Technological transformation program will be carried out in two stages. First, Equity Market Processing System, Data Dissemination System, Surveillance System, Index Calculation System, Settlement and Custody System, Operational Databases and Reporting Infrastructure will be renovated. It is planned to renovate all other market systems in the second stage.

Similar to the existing system, a FIX protocol based order transmission infrastructure will be used for the order transmission. Due to the change in Trading System and potential alterations in trading rules, there will be changes in the message format and content.

The draft guide on the FIX order transmission protocol definitions (Rules of Engagement) is planned to be published in August 2014 and the final version will be available in November 2014.

The protocol used in data dissemination infrastructure of Equity Market, which is specific to Borsa İstanbul, will be replaced with the TIP protocol, which is used in NASDAQ OMX data dissemination systems. The draft guide on the this protocol is planned to be published in August 2014 and the final version will be available in November 2014. Data vendors are recommended to plan their work within this schedule.

The test environments where the members and data vendors will be able to test their systems to comply with the frame of the published guides, are planned to be opened in January 2015.

We aim to complete the first phase by mid-2015.

Certification of the applications developed by the members, data dissemination companies and the software companies supporting the members is planned to be initiated in April 2015.

TIP protocol will be used for vendors to receive market data for Equities + Indices (Phase1), Bonds & Bills + Futures & Options (Phase2).

TIP provides Market by Price (MBP) information for all markets.

Yes, it means that all Data Vendors have to migrate from DDS to TIP.

ITCH protocol is required for the members who will use the co-location service to receive Market by Order(MBO) tick by tick with low latency. ITCH shouldn’t be used as a source for data dissemination for third parties.

ITCH market data would be provided solely to customers that receive CoLocation Service and these customers will not be allowed to distribute ITCH data.

For detailed information about Borsa İstanbul CoLocation Service, please contact with Marketing and Sales Department (Colocation-Marketing@borsaistanbul.com )

Existing Data Distribution Agreement (DDA) will be used from contractual side.

Yes, existing DDS connections can be used for receiving TIP.

As defined in Question1, ITCH shouldn’t be used as a source for data dissemination for third parties. It will only be available at CoLocation center. It can’t be taken outside of CoLocation center. Existing DDS connections cannot be used for receiving ITCH data.

We require from Data Vendors to make their systems ready to receive full market data in TIP protocol.

Since same DDA would be used, costs mentioned in the agreement would be applicable for TIP.

ITCH cannot be used as a source for data dissemination for third parties. It will only be available at CoLocation center. It can’t be taken outside of CoLocation center. For ITCH data costs, you should contact at “Colocation-Marketing@borsaistanbul.com” separately depending on your requirements.

We are not planning to make Certification on TIP. However, we are planning to make data dissemination tests with data vendors during that period.

ITCH is only for Colocation customers. Data Vendors will not be allowed to use ITCH and disseminate the derived data from ITCH. ITCH data cannot be taken outside of colocation either. TIP and ITCH protocols are totally diffferent from each other in terms of communication methods and message structure. Both protocols disseminate real time data. But TIP protocol disseminates MBP data and ITCH protocol disseminates MBO data with low latency.

Borsa İstanbul CoLocation Service is a direct connection offering that enables clients to place their equipments in Borsa İstanbul Data Center in which the Exchange’s market systems are also located. Thereby clients have the opportunity to access the market systems in a faster and more reliable manner. For detailed information about Borsa İstanbul CoLocation Service, please contact with Marketing and Sales Department (Colocation-Marketing@borsaistanbul.com)

In January 2015 after system integration tests, there will be an additional announcement. When we take into consideration the volume of markets and the number of orders that we target after Nasdaq, the increase will be reflected to the intensity of lines. We expect a change in the characterictic of markets.