Oslo Børs to launch new dark pool

Source: Oslo Børs

Oslo Børs is pleased to announce that we will launch a Dark Pool, North Sea, during the first half of 2015. North Sea will allow our members to execute larger orders, at mid-price, in a dark pool, in an exchange regulated environment.

With the introduction of the new functionality we will upgrade to Millennium Exchange Release 8.6 for the equities and fixed income markets at Oslo Børs, Oslo Axess, Burgundy and Nordic ABM, where North Sea will be a part of Oslo Børs.

We would like to inform about the main features of this upgrade, as well as how our members, market data vendors and ISVs can update themselves on any necessary information throughout the project period.

Technical changes

  • There will be introduced a new matching partition in the trading system, which can affect clients that have not taken multiple partitions into account in their solutions
  • All external Millennium protocols are altered to support the North Sea functionality. This will affect all Oslo Børs’ clients, including the ones that do not plan to use the new functionality
  • Release 8.6 North Sea will also include bug fixes/ improvements, which to a certain extent can affect clients. This applies especially to pre-release and cancellation of client trades that can be executed directly from the client solutions

The current number of market data channels will remain as today, as will the number of Fix, native, DropCopy and PostTrade gateways.

Time Schedule

  • Technical documentation for Release 8.6 North Sea will be published early December
  • The CDS test environment will be made available as of 12 January 2015
  • The Go-Live date is estimated to Q2 2015
  • A complete time schedule will be published as soon as it is confirmed

Communication through the North Sea project

Oslo Børs aims to ensure that everyone who will be involved in the Millennium Exchange upgrade shall have full access to necessary project information at all times. As with previous projects, we wiary project infary project information at all times. As with previous projects, we will use the Delta web in distributing all project information. This includes updated documentation, forms, contacts, continuous updates and other relevant and necessary information.

At the Delta web you will also find a subscription service where everyone who wishes to receive information related to the upgrade directly by e-mail is encouraged to add their e-mail address.

In addition to distributing written information via the Delta web, Oslo Børs will be available for one-to-one meetings with our members, market data vendors and ISVs pending their request. We will also host information meetings in Oslo and Stockholm. Meeting invitations will be distributed through the Delta web.

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