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JSE Release C Market Communication 11 October 2007

JSE Release C Market Communication 11 October 2007. Leanne Parsons. Release C Agenda. Market dress rehearsal feedback User readiness and further training Action plan Timelines JSE network access switch upgrade Questions. Market Dress Rehearsal Feedback Thank you.

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JSE Release C Market Communication 11 October 2007

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  1. JSE Release C Market Communication11 October 2007 Leanne Parsons

  2. Release CAgenda • Market dress rehearsal feedback • User readiness and further training • Action plan • Timelines • JSE network access switch upgrade • Questions

  3. Market Dress Rehearsal FeedbackThank you The JSE would like to thank you for your participation and support in the recent Orion Release C dress rehearsal. Dress rehearsals of the magnitude conducted on Saturday 29 September 2007 provide the JSE with the opportunity to identify unique scenarios and market interactions which are very difficult to otherwise simulate.

  4. Market Dress Rehearsal Feedback (Cont)Statistics: MDR 29 September 2007 APD Market • 232 Users connected (15% less than on a production day) • 58 Members and Clearing Members connected • 6783 orders entered on all contracts (20% more compared to a 3 hour production day) • 5000 Deal and Order Management Operations • 4134 deals equating to 21 089 289 contracts entered (100% more compared to a 3 hour production day – the volume of contracts traded is not realistic) EDM Market • 276 Users connected (100% participation compared to a production day) • 74 Members and Clearing Members connected • 5473 orders entered on all contracts (100% more compared to a 9 hour production day) • More than 6000 Deal and Order Management Operations • The number of deals on EDM could not be accurately measured as all deals done on the December 2007 ALSI had to be deleted at the Exchange due to unrealistic contract volumes being traded (in excess of 1 000 000 contracts per trade) 5 Information Subscribers connected to both markets

  5. Market Dress Rehearsal Feedback (Cont)Positives • Reasonable Market Participation (80% of members & 90% of users logged on) • Customers completed checklist and returned timeously • Customers ensured own technical assistance was onsite • Various technical issues highlighted • EOD balancing with Clearing Members for AD • EOD files successfully generated via IDS • Auto quote functionality tested with Equity Market real time data

  6. Market Dress Rehearsals Feedback (Cont)Issues Identified

  7. Market Dress Rehearsals Feedback (Cont)Issues Identified

  8. Market Dress Rehearsals Feedback (Cont)Issues Identified

  9. Market Dress Rehearsals Feedback (Cont)Issues Identified

  10. User Readiness and Further Training • Some communication issues were identified during the MDR – these will be resolved prior to the next DR. • Users were identified who did not understand the functionality of the new JSE supplied application. The JSE therefore encourages users to log onto the external test environment to familiarise themselves with the functionality. • A possible refresher course on the JSE supplied front end is being considered before the next major DR. • The User Readiness team will continue communicating on a regular basis on the status of the project.

  11. Action PlanNext steps • Short term plan to focus on the following activities: • Correct remaining functional issues – 3 weeks • Regression test software – 2 weeks • Technical Integration Test (TINT) preparation – 3 weeks • TINT on software that has passed regression test – 4 weeks • External User Testing, including Clearing Member parallel runs, to continue once Functional regression testing has been completed

  12. Action Plan (Cont)Next steps • Once functional regression testing and TINT is complete, the following milestones are planned : • Further end to end regression testing • A voluntary mini dress rehearsal for APD • Voluntary dress rehearsal for both markets • Refresher training courses • Combined compulsory dress rehearsal • Parallel run on AD and ED markets prior to go live • Go live

  13. Timelines • The JSE will only provide new dates for DR’S for the Agricultural and Equity Derivatives markets after certain key milestones have been met. We will also commit to providing at least 4 weeks notice of these dates and six weeks notice for Go-Live dates. • We would also like to request that users of the Agricultural Derivatives market and the Equity Derivatives market RESERVE the dates earmarked in the original schedule to assist the JSE in in potential testing as follows:

  14. JSE Network Access Switch Upgrade • The JSE has been conducting detailed analysis into two current known local network problems impacting Equity Market participants. The two problems are as follows:- • a small number of multicast messages are being dropped, and • a small number of multicast messages are being delivered out-of- sequence • The recommended solution by our network router manufacturer, CISCO, to address these two problems requires an upgrade to the operating system software of the Switch and Firewall devices which govern all connectivity access to the JSE network. • Due to the associated high risk and impact of this change to all member access, the JSE could only consider implementation of this upgrade after the September 2007 Futures Closeout. For this reason the first opportunity is to do this will be on Saturday 27 October 2007.

  15. JSE Network Access Switch Upgrade (Cont) • Technical User participation is required in proving this change but the benefits to the market far outweigh the inconvenience of Saturday testing. • All users connecting via the JSE Hub must participate in this test. • Please forward the primary contact details for the testing to Alex Naicker via alexn@jse.co.za or 011 520 7315.

  16. Questions? Please refer all derivative queries to Derivative_Info@jse.co.za

  17. Thank you

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