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27.07.2017 11:20

Implementation of sponsored market access in Equity market ASTS system

In the upcoming release of the equity market ASTS trading and clearing system the sponsored market access (SMA) features that provide trading members with functions to define pre-trade checks as well as cancel on drop-copy disconnect function will be introduced.

There are following channels to set up these checks:

1. Using the Exchange member web portal.

2. From the MICEX Trade SE trader terminal.

3. From a custom or commercial software that uses the ASTS Bridge broker interface (changes implemented in a new interface version - IFCBroker_28).

Settings defined at the web portal take effect the next day. Settings defined using the terminal/bridge take effect immediately. If both mediums were used to make changes during the same day then the settings defined at the web portal will overwrite other settings overnight.

Attached (SMA User Guide 2017) please see the description of the SMA project.

The new broker interface specs including its comparison to the current production version are available at ftp://ftp.moex.com/pub/ClientsAPI/ASTS/Bridge_Interfaces/Equities/ (also includes changes for the Unified collateral pool project).

Implementation of SMA user mechanism and cancel on drop-copy disconnect function are the same as on the FX market - see ftp://ftp.moex.com/pub/ClientsAPI/ASTS/docs/SMA_ENG.pdf

Bridge transactions that implement SMA functions start with the SET_U_ prefix, tables - with U_ prefix. There's also a new USER_CLIENT table and additions to the USERS table.

Notes on implementation of the new SMA functions:

- Pre-trade control is only applicable to the SMA user IDs.

- The SET_U_LIMIT_PARAMS.RESTRICTIONON flag switches on/off ALL the pre-trade checks for a specified user.

- Access restrictions to instruments or trading boards can only be set from the web portal.

- Either a black list or a white list access method may be defined for a user per entity (instrument, board, instrument+board). Not both at the same time.

- Transaction frequency limit is defined per 1 second.

- The USERLIMITSTATUS parameter in functions takes three values: A (active), D (delete), S (suspend). When set to D or S then this particular pre-trade check is disabled and can be reactivated during the day by passing the A value. When set to D then this record will be deleted overnight. When set to S then this record will still be available next day with the S status.

There will be an additional announcement regarding availability of SMA functions on test environment.

For further information, please contact the Public Relations Department at (495) 363-3232.