Shanghai-Hong Kong Stock Connect Exchange Participant Information Package on
Shanghai-Hong Kong Stock Connect Exchange Participant Information Package on Pre-launch System Readiness Test 28 October 2014 Amendment Log Date 28 October 2014 Amendment 1. Updated Appendix A – revised download time on Stock Code Mapping File © Copyright 2014 HKEx Page 2 of 13 Table of Contents 1. INTRODUCTION ..................................................................................................................................... 4 2. OBJECTIVE AND SCOPE .......................................................................................................................... 4 3. GUIDELINES FOR PRE-LAUNCH SYSTEM READINESS TEST....................................................................... 5 4. TYPHOON AND /OR RAINSTORM ARRANGEMENTS ............................................................................... 6 5. ENQUIRES .............................................................................................................................................. 6 APPENDICES.................................................................................................................................................... 7 © Copyright 2014 HKEx Page 3 of 13 1. Introduction Shanghai-Hong Kong Stock Connect is a mutual market access programme, through which investors in Hong Kong and Mainland China can trade and settle shares listed on the other market respectively via the exchange and clearing house in their local market. A series of connectivity test and market rehearsals (MRs) for Shanghai-Hong Kong Stock Connect were successfully completed in September 2014. To ensure that the deployment of the systems of the Exchange and the Exchange Participants (EPs) to the production environment is satisfactory, a Pre-launch System Readiness Test (PSRT) will be conducted during the weekend immediately before the date of launch of the Shanghai-Hong Kong Stock Connect. This document will provide details on the trading activities of the PSRT on the China Stock Connect System (CSC). Relevant details on clearing and settlement activities will be provided in Shanghai-Hong Kong Stock Connect Pre-launch System Readiness Test CCASS Participant Information Package (“CCASS Participant Information Package”). 2. Objective and Scope PSRT is to ensure a smooth launch of CSC and final verification of system readiness by EPs. Test Date PSRT Saturday Time (Trading) 09:10 – 12:00 Objectives 1. HKEx to perform final readiness checks on CSC 2. EPs to perform final readiness checks on the setup from their side for connecting to China Stock Connect Open Gateway (CC OG) and CSC in the production environment via SDNet/2 and/or HSN circuits, to perform normal trading activities via their CC OG and Broker Supplied System (BSS) before the rollout 3. EPs who are also CCASS participants to perform their final verification on clearing and settlement arrangement, to perform normal clearing and settlement functions. For details, please refer to CCASS Participant Information Package Hong Kong securities market will be opened from 9:00 – 12:00. EPs participating the PSRT of Northbound Trading (NB), all their production off-floor trading devices connected to AMS/3.8 will be turned on to facilitate EPs to conduct trading activities on the Hong Kong market. © Copyright 2014 HKEx Page 4 of 13 EPs who are Non-Clearing Participant of CCASS should ensure their appointed General Clearing Participant would also participate in the Clearing Pre-launch System Readiness Test. Further details on PSRT are provided in the respective sections below. 3. Guidelines for Pre-launch System Readiness Test All EPs are requested to make note of the following important points when they take part in PSRT: Before PSRT EPs should have completed the CC OG mandatory market rehearsals to verify the readiness of their BSS software for participation in PSRT. EPs are required to designate a co-ordinator for the PSRT in Appendix B and return to HKEx before the PSRT. The Activity Rundown for the PSRT is in Appendix A. All participating EPs are required to follow strictly the activity rundown of PSRT. Order Routing System (ORS) services for Hong Kong stock market will not be enabled during PSRT. Securities and Shareholdings Security Database for the PSRT: CSC : Eligible stocks for NB is available on HKEx website at ShanghaiHong Kong Stock Connect corner (http://www.hkex.com.hk/chinaconnect) AMS/3.8 : Security database as at market open on the following trading day of PSRT On PSRT, EPs will not be allocated with shareholdings in NB stocks to simulate first day launch of Shanghai-Hong Kong Stock Connect. During / After PSRT EPs must ensure that the correct version of BSS software be activated before connecting to CSC and AMS/3.8 (if applicable). EPs must perform trading activities via all of their applied CC OG(s). Trade and other files applicable for NB will be available for download from the nominated folder, through the Electronic Communication Platform (“ECP”), before, during and after the PSRT. There is no feedback form for the PSRT. If participating EPs encounter any problem, please report to HKEx Hotline at 2840-3351 for technical enquiry or at 2840-3626 for general enquiry immediately. © Copyright 2014 HKEx Page 5 of 13 4. Typhoon and /or Rainstorm Arrangements EPs are requested to note the following arrangement should typhoon or rainstorm is encountered on the day of PSRT. On PSRT a. In case Typhoon Signal No. 8 or above and / or Black Rainstorm Warning is issued or continues to be issued anytime from 7:00am to 9:15am, the activity of the day will be cancelled and will not be resumed for the rest of the day. b. In case Typhoon Signal No. 8 or above is issued after 9:15am, the activity of the day will be terminated 15 minutes thereafter. c. In case Black Rainstorm Warning is issued after 9:15am, the activity of the day will continue until completion. In any case, all participating EPs should complete the appropriate day-end works including file/database backup and restoration, system restoration/fallback and so on to ensure there will be no interruption on the next trading day. 5. Enquiries For queries and/or further clarification on the Shanghai-Hong Kong Stock Connect PSRT, please contact us by e-mail to [email protected] . Alternately, you may contact HKEx by phone at the following numbers: For general enquiry : 2840-3626 For technical enquiry : 2840-3351 © Copyright 2014 HKEx Page 6 of 13 Appendices Appendix A Activity Rundown for Pre-launch System Readiness Test Appendix B Nomination for Co-ordinator of Shanghai-Hong Kong Stock Connect – Pre-launch System Readiness Test © Copyright 2014 HKEx Page 7 of 13 Appendix A Activity Rundown for Pre-launch System Readiness Test Overall Trading Timetables On PSRT Date & Time CSC accept Northbound order 09:00 – 09:30 Pre-Opening Session 09:10Note2 – 09:25 Opening Call Auction 09:25 Note2 – 11:01 Morning Continuous Auction 09:30 – 11:00 11:14 Note2 – 12:01 Morning Continuous Trading Session Afternoon Continuous Auction 11:15 – 12:00 12:05 AMS/3.8 (Hong Kong stock market)Note 1 Afternoon Continuous Trading Session Day Close Day Close Notes 1. EPs participating the PSRT of NB, all their production off-floor trading devices connected to AMS/3.8 will be turned on to facilitate EPs to conduct trading activities on the Hong Kong market. 2. CSC will start to accept China Connect orders few minute(s) before the commencement of trading session(s) of SSE. However, the CSC and SSE will only process China Connect orders input when the Opening Call Auction Session commences at 9:15 or Morning Continuous Auction Session commences at 9:30 or when the Afternoon Continuous Auction Session commences at 11:15 according to SSE timetable. If applicable, please refer to CCASS Participant Information Package for clearing and settlement related activities and relevant timetable. © Copyright 2014 HKEx Page 8 of 13 Activity Rundown PSRT Time Activities CSC (Northbound trading) Friday (Day before PSRT) After 17:00 AMS/3.8 (Hong Kong stock market) Saturday (PSRT) Before 09:00 Logon to CSC For CCOG BSS: Perform trading system logon by using production CSC trader ID and production password Download Stock Code Mapping File & Morning SI Stock Position result message Download the following files by using production user ID with “TO” user group (i.e. user ID of MXXXXXTOXXX) and production password through Electronic Communication Platform (ECP) Stock Code Mapping File (from 8:20) Morning SI Stock Position result message (from 8:55) (the message will contain only one sentence indicate whether sellable SSE © Copyright 2014 HKEx Ensure all off-floor AMS/3 terminals and OG/OCG/MWS/BSS components (including network routers, OG servers, MWS servers and workstations) are powered-on after trading hours Ensure the production database of inhouse / back-office systems are properly backed-up For those BSS which are not going to participate in the test, ensure that each of these BSS is not connected to the OG/OCG, to avoid receiving the testing data For all existing production MWS and BSS, please do not input any next day requests after trading hours on Friday (i.e., requests intended for submission to AMS/3.8 on the following trading day, since next day requests will be submitted to AMS/3.8 during the post release test and will not be available on the following trading day) For BSS, please save/cancel all ORS next day requests, if applicable For MWS, please cancel all ORS next day requests, if applicable Logon to AMS/3.8 Host For OCG BSS sessions: Connect to OCG (Trading and Drop Copy OCG sessions) and logon using the assigned Comp ID and production password. For OG (BSS/MWS) or Off-floor AMS Terminals: Perform smart card logon for OG (if applicable) – enter the production PIN of the smart card For MWS: Perform Administrator logon (administrator User ID 9999, Password 9999); Perform MWS start-of-trading procedures; Perform Supervisor logon (supervisor User ID 001, Password 1 or User ID 002, Password 2) Page 9 of 13 Time Activities CSC (Northbound trading) Securities positions have been successfully updated in CSC or not. There is No detail shareholding position of the EP) Closing price file AMS/3.8 (Hong Kong stock market) Perform trading system logon by using production trader ID and production password Note: For MWS, should EPs wish to create additional user accounts (e.g. Trader and Supervisor), please follow the procedures set out in the MWS User’s Guide at HKEx website http://www.hkex.com.hk/infra/ams3/ MWS.htm. The MWS user accounts created during the post release test will not be carried over to the production environment Call Auction / Pre-opening Session 09:00 - The call auction session of SSE will run from 09:15 – 09:25 Simulate real-life trading activities (in terms of order input, pattern and volume) (N.B.: - Orders to be input should be at prices within +/- 10% from previous closing price - Buy orders below the current best bid price / the previous closing price (as the case may be) by more than 3%, will be rejected by CSC - Cancel outstanding orders as far as possible) The pre-opening session consists of - Order Input period (09:00 – 09:15) - Pre-order Matching period (09:15 – 09:20) - Order Matching period (09:20 – 09:28) - Blocking period (09:28 – 09:30) Simulate real-life trading activities (in terms of transaction types, pattern and volume) during the pre-opening session (N.B.: Orders to be input should be at prices within +/- 20 spreads from nominal price) Note: CSC will start to accept China Connect orders from 9:10. However, these orders will only be processed according to the timetable of SSE Morning Session (Continuous Auction / Continuous Trading) 09:30 - The continuous auction session of SSE The continuous trading session will run from 09:30 – 11:00 consists of - Continuous trading Simulate real-life trading activities (in terms of order input, pattern and (09:30 – 12:00) volume) Simulate real-life trading activities (in (N.B.: terms of transaction types, pattern and - Orders to be input should be at volume) during the morning session prices within +/- 10% from previous (N.B.: Orders to be input should be at closing price prices within +/- 20 spreads from - Buy orders below the current best nominal price) bid price / the latest trade price / © Copyright 2014 HKEx Page 10 of 13 Time Activities CSC (Northbound trading) AMS/3.8 (Hong Kong stock market) the previous closing price (as the case may be) by more than 3%, will be rejected by CSC - Cancel outstanding orders as far as possible) Note: CSC will accept China Connect orders from 9:25 to 11:01. However, these orders will only be processed according to the timetable of SSE Exchange Intervention 11:01 11:00 Close 11:05 11:05 Download Mid-Day Trade File 11:30 – 23:59 Download the Morning trade file (from 11:30) by using production user ID with “TO” user group (i.e. user ID of MXXXXXTOXXX) and production password through Electronic Communication Platform (ECP) and check the accuracy of trade details Afternoon Session (Continuous Auction / Continuous Trading) 11:10- The continuous auction session of SSE The continuous trading session will run from 11:15 – 12:00 consists of - Order Cancel (11:10 – 11:15) Simulate real-life trading activities (in terms of order input, pattern and - Continuous Trading volume) (11:15 – 12:00) (N.B.: Simulate real-life trading activities (in - Orders to be input should be at terms of transaction types, pattern and prices within +/- 10% from previous volume) during the morning session. closing price (N.B.: Orders to be input should be at - Buy orders below the current best prices within +/- 20 spreads from bid price / the latest trade price / nominal price) the previous closing price (as the case may be) by more than 3%, will be rejected by CSC - Cancel outstanding orders as far as possible) Note: CSC will accept China Connect orders from 11:14 – 12:01. However, these orders will only be processed according to the timetable of SSE Exchange Intervention 12:01 12:00 Day Close 12:05 12:05 © Copyright 2014 HKEx Page 11 of 13 Time After respective Day Close Activities CSC (Northbound trading) AMS/3.8 (Hong Kong stock market) For CCOG BSS: Perform any day-end processes to ensure database integrity Clean up the transaction data (e.g. orders and trades) entered during this test from BSS (if applicable) Perform trader permanent sign off Logoff from AMS/3.8 Host and perform endof-day procedures For Off-floor AMS Terminals : Perform trader permanent sign off For OCG / OG / BSS / MWS: Logout and terminate OCG session Perform trader permanent sign off, if applicable Perform any day-end processes to ensure database integrity Clean up the transaction data (e.g. orders and trades) entered during this test from BSS (if applicable) MWS: Perform supervisor trading system logoff Keep all off-floor terminals, MWS and BSS components powered-on Download Day-end Trade File and Closing Price File 12:40 – 23:59 Download the following files by using production user ID with “TO” user group (i.e. user ID of MXXXXXTOXXX) and production password through Electronic Communication Platform (ECP) Day end trade file (from 12:40) and check the accuracy of trade details Closing price file (from 13:30) Monday (the following trading day of PSRT) Before 8:30 Logon to CSC For CCOG BSS: Perform trading system logon by using production CSC trader ID and production password Prepare for trading under CSC production environment from 9:15 Note: CSC will start to accept China Connect orders from 9:10. However, these orders will only be processed according to the timetable of SSE Logon to AMS/3.8 Host For OCG / OG / BSS / MWS / Off-floor AMS Terminals: Ensure smart card log on for OG and terminal is done and perform BSS trading system log on to host and trader sign on if applicable Prepare for trading under AMS/3.8 production environment from 9:00 Note: EPs who do not follow the testing guidelines or conduct frivolous activities during the PSRT will be suspended from further participation in the PSRT without prior notice. © Copyright 2014 HKEx Page 12 of 13 Appendix B Submission deadline: before PSRT Nomination For Co-ordinator of Shanghai-Hong Kong Stock Connect – Pre-launch System Readiness Test Notes: 1. EPs are required to complete and return this Nomination form to HKEx by Fax at 2521 7899 or by email to [email protected] before PSRT. 2. HKEx will contact or send email to the co-ordinator provided below during the PSRT if necessary. 3. For enquiry, please contact our Participant General Enquiry Hotline 2840-3626. Section I Exchange Participant Information Participant Name Section II Firm ID Contact Details of Co-ordinator Contact Person for Trading Name Office Telephone Email Address Mobile (Compulsory field) Contact Person for Clearing (if EP is also HKSCC Participant) Name Office Telephone Email Address Mobile (Compulsory field) Signature of Responsible Officer with Company Chop : Name of Responsible Officer : © Copyright 2014 HKEx Date : Page 13 of 13
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