New Securities Trading Device (NSTD)

SEARCH UNDER New Securities Trading Device (NSTD)

NSTD is a New Securities Trading Device designed for HKEX’s next generation core platforms: Orion Market Data (OMD-C) and Orion Central Gateway (OCG).

NSTD is developed by a 3^rd party software vendor, ET Trade Limited and is a multi-workstations front-end trading device. It will be offered to Exchange Participants (EPs) at standard terms and conditions under the brand name “ET Trade Speed Station”.

EP using NSTD must apply for at least one OCG trading session and assign at least one throttle to the OCG trading session for NSTD. The NSTD was launched in November 2014.

What is the contract duration for NSTD? (Last Update: 8 August 2019)

HKEX entered a 5-years’ Services Agreement with the appointed NSTD vendor upon the launch of NSTD in 2014. Upon expiry of the above arrangement on 7 November 2019, HKEX will extend the Services Agreement with the vendor for about 3 years to 31 December 2022.
To use NSTD, EPs will need to sign a 2-years’ Subscription Agreement with the vendor. The Subscription Agreement can be terminated upon 3 months’ notice after 2 years. EPs would need to pay the full charge for termination within the binding period.

Would EPs need to buy new server or workstation for NSTD?

NSTD is based on a centralized architecture, so no server hardware is required. EPs would only need to provide the NSTD Terminal(s).

What are the features of NSTD?

Support HKEX customized keyboard and similar input sequence
Provide All in One Screen (i.e. market info, shares in hand, order book and input, modify & cancel order in one screen)
Support multiple windows
High Resilience

Would EPs be able to obtain the end of day Closing Price and Central Trade Feed (CTF) files from NSTD in the future?

No. Instead, the Closing Price and CTF files would be provided through the Electronic Communication Platform (ECP) separately to EPs.

Would NSTD support semi-automatic matching for odd lot and special lot?

NSTD supports semi-automatic matching for odd lot and special lot.

Would NSTD support Broker Bulk Cancel for orders entered by other trading devices?

Yes. Broker Bulk Cancel is a standard function in NSTD.

Would NSTD support Cross Trading Device Orders Enquiry, Cross Trading Device Trades Enquiry, or Cross Trading Device Cancel Orders?

EPs would need to subscribe to the optional “Cross Device Enquiries Module” from ET Trade and a corresponding OCG Drop Copy Session from HKEX to be able to perform these functions.

What are the monthly fees and charges for using NSTD? (Last Update: 8 August 2019)

HKEX will extend the Services Agreement with the appointed vendor for about 3 years from 8 November 2019 to 31 December 2022.

Up to and including 7 November 2019, NSTD is subject to a Subscription Fee to the appointed vendor per below:

Cost Items per EP	Monthly Fee (HKD)
License Fee per NSTD Terminal	$800
Connection Fee per NSTD Site (waived for 1^st NSTD site per EP)	$3,000
Cross Device Enquiries Module^(a) (optional)	$3,000
Information Service Fee per Terminal^(b)	$200

Effective from 8 November 2019, NSTD is subject to a Subscription Fee to the appointed vendor per below:

Cost Items per EP	Monthly Fee (HKD)
License Fee per NSTD Terminal	$1,300
Connection Fee per NSTD Site (waived for 1^st NSTD site per EP with no trading device other than NSTD^(c))	EP with other Trading Device, 1^st NSTD site with 1 NSTD Terminal: $500 2 NSTD Terminals: $1,000 3 or more NSTD Terminals: $2,000 Subsequent site(s) HK$3,000 per site
Cross Device Enquiries Module^(a) (optional)	$3,500
Information Service Fee per Terminal^(b)	$200

Additionally, EP would need to pay network charges to the selected SDNet/2 carrier and regular OCG Session Fees^(d) and Throttle Fees to HKEX as all other OCG users. Please refer to OCG and Throttle Fees Schedule for details.

^(a)Cross Device Enquiries Module requires subscription to OCG Drop Copy Session.^(b)HKEX would adjust billing for the corresponding quarter in arrears for any free entitlements which each EP enjoys.^(c)Subject to the EP agreeing to the appointed vendor directly obtaining information regarding the EP’s use of trading devices from HKEX.
^(d)The Backup OCG Session Fee will be waived for NSTD.

Applicable from 8 November 2019:

Example 1: NSTD Only User: EP with 2 NSTD Terminals in 1^st site and 3 NSTD Terminals in 2^nd site:

Applicable Charges for NSTD	Monthly Fee (HKD)
5 NSTD Terminal License Fee	$6,500
1^st Site Connection Fee	$0
2^nd Site Connection Fee	$3,000
SDNet/2 1Mb single circuit for 1^st site	$1,300^(e)
SDNet/2 3Mb dual circuit for 2^nd site	$4,800^(e)
OCG Trading Session Fee	$2,000^(f)
1 Throttle from Trading Right	$480
Information Service Fee for 5 Terminals	$1,000
Total	$19,080

Example 2: EP with other trading devices: EP with 2 NSTD Terminals in 1^st site and 3 NSTD Terminals in 2^nd site:

Applicable Charges for NSTD	Monthly Fee (HKD)
5 NSTD Terminal License Fee	$6,500
1^st Site Connection Fee	$1,000
2^nd Site Connection Fee	$3,000
SDNet/2 1Mb single circuit for 1^st site	$1,300^(e)
SDNet/2 3Mb dual circuit for 2^nd site	$4,800^(e)
OCG Trading Session Fee	$2,000^(f)
1 Throttle from Trading Right	$480
Information Service Fee for 5 Terminals	$1,000
Total	$20,080

^(e)The actual SDNet/2 charge depends on the network carrier.

^(f)First OCG Trading Session (Lite capacity) is at $2,000. Additional OCG Trading Session (Lite capacity) is at $7,500 per month.

What is the one-time cost paid to HKEX for subscribing to NSTD?

NSTD will connect to OCG session and EP needs to pay one-time administration fee HKD 20,000 for each OCG session.

How many terminals can NSTD support?

One NSTD session can support from 1 to 25 terminals. The terminals can be located at different physical locations (subject to the connection fee in 2.2).

How many OCG trading sessions are required for NSTD?

In general, one OCG trading session is sufficient for each EP.

How many broker numbers can be assigned to one OCG session?

An EP is allowed to have up to 80 broker numbers assigned to all of its OTP-C and CSC trading devices. As such, the maximum number of broker numbers that can be assigned to one OCG session is 80.

Is OCG Drop Copy required for NSTD?

OCG Drop Copy is required only if EP uses NSTD and other BSS solutions, and subscribes to the optional NSTD Cross Device Enquiries Module.

Can multiple NSTD Terminals share the same SDNet/2 circuit?

Yes, multiple NSTD Terminals at the same site can share the same SDNet/2 circuit connecting to the NSTD Server.

What is the bandwidth requirement for NSTD?

For 1 to 2 NSTD Terminals located at the same site, a minimum 1M circuit is required.

For 3 to 25 NSTD Terminals located at the same site, a minimum 3M circuit is required.

Dual circuits are recommended for resiliency.

Can NSTD share the same SDNet/2 circuit with BSS or other connections to HKEX applications?

SDNet/2 circuit for NSTD cannot be shared with BSS or other HKEX applications.

What is the emergency arrangement for ET Trade Speed Station?

When all the ET Trade Speed Stations (NSTD Terminals) of an EP are inoperable, EP can apply for 1 Emergency Speed Station directly with ET Trade Ltd. The provision of Emergency Speed Station is on a first-come-first served basis and subject to availability. For details, please contact ET Trade Customer Service Hotline during office hours from 8:30am to 5:30pm by phone at 2880-8601 or by email to cs@etnet.com.hk.

Will there be training for using ET Trade Speed Station?

Yes, EP can contact ET Trade Customer Service Hotline during office hours from 8:30am to 5:30pm by phone at 2880-8601 or by email to cs@etnet.com.hk to enquire the arrangement.

Can NSTD be used for market making?

Yes, liquidity provider can apply for a MMOCG session for NSTD. However, the “Quote” function will not be available in NSTD.

Who can I contact for more information on ET Trade Speed Station?

Please contact ET Trade Customer Service Hotline during office hours from 8:30am to 5:30pm by phone at 2880-8601 or by email to cs@etnet.com.hk.

New Securities Trading Device (NSTD)

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