Orion Market Data Platform - Securities Market (OMD-C)

SEARCH UNDER Orion Market Data Platform - Securities Market (OMD-C)

Will it be compulsory for Exchange Participants to receive market data from OMD?

It is not compulsory for Exchange Participants to receive market data from OMD though OMD is strategically positioned as the unique ticker plant for HKEX securities and derivatives markets in the long run. Market data dissemination will eventually be discontinued from the matching engine in order to maximize the processing efficiency of the trading systems. By that time, Exchange Participants may choose to receive market data directly from OMD or indirectly via information vendors.

Why does HKEX offer multiple product feeds to the market?

Single product feed will limit the development of low latency feed as huge data volume may increase the bandwidth requirement and hence social cost to the market. Different product feeds will offer choice to the customers on market data latency, content as well as bandwidth requirements.

We want the fastest feed which should be the FullTick feed, but it does not have statistics and news. It makes it difficult for me to decide which product to choose.

FullTick feed is positioned to provide low latency data to the customers for building their order books. Only the core market data, i.e. orders and trades, will be carried to guarantee the performance of the feed. Clients who would like to receive statistics calculated by HKEX may wish to subscribe to Standard or Premium feed.

Can I receive Conflated Broker Queue (CBQ) if I subscribe to FullTick feed?

Yes, the offering of CBQ as an optional service has been extended to the clients who subscribe to FullTick feed. Same as the offering of Premium feed, the optional service is offered with a fee waiver granted on CBQ initially. HKEX reserves the right to impose a charge on the existing complimentary OMD product feeds with prior notice in future.

Will the Aggregate Order Book in Securities Premium be synchronized with Broker Queue? If so, how would that work?

Broker queue in OMD is provided on conflated mode whilst the aggregate order book in Securities Premium (SP) is updated on a streaming basis. Conflated Broker Queue is offered to other core OMD Securities datafeed products due to strong client demand.

Given the service level between the Conflated Broker Queue and SP is not the same; clients are NOT encouraged to provide the conflated broker queue along with the streaming aggregate order book due to the possible synchronization issue. Warning message or disclaimer to highlight the service level difference to subscribers is a MUST if clients choose to display the two aforementioned data streams together.

Why couldn’t we receive the order information during the auction session from FullTick feed which should be the most premium feed?

Streaming full order book feed is new to the Hong Kong securities market and hence we adopt a prudent approach of not disseminating the individual order information during the auction session to avoid any possible market manipulation during the price discovery process.

Will aggregate market depth (10BBO) information still be offered in OMD Securities FullTick?

OMD Securities FullTick is a new datafeed product which is positioned as a market-by-order feed providing individual orders and trade information only. Aggregate market depth (or market by price) information on conflation mode will continue to be carried by OMD Securities Standard (SS). Should clients wish to obtain market by price information on a streaming basis, they may consider subscribing to OMD Securities Premium (SP).

Which indices will be provided in OMD Index Feed?

Please refer to Appendix A of OMD Interface Specifications for Securities Market & Index Datafeed Products to have complete indices list of OMD Index Feed.

Will index information continue to be available in other product feeds aside from the Index Feed?

OMD is optimized to disseminate specific market data contents via multiple product feeds. Index information will only be contained in the OMD Index Feed.

OMD does not provide retransmission of all trade tickers. Can HKEX add it back to OMD?

OMD does not support recovery of all trade tickers for a given trading day. Client can however receive the latest market snapshot from the refresh server which facilitates intraday startup or customer side outages. For the interest of those customers who may wish to recover every tick for a given trading day, HKEX will consider offering the corresponding end of day trade data product for customer subscription or purchase on an as-needed basis.

Why is spread table not available in OMD? Where can client access to the latest spread table?

Considering that spread table is not frequently changed and the spread table is published in the Rules of the Exchange and always available at HKEX website, the spread table is not included in OMD for transmission efficiency. The spread table code associated with each security will however be available in OMD for clients to perform the corresponding mapping.

If information vendors/licensed end-users subscribe to SF and provide 10BBO with individual order breakdown within the 10BBO, what Subscriber Fee/Individual User Fee is chargeable, level 2 or FullTick?

Any data with individual order information will be subject to the Subscriber Fee/Individual User Fee of Continuous Access - Full Book, i.e. HK$400 per unit per month.

If information vendors/licensed end-users subscribe to more than one OMD datafeed products, what Redistribution Fees/End-User Licence Fees and Connection Fees are applicable?

If information vendors/licensed end-users subscribe to more than one OMD datafeed products, e.g. SS and SP, the Redistribution Fees/End-User Licence Fees and Connection Fees for the first connection of both of these feeds are payable. If information vendors/licensed end-users subscribe to more than one set of the same OMD datafeed, e.g. 2 sets of SP, the following fees will apply:

One Redistribution Fee/End-User Licence Fee of SP
One Connection Fee for the first set of standard connection of SP; and;
One Connection Fee for an additional set of standard connection of SP

If information vendors subscribe to both SP and SF, can they provide information from SP feed (10BBO, News, Statistics, Market Turnover, Nominal Price and Yield) to their SF subscribers? What is the relevant Subscriber Fee?

Yes, information vendor who subscribes SF can provide level 2 data services with applicable fees, e.g. HK$200 per terminal per month, subject to it being 10BBO and without individual order information.

Does my company need to get the corresponding licence from the index compliers directly if my company has already subscribed to OMD Index feed?

Yes, clients who wish to redistribute the indexes available in the Index Feed need to get the corresponding licence from the index compilers directly, except for the S&P/HKEX and HKEX/TR RMBindices which are already covered in the Market Data Vendor Licence Agreement with HKEX-IS.

Can the OMD simulator be run on different platforms?

The OMD simulator can run on Linux only. However, the client’s feed handler can either run on the same or a different machine as the OMD simulator, providing clients the flexibility to develop their feed handlers on a non-Linux platform.

Can we share the same set of SDNet/2 circuits for their subscription to both OMD Securities datafeed products and OMD Derivatives datafeed products?

Yes, sharing of same set of production SDNet/2 circuits by more than one OMD datafeed product of different markets (i.e. securities market datafeed and derivatives market datafeed) is allowed. Clients who adopt the shared line mode should, however, make a thorough assessment of the possible operational risks and complexity in troubleshooting (latency, connectivity, etc) associated with line sharing. Troubleshooting support from HKEX will be limited under line sharing given the increased complexity.

Can the two lines of each SDNet set be provided by two different network carriers?

Clients are not advised to lease the 2 SDNet lines for the same SDNet line-set from 2 different network carriers. Since different network carriers may have different routing configurations and protocols, mixing different carriers’ SDNet lines in this way may not work.

For Retransmission server, is there any limitation on the number of Logon requests per day?

There is no limitation on the number of Logon requests per day but there are limitations on

number of retransmission requests in a day; and
maximum sequence range requested.

How many retransmission User ID and IP addresses will be assigned if our company subscribes to one set of Securities Premium connections and one set of Securities FullTick connections?

Two unicast IP addresses and one retransmission User ID will be assigned to each set of product feed. If one set of SP and one set of SF are subscribed to, clients will be assigned four unicast IP addresses and two retransmission User IDs.

If additional number of retransmission User ID and IP addresses are required, will there be any additional fees?

Yes, additional retransmission User ID and IP addresses can be assigned subject to additional set of connection fees.

Can we use third party applications and ask them to perform OMD testing on behalf of us?

Yes, HKEX allows independent software vendors (ISVs) to conduct testing on behalf of their clients.

A Client using software provided by an ISV has to authorise the ISV to handle all matters in relation to the development, subsequent upgrades and conformance testing of the software and completing the “Declaration Form for Readiness (Using Independent Software Vendor's Software) (for Real-time Information Vendors & End-Users)” to IVSupport@hkex.com.hk.

The client has to participate in Market Rehearsal (MR) and Post-Release Test (PRT) itself with its own circuits for connection before it can receive live production market data.

Does OMD-C have any conformance test?

Due to the multicast nature, we are not able to monitor the test progress and results of clients. We would have a Readiness Test for OMD-C which aims to facilitate clients’ verification of the technical readiness of their feed handlers for receiving and processing OMD messages. Clients are required to complete the test cases in the answer book provided by HKEX and submit the test results of the answer after completion of the test.

Does our company need to perform Readiness Test if we use the software provided by an ISV?

No. Readiness Test will be performed by ISV but SCT, MR and PRT will need to be performed by their company being the Market Data Licensee having direct OMD-C connection with HKEX.

OMD offers various recovery functions including Line Arbitration, Retransmission (RTS) and Refresh (RFS Snapshot) services. Are they all mandatory requirements for OMD-C?

Line Arbitration: It is the quickest and most efficient means to recover from packet drops due to a single-point glitches on the dual network paths from OMD to the client’s servers. Line Arbitration is a mandatory requirement to all clients.

Retransmission: It is the only means to recover lost trade messages as trades are not recoverable through Refresh. For packet loss beyond the protection of line arbitration, retransmission is also the quickest means to recover the lost data from OMD in sub-seconds compared with refresh. Retransmission is a mandatory requirement to all clients.

Refresh: It is a prerequisite for the client to handle OMD’s DR, clients’ late connection to OMD and significant packet loss by clients. Refresh is a mandatory requirement to all clients.

What is the difference between OMD-C Readiness Test (RT) Environment and OMD-C End to End Test Environment?

In the OMD-C RT Environment, only canned data is used for conducting OMD-C Readiness Test. OMD-C End to End Test Environment is same as the OTP-C OCG End to End Environment with OMD-C available to enable OMD-C EPs clients to perform test with the OTP-C OCG, the HKEX securities Market Trading System.

What is the format of the Broker number providing in the Broker Queue message (54) and Liquidity Provider message (13) in OMD-C?

The Broker number providing in the Broker Queue message (54) and Liquidity Provider message (13) is in integer format. However, clients may also need to observe the Rules of the Exchange for the interpretation of broker numbers when disseminating or displaying the information to their downstream clients.

Can Exchange Participants share the same set of SDNet/2 circuits with trading traffic (orders and trades) and market data traffic?

Yes. Exchange Participants who would like to share the same SDNet/2 circuits with trading traffic (orders and trades) and market data traffic are only allowed to do so if all the traffic on the circuits belongs to the same market (i.e. either securities market or derivatives market). OMD-Index, which is market neutral, can be carried on the same circuits with securities market or derivatives market. For example, Exchange Participants of securities market may use the same SDNet/2 circuits for their access to OMD-C SP, OMD-Index and OCG. Clients who plan to share SDNet/2 circuits should, however, make a thorough technical assessment of the possible operational risks and complexity in troubleshooting (latency, connectivity, etc.) associated with such an approach. Troubleshooting support from HKEX will be limited under such circuit sharing given the increased complexity.

Can we share the same set of SDNet/2 circuits for both OMD-C testing environment and OMD-C production environment?

No, SDNet/2 circuits cannot be shared between OMD-C testing environment and OMD-C production environment.

Do OMD-C and OMD-D use same VLAN?

No. They use different VLANs.

In OTP-C OCG End to End Test Enviroment, are OTP-C and OMD-C using the same subnet?

No. They use different subnets.

Can we have more than one retransmission ID in testing environment?

Yes, clients can try to apply for more than one retransmission IDs in testing environment subject to Exchange’s discretion.

After completion of Readiness Tests, do we need to cancel two testing lines?

Clients may not be required to cancel the two testing lines, but consider requesting their telecom to reconfigure the two testing lines to our production environment for Market Rehearsal and on-going production connection.

Orion Market Data Platform - Securities Market (OMD-C)

Cookie Use