manages trading of Structured Products using Liquidity Provider quotes has been approved by Euronext market authorities. On Euronext’s electronic trading platform, Optiq®, this market model is hosted on the dedicated Structured Products segment. Note that this segment also supports the trading of instruments using the Order Driven market model.

Euronext Cash Markets - Optiq High Availability and Business Continuity v1.2.0 Cash - Regulated Markets

The Optiq Order Entry Gateway (OEG) provides high-speed and real-time connection to the Exchange markets. This document provides information about the High Availability (HA) and Business Continuity mechanisms for the trading chain implemented in Optiq and details of:

■ high availability and business continuity facilities supported by the Optiq trading chain

■ features of the trading chain that support client’s ability to:

– manage their sessions in cases of trading chain recovery,

– resynchronize with the Exchange if required

■ recommended practices in different cases of failure

The scope of this version of the document covers high availability and Exchange business continuity for the Cash markets hosted on Optiq.

Scope: Reporting interfaces
MiFID II SATURN NEW transaction recovery feature – CANCEL AND REPLACE.pdf Saturn

Euronext informs customers that a new version of the Saturn Regulatory Reporting Solution is available in P-EUA with the production released in July 2019.
This release of Saturn covers the new “Transaction Recovery” functionality.

Euronext Off-Book On-Exchange trades publication - Market Model overview – version 1.3 Cash - Regulated Markets, Saturn

This document describes the Euronext Dublin On Exchange Off Book trade reporting facility. The objective is to give an overview of the functionality as well as the main system rules associated to these facilities. For more detailed information Euronext Members have to refer to the related documentation described below.

EURONEXT APA/ARM SERVICES - Functional Overview Version 3.0 Saturn

This document describes the Euronext Global Reporting Solution concerning the Euronext APA/ARM Services as well as the transaction modalities for Euronext Members not subject to MIFIR and the Cleared OTC Trade Facility. The objective is to give an overview of the services and functionalities. For more detailed information Market participants have to refer to the related documentation described below.

Scope: Web Order Entry
TCS Funds trading – NAV Trading facility v2.2 TCS

The purpose of this document is to describe how to use the TCS functions for funds that are available to TCS trading members and fund managers through the TCS-Web Interface.