Orion Market Data Platform - Securities Market (OMD-C)

Single product feed will limit the development of low latency feed as huge data volume may increase the bandwidth requirement and hence social cost to the market.  Different product feeds will offer choice to the customers on market data latency, content as well as bandwidth requirements.

FullTick feed is positioned to provide low latency data to the customers for building their order books.  Only the core market data, i.e. orders and trades, will be carried to guarantee the performance of the feed.  Clients who would like to receive the official statistics may wish to subscribe to Premium feed.

Broker queue in OMD is provided on conflated mode whilst the aggregate order book in Securities Premium (SP) is updated on a streaming basis.  Conflated Broker Queue is offered to other core OMD Securities datafeed products due to strong client demand.

It is a prudent approach of not disseminating the individual order information during the auction session to avoid any possible market manipulation during the price discovery process.

If information vendors subscribe to more than one OMD datafeed products, e.g. SS and SP, redistribution fee and connection fee for the first connection of both of these feeds are payable.  If information vendors subscribe to more than one set of the same OMD datafeed product, e.g. 2 sets of SP, the following fees will apply:

i. One redistribution fee of SP;

ii. One connection fee for the first set of standard connection of SP; and

iii. One connection fee for an additional set of standard connection of SP.

Yes, information vendor who subscribes SF can provide level 2 data services with applicable fees, e.g. HK$200 per terminal per month, subject to it is 10BBO and without individual order information.

Due to the multicast nature, we are not able to monitor the test progress and results of clients.  Same as OMD-D, we would have a Readiness Test for OMD-C which aims to facilitate clients’ verification of the technical readiness of their feed handlers for receiving and processing OMD messages.  Clients are required to complete the test cases in the answer book and submit the test results of the answer after completion of the test.

Yes, you may find an independent software vendors (ISVs) to conduct testing on behalf of you.  Clients could also use software versions provided by ISVs which have already passed the Readiness Test. 

Line Arbitration: It is the quickest and most efficient means to recover from packet drops due to a single-point glitches on the dual network paths from OMD to the client’s servers. Line Arbitration is a mandatory requirement to all feed providing vendors.

Retransmission: It is the only means to recover lost trade messages as trades are not recoverable through Refresh. For packet loss beyond the protection of line arbitration, retransmission is also the quickest means to recover the lost data from OMD in sub-seconds compared with refresh. Retransmission is a mandatory requirement to all clients, except for End- User Licence clients.

Refresh: It is the service for the client to handle OMD’s DR, clients’ late connection to OMD and significant packet loss by clients. Refresh is a mandatory requirement to all clients.

One RTS ID with two unicast IP addresses will be assigned to each set of product feed.  If one set of SP and one set of SF are subscribed, clients will be assigned two RTS IDs with four unicast IP addresses.

Yes, clients can try to apply for more than one RTS ID in testing environment subject to our discretion.

The Broker number providing in the Broker Queue message (54) and Liquidity Provider message (13) is in integer format.  However, clients may also need to observe the Rules of the Exchange for the interpretation of broker numbers when disseminating or displaying the information to their downstream clients.

Yes, sharing of same pair of production SDNet/2 circuits by more than one OMD datafeed product of different markets (i.e. securities market datafeed and derivatives market datafeed) is allowed.  Clients who adopt the shared line mode should, however, make a thorough assessment of the possible operational risks and complexity in troubleshooting (latency, connectivity, etc) associated with line sharing. Troubleshooting support from us will be limited under line sharing given the increased complexity.

Clients can subscribe both OMD-C and OMD-D via the same pair of ports via HKEX Hosting Services (HSN).

Yes.  Exchange Participants who would like to share the same pair of SDNet/2 circuits with trading traffic (orders and trades) and market data traffic are only allowed to do so if all the traffic on the circuits belongs to the same market (i.e. either securities market or derivatives market). OMD-Index, which is market neutral, can be carried on the same pair of circuits with securities market or derivatives market.  For example, Exchange Participants of derivatives market may use the same pair of SDNet/2 circuits for their access to OMD-D DP, OMD-Index and HKATS Central Gateways.  Clients who plan to share SDNet/2 circuits should, however, make a thorough technical assessment of the possible operational risks and complexity in troubleshooting (latency, connectivity, etc.) associated with such an approach.  Troubleshooting support from us will be limited under such circuit sharing given the increased complexity.

Unlike SDNet/2, Clients can subscribe both trading traffic and market data traffic across different markets in the same pair of ports via HKEX Hosting Services (HSN).

No, SDNet/2 circuits cannot be shared between OMD-C testing environment and OMD-C production environment.

The sharing principle for testing environment would be the same as production environment.  Testing lines can be shared across OMD-C and OMD-D for testing purpose only.  Same pair of lines cannot be used for serving both production and testing at the same time.  Therefore, if clients reconfigured the OMD-C testing lines to production mode, they are required to install another set of testing lines for OMD-D .

No.  They use different VLANs.

No.  They use different subnets.

Clients are not allowed to lease the 2 SDNet lines for the same SDNet line-set from 2 different network carriers.  Since different network carriers may have different routing configurations and protocols, mixing different carriers’ SDNet lines in this way may not work.

Clients may not be required to cancel the two testing lines but consider requesting their network carrier to reconfigure the two testing lines to our production environment for Market Rehearsal and on-going production connection.