Genium INET migration

The Icelandic fixed income market will migrate from INET to Genium INET on 20th May 2019., which is the MiFID II compliant system for non-equity products. The migration to Genium INET will be done in preparation of the implementation of MiFID II in Iceland.

The migration will cause changes in the market model for instruments that are managed by GENIUM INET hence there will be changes in the Kodiak OMS system.

Our top priority in the migration is to keep the changes in the Kodiak OMS Client to a minimum, this page will list the changes in the Kodiak OMS Client:

A link to the Nasdaq website about the migration can be found here: https://business.nasdaq.com/trade/trade-management/technical-information/genium-inet/iceland-migration.html

The Genium INET draft of the market model can be found here: https://business.nasdaq.com/media/Nasdaq%20Iceland%20Market%20model%20for%20Genium%20INET%20draft_1.0_tcm5044-69385.pdf

MPID's

• Now each firm that is already a member of Nasdaq Iceland INET market will get a new MPID. Thus each member of the exchange will have one MPID for the INET exchange and one for the Genium INET exchange.
• The Genium INET MPID's will have 'IS' prefix to their current MPID's on the INET markets.

Brokers and market gateways

• There will be a new Broker in the Kodiak OMS system for the Genium INET exchange. The Kodiak OMS Client will select the correct broker for the instrument selected in the Trade Report, Order Entry and Client Order Entry windows.
• These changes should not have any impact on the users of Kodiak OMS since the client automatically chooses the correct broker.

Private Data and Market Data mapping.

• Mapping private orders to market data (yellow highlighting of order in the orderbook) is different in Genium INET than INET
• The mapping is implemented with fuzzy logic since the market data for Genium INET does not include "Secondary Order ID" in the Market By Order market data feed.
• The fuzzy matching logic uses the Member Id (MPID), Instrument, Quantity and Price, more information on the Fuzzy matching can be found here.

Trade Reporting

• The Trade Report Entry form has been changed to handle the migration to Genium INET.
• Internal trade reports are not available in Genium INET, but it is possible to send a Trade Report with your own firm as the "Counterparty".
• More information can be found here: Genium INET migration - Trade Reports

Order Entry

• Pegged orders are not available in Genium INET
• Nordic@Mid is not available in Genium INET
• Clearing account and firm is not available in Genium INET
• Display range in reserve orders not available in Genium INET.
• TIF: GTT (Good Till Time) not available, GTD (Good till date) is available in Genium INET
• Order Types: Market, Limit, Market to Limit
• Order capacities are the same
• Self Trade Prevention (Self Match Prevention) is not implemented by Nasdaq in Genium INET. Kodiak OMS sends the correct fields to the exchange when Nasdaq implements the Self Match Prevention it will be available in Kodiak OMS. Please note that the Genium INET exchange accepts the self match prevention but it is a number (0-255), if you want to use the same settings for INET and Genium INET we advise you to use a digit in the STP field.

Order Type Support, more on Market Order Types and Attributes

Time in Force Support, more on TIF - Time in Force