Fact Sheet Simulation Release Upgrade MAX-ONE 2.0

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Release Upgrade MAX-ONE 2.0 Fact Sheet Migration MAX-ONE 2.0 englisch 1.0 final.docx Bayerische Börse AG

BrainTrade Gesellschaft für Börsensysteme GmbH

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Fact Sheet Simulation

Release Upgrade MAX-ONE 2.0

Date: 28.04.2015

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Document history

Version Date Author Remarks

0.1 19.03.2015 Dr. R. Ertl Initial draft

0.2 26.03.2015 R. Lang Review

0.3 27.03.2015 M. Schmid Review

0.4 14.04.2015 J. Schöneberg Review - BrainTrade

0.5 16.04.2015 Dr. R. Ertl, R. Lang, M. Schmid Review 0.7 21.04.2015 Dr. R. Ertl W. Hagemann J. Schöneberg Final Review 1.0 22.04.2015 Final Version

1.0 24.04.2015 Dr. R. Ertl Initial draft - English Fact Sheet

1.0 27.04.2015 Dr. S. Störmer Review - English Fact Sheet

Editorial note: Throughout this document, calendar dates are given using the German format “DD.MM.YYYY”; e.g. the first simulation day on the MAX-ONE 2.0 simulation environment (May 18th, 2015) is expressed as “18.05.2015”.

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Version: 1.0 Page: 3 of 14 Table of contents Table of contents... 2

1 General information about the release upgrade ... 4

1.1 Initial situation ... 4

1.2 Changes impacting the market participants ... 5

1.3 Additional information about the migration ... 6

1.3.1 Deletion of open orders in the systems ... 6

1.3.2 Migration failure ... 6

2 Simulation ... 7

2.1 Goals ... 7

2.2 Important information and tasks for the simulation participants ... 7

2.3 User ID and password ... 8

2.4 Schedule ... 8

2.5 Sequence of simulation day processes ... 9

2.6 Simulation calendar ... 10

3 Overview of the testing options ... 12

4 Available ISINs ... 13

5 Contacts ... 14

5.1 BrainTrade Gesellschaft für Börsensysteme mbH ... 14

5.2 Bayerische Börse AG ... 14

List of tables Table 1: Changes after the release upgrade ... 5

Table 2: Important deadlines for MAX-ONE 2.0 simulation and live environments ... 8

Table 3: Sequence of simulation day processes ... 9

Table 4: Simulation calendar from 18.05.2015 until 22.05.2015 ... 10

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1 General information about the release upgrade

1.1 Initial situation

Bayerische Börse AG is the responsible body for the Börse München where over 17,500 se-curities are traded via a specialist-based trading model on a regulated and an over-the-counter market. Bayerische Börse AG currently runs the MAX-ONE trading software within the framework of the specialist model. In July 2015, Bayerische Börse will carry out a release upgrade for MAX-ONE. This upgrade will be executed in order to increase capacity and to improve performance. With MAX-ONE 2.0, Börse München will be well-equipped to handle the high level of competition in German securities trading.

Bayerische Börse AG will strive to avoid functional modifications as much as possible. The changes in comparison to MAX-ONE_old are described in detail in Section 1.2. The existing interfaces will remain unchanged. Specialists, quote provision, order entry, settlement and invoicing will also remain unchanged as well as rules frameworks, exchange payments and fees and brokerage commissions. In addition, no modifications will be made to WM codes, MIC codes or SWIFT codes.1

This document contains information about the necessary participant activities regarding the simulation of the MAX-ONE 2.0 release.

The document was created so that

• the participants can inform themselves about the complete simulation process in par-ticular, the simulation dates and times,

• the participants can inform themselves about the standard simulation cases that will be offered and when they will be executed,

• the participants are provided with contact partners who can provide support for ques-tions or technical problems during the simulation.

Only registered participants can participate in the simulation. You can obtain the registration documents unsolicited and in advance from BrainTrade per email or per download: www.xontro.de - XONTRO / Anmeldung.

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WM-Codes: Specialist model in general „160“ „Regulated Market „AL8“, Freiverkehr „164“. MIC-Codes: Börse München in general „MUN“, Regulated Market Specialist model „MUNA“, Specialist model Freiverkehr „MUNB

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1.2 Changes impacting the market participants

MAX-ONE_old MAX-ONE 2.0

Entry possibility for following day orders: Default setting for “Ab Folgetag” (as of following day) is 'N', which means that the order is immediately valid.

“J” (Yes) means that the order will first become valid on the following day.

“Folgetagorders” (following day orders) order type no longer available:

Participants will receive the following er-ror code:

SAKI interface (and BMEB):

BC9870F – Folgetagorder nicht erlaubt (Following day order not allowed) Fix interface:

0003130947 - Following Day Order not allowed

Possible entries for EK orders (opening price orders):

Order can be entered specifically for the opening price.

“EK-Orders” (opening price orders) order type no longer available:

Orders with “Erstkurs” (opening price) restrictions will not be accepted. Partici-pants will receive the following error code: SAKI interface (and BMEB):

BC9650F - Handelshinweis ungueltig (Invalid trade restriction)

FIX interface:

0003130922 - Invalid Trade Restriction Code

Order inquiries using internal bank order number:

Participants can make inquiries about deleted / executed orders using an inter-nal bank order number

Information about orders using internal bank order number:

Inquiries are only possible for active or-ders or same-day oror-ders.

Participants can request information about deleted / executed orders from:

[email protected]

Price formation:

Price formation is available for first prices (opening prices), variable prices, spot prices and closing prices.

Price formation:

Price formation is available for first prices (opening prices), variable prices and spot prices. There are no longer closing prices Changes to event-based orders

(eG-Orders) after the triggers:

Limit or validity changes will be confirmed with “OK”. Quantity and stop limit chang-es will be positively confirmed, but not changed.

Changes to event-based orders (eG-Orders) after the triggers

Limit, quantity, stop limit and validity changes will be rejected with “invalid limit”

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1.3 Additional information about the migration

The release upgrade will take place during the weekend of 16./17.05.2015. The last simula-tion day on the MAX-ONE_old simulasimula-tion system will be 15.05.2015 (until 8:00 PM – bond trading until 5:30 PM). Testing can be done as usual on this day. Afterwards, the MAX-ONE_old simulation environment will no longer be available! The first simulation day on the MAX-ONE 2.0 simulation environment will be 18.05.2015 as of 8:00 AM.

The release upgrade of the live system will take place during the weekend of 04./05.07.2015. The last trading day on MAX-ONE_old will be 03.07.2015 (until 8:00 PM – bond trading until 5:30 PM). The end of trading and subsequent processes will take place as usual. The first trading day on MAX-ONE 2.0 will be 06.07.2015.

Both migrations are a cut-off date migration, which means that a parallel simulation or live environments of MAX-ONE_old or MAX-ONE 2.0 will not be running.

1.3.1 Deletion of open orders in the systems

For the migration of both the simulation environment and the live environment, all open or-ders will be deleted from the respective systems, and participants will receive a message for each order that is deleted. SAKI interface participants will receive the order deletion message (MT595) with GV-Code 054 (order deletion “on behalf” (i.e. via trading supervisor)). FIX inter-face participants will receive the order deletion message with “SUPERUSER” in the Up-dateReason field (Tag 5862). The order comparison list from the batch of the last trading day will no longer contain any orders from Max One_old.

Please note that the deleted orders can only be loaded into the new simulation envi-ronment as of 18.05.2015 and into the new live envienvi-ronment as of 06.07.2015.

For testing purposes, please make sure that a sufficient number of orders will be available in the simulation environment. This is absolutely necessary in order to ensure a smooth simula-tion environment migrasimula-tion process. If necessary, new orders will have to be entered into the old simulation environment before 15.05.2015 (with validity after 18.05.2015).

1.3.2 Migration failure

Should the migration of the live environment fail, the old system would continue operating. The participants would be given sufficient notice about the new time schedule.

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2 Simulation

2.1 Goals

The goal of the simulation is to test the MAX-ONE 2.0 release as comprehensively as possi-ble under realistic conditions in cooperation with participants and vendors. The course of events for a simulation day should resemble the events of a live day as much as possible. The main goal of the simulation is therefore to depict a trading day as realistically as possible from a functional and operational viewpoint. The activities required during the execution of the simulation are very complex due to the different participant groups and the resulting indi-vidual participant applications. We therefore leave this up to the participants themselves, who will of course be supported by the simulation team.

The simulation team (see Section 5 Contact Partners) will only provide the organizational and operative test framework, migrate the existing connections to the new environment and ensure a smooth simulation operation on the back-end. In addition, it is also possible to exe-cute individual test cases bilaterally with the simulation team. Load tests should be coordi-nated in advance with the Bayerische Börse AG and BrainTrade.

2.2 Important information and tasks for the simulation participants

• The simulation will take place in the IMS27 simulation environment.

• Only registered participants can participate in the simulation. The registration docu-ments have been sent along with this simulation guide per email to all user group members. It is necessary that you provide us with a contact person for the simulation. • The registration deadline for the simulation is 07.05.2015.

• The simulation is obligatory for all participants who are currently active in the live en-vironment. Each participant must at least execute the connection test2 for the new MAX-ONE 2.0 simulation environment because the old simulation environment will no longer be available after 15.05.2015. However, participants are exempt from simula-tion obligasimula-tions if they have entrusted vendors with the XONTRO version update who are registered for the XONTRO simulation.

• Parallel to the System Connection for Banks, participants can also use the same User ID for the XONTRO dialog applications (3270 Emulation).

• The simulation participants can therefore create almost all relevant entries and mes-sages themselves and can largely develop their individual test cases independently. We would like to urge all participants to utilize this effective and individual testing op-portunity.

• All volume and load tests must be coordinated in advance with BrainTrade.

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The connection test consists of the first login to the simulation environment and the entry, modification and deletion of at least one order as well as the acceptance of confirmations and executions.

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In addition to the execution of the obligatory connection tests, the following tasks must be completed by the simulation participants:

• Assignment of a contact person for the simulation.

• Uploading of a sufficient number of orders into the simulation environment from MAX-ONE_old on resp. before 15.05.2015.

• Ensuring that the order deletion messages are received and processed in the even-ing.

• Ensuring that the orders which are deleted in the evening within the framework of the migration are uploaded once again on the following trading day.

2.3 User ID and password

Access to the IMS27 simulation system is granted with the existing User ID and password combination. Individual deviations from the pattern shown below are possible.

The User ID is structured as follows:

nnnn192799 (nnnn = CBF account number)

The password is: 11111111

2.4 Schedule

The following deadlines apply for the simulation and go-live dates for the MAX-ONE 2.0 re-lease. Minor deviations are possible. Detailed descriptions can be found in sections 2.5 and 2.6.

15.05.2015 End of the permanent MAX-ONE_old simulation, deletion of the orders after exchange close.

18.05.2015 Beginning of the MAX-ONE 2.0 simulation release (execution of the connection test for the simulation)

As of this point in time, the permanent simulation for MAX-ONE_old will no longer be available.

30.06.2015 End of the Simulation Release MAX-ONE 2.0, beginning of the permanent simulation.

03.07.2015 End of the MAX-ONE_old live environment, deletion of orders after exchange close.

06.07.2015 Beginning of the MAX-ONE 2.0 live environment.

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2.5 Sequence of simulation day processes

The sequence of simulation day processes is shown in the following overview.

7:00 AM (at the latest)

Start of system availability

8:00 AM Beginning of the individual participant simulation time

8:15 AM Beginning of the automatic price formation (optional)

9:00 AM Beginning of the professional simulation support time

5:00 PM End of the professional simulation support time

8:00 PM Exchange close – Börse München (specialist model)

End of the individual participant simulation time

8:30 PM Sending of the "EHEND message" (MT551 for SWIFT partic-ipants and event notification "News" for FIX particpartic-ipants)

8:40 PM Beginning of the booking period (BUS) – Börse München

(specialist model)

Table 3: Sequence of simulation day processes

The simulation team3 is available daily from 8:30 AM until 5:00 PM.

During the time from 5:00 PM until the end of the trading, the system is available to partici-pants for individual tests (optional). However, the simulation team will not be available for support during this time.

In the case of longer interruptions or substantial problems during the simulation, the technical contact partner will be informed in a timely manner per email.

3_{See Section 5 “Contact Partner"}

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2.6 Simulation calendar

2.4 Simulation calendar from 18.05.2015 until 22.05.2015

18.05. 19.05. 20.05. 21.05. 22.05. 7:00 AM Start online 7:00 AM Start online 7:00 AM Start online 7:00 AM Start online 7:00 AM Start online 9:00 AM Beginning of connection test 9:00 AM Simulation of existing func-tions 9:00 AM Simulation of existing func-tions 9:00 AM Simulation of existing func-tions 9:00 AM Simulation of existing func-tions 5:00 PM End of connection test 5:00 PM Beginning of individual simu-lation (optional) 5:00 PM Beginning of individual simu-lation (optional) 5:00 PM Beginning of individual simu-lation (optional) 5:00 PM Beginning of individual simu-lation (optional) 8:00 PM Exchange close 8:00 PM Exchange close 8:00 PM Exchange close 8:00 PM Exchange close 8:00 PM Exchange close as of 8:40 PM BUS / TEV4 End online as of 8:40 PM BUS / TEV End online as of 8:40 PM BUS / TEV End online as of 8:40 PM BUS / TEV End online as of 8:40 PM BUS / TEV End online

Table 4: Simulation calendar from 18.05.2015 until 22.05.2015

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Simulation calendar from 25.05.2015 until 30.06.2015

25.05.* 01.06. 08.06. 15.06. 22.06. 29.06. 26.05.** 02.06. 09.06. 16.06. 23.06. 30.06. 27.05.** 03.06. 10.06. 17.06. 24.06. 28.05.** 04.06. 11.06. 18.06. 25.06. 29.05.** 05.06. 12.06. 19.06. 26.06. 7:00 AM Start Online 7:00 AM Start Online 7:00 AM Start Online 7:00 AM Start Online 7:00 AM Start Online 9:00 AM Beginning of the supported simu-lation 9:00 AM Beginning of the supported simu-lation 9:00 AM Beginning of the supported simu-lation 9:00 AM Beginning of the supported simu-lation 9:00 AM Beginning of the supported simu-lation 5:00 PM Beginning of the individual simu-lation (optional) 5:00 PM Beginning of the individual simu-lation (optional) 5:00 PM Beginning of the individual simu-lation (optional) 5:00 PM Beginning of the individual simu-lation (optional) 5:00 PM Beginning of the individual simu-lation (optional) 8:00 PM Exchange close 8:00 PM Exchange close 8:00 PM Exchange close 8:00 PM Exchange close 8:00 PM Exchange close as of 8:40 PM BUS / TEV5 End online as of 8:40 PM BUS / TEV End online as of 8:40 PM BUS / TEV End online as of 8:40 PM BUS / TEV End online as of 8:40 PM BUS / TEV End online

Table 5: Simulation calendar from 25.05.2015 until 30.06.2015

* Whit Monday 2015 is purely a settlement day at the Munich Exchange (same as 24.12. and 31.12.), which means that no price formation will occur in MAX-ONE.

** On these days, delays in processing can occur due to Xentric Failover- Tests.

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3 Overview of the testing options

Due to the switching off of the simulation environment for MAX-ONE_old, it is absolutely necessary and mandatory for the participants to execute a connection test. The following testing options are also available:

• Order entries

o Market orders

o Limit orders

o Stop buy/stop loss orders

o Event-based orders (EG-Orders)

o Various order validities • Order modifications

• Order deletions

• Processing of executions • Processing of partial executions

• Processing of executions with exchange rate entries • Processing of supplementary rights

• Processing of price suspensions

Additional tests can be executed in consultation with the test team.

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4 Available ISINs

The securities listed in Attachment 1 are available for the participant tests. You can also use the securities contained in the Excel files provided by the following people:

Tom Bröckermann (Bayerische Börse AG): [email protected]

Manfred Schmid (Bayerische Börse AG): [email protected]

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5 Contacts

BrainTrade and Bayerische Börse AG will provide answers to all relevant questions, as well as technical support for the participants during the simulation.

5.1 BrainTrade Gesellschaft für Börsensysteme mbH

Tasks Professional support during the simulation

Coordination and execution of the simulation cases Contact partners Armin Latell, Markus Sperzel

Telephone +49 – (0)69 – 58 99 78 – 170

Fax +49 – (0)69 – 211 – 60 80 46

Email [email protected]

Availability XONTRO Order – Simulation Team

+49 – (0)69 – 58 99 78 – 170 8:30 AM until 5:00 PM

XONTRO Order - Competence Center +49 – (0)69 – 58 99 78 – 110

8:30 AM until 8:40 PM (every trading day)

5.2 Bayerische Börse AG

Task Technical support