OnixS directConnect: CME Market Data Handler for BVMF passes certification.


OnixS directConnect: CME Market Data Handler for BVMF passes certification.

03 December 2015

The OnixS directConnect: CME Market Data Handler has formally passed conformance testing for the BM&FBOVESPA (BVMF) CME AutoCert+ MDP3 Partner Exchange Supplemental functionality.

In Q3, 2015, CME Group launched BVMF MDP 3.0. With this release, CME Group began sending market data for BM&FBOVESPA (BVMF) products via Market Data Platform (MDP) 3.0...

BVMF MDP 3.0 is slightly different to "standard" CME MDP 3.0 in that BVMF currently supports auction functionality. During an auction, BVMF Market Data Incremental Refresh (tag 35-MsgType=X) messages are sent for Market on Auction (MOA) and Market on Close (MOC) orders. These orders are aggregated, they do NOT contain a price, and rest at the top of the book while a theoretical price is calculated to initiate matching.

This pre-certification provides reassurance that the OnixS directConnect: CME Order Routing Handler DMA implementations are fully compliant with the CME technical connectivity and API semantics, and the specific BVMF Partner Exchange variants.

OnixS directConnect implementations are of two types:
Passive: meaning that the venue API does not insert events into the market. Market Data Handler and post trade DropCopy/Trade Capture feeds are defined as Passive. Use of OnixS pre-certified "passive" implementations will generally be approved by the trading venue for immediate access without mandating repeat of the conformance certification tests.
Active: meaning that the venue API is assertive in injecting events into the market. Order Routing Handlers are defined as Active. In all "Active" implementation contexts, the OnixS pre-certification is intended to evidence that the OnixS implementations are consistent with the technical connectivity and semantics of the venue API. The order creation and execution logic is specific to the trading strategy that is outside of the scope of OnixS products, therefore it is mandatory that the trading firm/entity also complete formal conformance certification to validate this logic for all Active Handler implementations.

The OnixS directConnect: CME Market Data Handler implementations are, by definition, Passive implementations.

For more information see http://www.onixs.biz/cme

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Access to the updated OnixS directConnect distributions are communicated to existing OnixS customers via the OnixS Support email list service OnixS Support email list service, and release note alerts are communicated via normal Release Update communication channels online, including the RSS and Twitter feeds.

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