Getting Market Data

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Will it be compulsory for Exchange Participants to receive market data from OMD?

It is not compulsory for Exchange Participants to receive market data from OMD though OMD is strategically positioned as the unique ticker plant for HKEX securities and derivatives markets in the long run. Market data dissemination will eventually be discontinued from the matching engine in order to maximize the processing efficiency of the trading systems. By that time, Exchange Participants may choose to receive market data directly from OMD or indirectly via information vendors.

Why does HKEX offer multiple product feeds to the market?

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.

We want the fastest feed which should be the FullTick feed, but it does not have statistics and news. It makes it difficult for me to decide which product to choose.

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 statistics calculated by HKEX may wish to subscribe to Standard or Premium feed.

Can I receive Conflated Broker Queue (CBQ) if I subscribe to FullTick feed?

Yes, the offering of CBQ as an optional service has been extended to the clients who subscribe to FullTick feed. Same as the offering of Premium feed, the optional service is offered with a fee waiver granted on CBQ initially. HKEX reserves the right to impose a charge on the existing complimentary OMD product feeds with prior notice in future.

Will the Aggregate Order Book in Securities Premium be synchronized with Broker Queue? If so, how would that work?

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.

Given the service level between the Conflated Broker Queue and SP is not the same; clients are NOT encouraged to provide the conflated broker queue along with the streaming aggregate order book due to the possible synchronization issue. Warning message or disclaimer to highlight the service level difference to subscribers is a MUST if clients choose to display the two aforementioned data streams together.

Why couldn’t we receive the order information during the auction session from FullTick feed which should be the most premium feed?

Streaming full order book feed is new to the Hong Kong securities market and hence we adopt 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.

Will aggregate market depth (10BBO) information still be offered in OMD Securities FullTick?

OMD Securities FullTick is a new datafeed product which is positioned as a market-by-order feed providing individual orders and trade information only. Aggregate market depth (or market by price) information on conflation mode will continue to be carried by OMD Securities Standard (SS). Should clients wish to obtain market by price information on a streaming basis, they may consider subscribing to OMD Securities Premium (SP).

Which indices will be provided in OMD Index Feed?

Please refer to Appendix A of OMD Interface Specifications for Securities Market & Index Datafeed Products to have complete indices list of OMD Index Feed.

Will index information continue to be available in other product feeds aside from the Index Feed?

OMD is optimized to disseminate specific market data contents via multiple product feeds. Index information will only be contained in the OMD Index Feed.

OMD does not provide retransmission of all trade tickers. Can HKEX add it back to OMD?

OMD does not support recovery of all trade tickers for a given trading day. Client can however receive the latest market snapshot from the refresh server which facilitates intraday startup or customer side outages. For the interest of those customers who may wish to recover every tick for a given trading day, HKEX will consider offering the corresponding end of day trade data product for customer subscription or purchase on an as-needed basis.

Why is spread table not available in OMD? Where can client access to the latest spread table?

Considering that spread table is not frequently changed and the spread table is published in the Rules of the Exchange and always available at HKEX website, the spread table is not included in OMD for transmission efficiency. The spread table code associated with each security will however be available in OMD for clients to perform the corresponding mapping.

If information vendors/licensed end-users subscribe to SF and provide 10BBO with individual order breakdown within the 10BBO, what Subscriber Fee/Individual User Fee is chargeable, level 2 or FullTick?

Any data with individual order information will be subject to the Subscriber Fee/Individual User Fee of Continuous Access - Full Book, i.e. HK$400 per unit per month.

If information vendors/licensed end-users subscribe to more than one OMD datafeed products, what Redistribution Fees/End-User Licence Fees and Connection Fees are applicable?

If information vendors/licensed end-users subscribe to more than one OMD datafeed products, e.g. SS and SP, the Redistribution Fees/End-User Licence Fees and Connection Fees for the first connection of both of these feeds are payable. If information vendors/licensed end-users subscribe to more than one set of the same OMD datafeed, e.g. 2 sets of SP, the following fees will apply:

One Redistribution Fee/End-User Licence Fee of SP
One Connection Fee for the first set of standard connection of SP; and;
One Connection Fee for an additional set of standard connection of SP

If information vendors subscribe to both SP and SF, can they provide information from SP feed (10BBO, News, Statistics, Market Turnover, Nominal Price and Yield) to their SF subscribers? What is the relevant Subscriber Fee?

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 being 10BBO and without individual order information.

Does my company need to get the corresponding licence from the index compliers directly if my company has already subscribed to OMD Index feed?

Yes, clients who wish to redistribute the indexes available in the Index Feed need to get the corresponding licence from the index compilers directly, except for the S&P/HKEX and HKEX/TR RMBindices which are already covered in the Market Data Vendor Licence Agreement with HKEX-IS.

Can the OMD simulator be run on different platforms?

The OMD simulator can run on Linux only. However, the client’s feed handler can either run on the same or a different machine as the OMD simulator, providing clients the flexibility to develop their feed handlers on a non-Linux platform.

Can we share the same set of SDNet/2 circuits for their subscription to both OMD Securities datafeed products and OMD Derivatives datafeed products?

Yes, sharing of same set 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 HKEX will be limited under line sharing given the increased complexity.

Can the two lines of each SDNet set be provided by two different network carriers?

Clients are not advised 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.

For Retransmission server, is there any limitation on the number of Logon requests per day?

There is no limitation on the number of Logon requests per day but there are limitations on

number of retransmission requests in a day; and
maximum sequence range requested.

How many retransmission User ID and IP addresses will be assigned if our company subscribes to one set of Securities Premium connections and one set of Securities FullTick connections?

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

If additional number of retransmission User ID and IP addresses are required, will there be any additional fees?

Yes, additional retransmission User ID and IP addresses can be assigned subject to additional set of connection fees.

Can we use third party applications and ask them to perform OMD testing on behalf of us?

Yes, HKEX allows independent software vendors (ISVs) to conduct testing on behalf of their clients.

A Client using software provided by an ISV has to authorise the ISV to handle all matters in relation to the development, subsequent upgrades and conformance testing of the software and completing the “Declaration Form for Readiness (Using Independent Software Vendor's Software) (for Real-time Information Vendors & End-Users)” to IVSupport@hkex.com.hk.

The client has to participate in Market Rehearsal (MR) and Post-Release Test (PRT) itself with its own circuits for connection before it can receive live production market data.

Does OMD-C have any conformance test?

Due to the multicast nature, we are not able to monitor the test progress and results of clients. 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 provided by HKEX and submit the test results of the answer after completion of the test.

Does our company need to perform Readiness Test if we use the software provided by an ISV?

No. Readiness Test will be performed by ISV but SCT, MR and PRT will need to be performed by their company being the Market Data Licensee having direct OMD-C connection with HKEX.

OMD offers various recovery functions including Line Arbitration, Retransmission (RTS) and Refresh (RFS Snapshot) services. Are they all mandatory requirements for OMD-C?

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 clients.

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.

Refresh: It is a prerequisite 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.

What is the difference between OMD-C Readiness Test (RT) Environment and OMD-C End to End Test Environment?

In the OMD-C RT Environment, only canned data is used for conducting OMD-C Readiness Test. OMD-C End to End Test Environment is same as the OTP-C OCG End to End Environment with OMD-C available to enable OMD-C EPs clients to perform test with the OTP-C OCG, the HKEX securities Market Trading System.

What is the format of the Broker number providing in the Broker Queue message (54) and Liquidity Provider message (13) in OMD-C?

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.

Can Exchange Participants share the same set of SDNet/2 circuits with trading traffic (orders and trades) and market data traffic?

Yes. Exchange Participants who would like to share the same 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 circuits with securities market or derivatives market. For example, Exchange Participants of securities market may use the same SDNet/2 circuits for their access to OMD-C SP, OMD-Index and OCG. 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 HKEX will be limited under such circuit sharing given the increased complexity.

Can we share the same set of SDNet/2 circuits for both OMD-C testing environment and OMD-C production environment?

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

Do OMD-C and OMD-D use same VLAN?

No. They use different VLANs.

In OTP-C OCG End to End Test Enviroment, are OTP-C and OMD-C using the same subnet?

No. They use different subnets.

Can we have more than one retransmission ID in testing environment?

Yes, clients can try to apply for more than one retransmission IDs in testing environment subject to Exchange’s discretion.

After completion of Readiness Tests, do we need to cancel two testing lines?

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

Who would use MMDH?

OMD MMDH may suit the business needs of various market users no matter they are (1) Mainland information vendors (“clients”) who would like to connect directly to HKEX for market data but have been deterred by the high cross-border circuit cost; or (2) information vendors (“clients”) outside Mainland planning to expand their market data business in the Mainland for Hong Kong stock market data initially and Hong Kong derivatives market data in future.

Is there any plan to launch derivatives market data in MMDH?

HKEX derivatives market data, including futures and options data, are not available in MMDH currently. Subject to market demand, HKEX may consider adding derivatives market data in future.

Does it make any latency difference if my server is located nearby Mainland Market Data Hub in Shanghai versus other places in Shanghai?

The physical length of the circuit would theoretically incur some latency difference but in practice it is not significant since the distance between client’s server and MMDH in Shanghai is relatively short as compared to the distance between MMDH in Shanghai and the OMD central system in Hong Kong.

Will HKEX plan to consider adopting multicast transmission in MMDH in the near future?

This is dependent on the availability of high quality multicast network services by Mainland network carriers. HKEX will continue reviewing the service offerings of Mainland carriers to see if the Mainland network infrastructure is suitable for multicast.

What is the message protocol available in OMD MMDH?

Binary message protocol will be used in OMD MMDH to allow optimal transmission efficiency.

Is there any difference in the data content offered in MMDH datafeed products and the OMD central system?

Data content in OMD Securities Standard, Index Feed and Odd lot order will be the same as those product feeds offered in OMD central system.

What is the bandwidth requirement for each OMD MMDH product feed?

Bandwidth requirement for receiving Securities Standard (SS) will be 10Mbps (including optional feeds of index and OLO which incur minimal bandwidth).

Will HKEX have plan to offer SP and SF in MMDH in the coming future?

OMD Securities Premium (SP) and Securities FullTick (SF) datafeeds with higher bandwidth requirements are not available in MMDH at the initial rollout. Subject to market demand, HKEX may consider adding SP and SF in the near future.

Will existing clients need to apply for a separate licence for OMD MMDH?

Existing clients will not be required to apply for a separate licence for using MMDH. Only Schedule 3 of their existing Market Data Vendor Licence Agreement will be updated to list out the product feeds subscribed from MMDH. Interested clients may contact our Sales & Marketing Team by emailing to MarketData@hkex.com.hk.

My company is currently a HKEX-IS IV. Once my company connects directly to the MMDH, does it mean we can be a feed-providing vendor and also redistribute the market data to HKEX-IS authorized IV for further redistribution? Is there any specific requirement we need to be aware of?

IVs connecting to MMDH are considered as direct connection vendors. Similar to feed-providing vendors receiving data from OMD central system in Hong Kong, clients who would receive data from MMDH for offering feed providing services should observe and meet the same technical requirement currently applicable to MDF 3.8 which runs on unicast transmission, i.e. feed-providing vendors must have dual live connections (non-standard configuration) with HKEX.

My company would like to obtain HKEX market data for internal use. Can my company connect directly to MMDH?

End-user Licence for securities market data was introduced in January 2013. It is also applicable to clients who connect to MMDH for SS for internal use. Please refer to our website for the End-User Licence application forms and procedures.

My company is currently a delayed IV. Can my company connect directly to MMDH for delayed securities market data?

Same as OMD central system, only real-time datafeed products are offered in MMDH. Any clients who would connect to our MMDH will be subject to the same licensing arrangement and fees as real-time IV licensee. Please refer to our website for the End-User Licence application forms and procedures.

Does my company need to get the corresponding licence from the index compliers directly if my company has already subscribed to MMDH Index feed?

Yes, clients who wish to redistribute the indexes available in the Index Feed need to get the corresponding licence from the index compilers directly, except for the S&P/HKEX indices which are already covered in the Market Data Vendor Licence Agreement with HKEX-IS.

My company is currently a direct connection IV and planning to connect via MMDH at the same time, does it mean we have to pay the licence fee twice? Any discount?

Clients who retain production connection of Securities Standard (SS) to both OMD central system and MMDH will just need to pay Redistribution Fee once for the right to redistribute the SS data. However, they need to pay the Connection Fee for connection to OMD central system and the Connection Fee plus the One-off Connection Fee applicable to connection to MMDH, in addition to the Subscriber Fees. Please refer to OMD Fee Schedule at HKEX website for details.

What fees does our company need to pay for connecting to MMDH for Securities Standard (SS) and Index feed for further redistribution if we adopt one set of SS standard connection (i.e. standard configuration)?

A company who would like to redistribute HKEX securities and index data by receiving SS and index feed from MMDH will be liable to pay HKEX-IS the following license fees:

Redistribution Fee = $51,000 per quarter
Connection Fee for MMDH (first set) = $45,000 X 2 per quarter
Subscriber Fee = subject to a minimum subscriber fee of $6,000 per month
Total = $636,000 per annum (minimum)

One-off connection fee = $10,000

Index Feed is complimentary to SS for the time being. HKEX reserves the right to impose charge on Index Feed in future. Clients who wish to redistribute the indexes will need to get the corresponding licence from the index compiler directly.
Please refer to OMD Fee Schedule at HKEX website for details.

What fees does our company need to pay for setting up additional live connection (second live) in MMDH for resilience purpose (i.e. non-standard configuration)?

The connection fee for the additional live connection will be aligned to the central system. A company is liable to pay HKEX-IS the following licence fees:

Redistribution Fee = $51,000 per quarter
Connection Fee for MMDH (first set) = $45,000 X 2 per quarter
Connection Fee for MMDH (additional set) = $70,000 per quarter
Subscriber Fee = subject to a minimum subscriber fee of $6,000 per month
Total = $916,000 per annum (minimum)

One-off connection fee = $10,000

Please refer to OMD Fee Schedule at HKEX website for details.

What is the difference between Standard and Non-Standard Configuration?

Standard and Non-Standard Configuration is different in terms of minimum number of lines required for connection to MMDH. Detailed descriptions and diagrams can be found in Section 6 of MMDH On-boarding Information pack.

Standard configuration: A standard configuration will include single live connection. Minimum 3 lines will be required, two connected to the OMD MMDH primary site and one connected to OMD MMDH secondary site.

Non-standard configuration: An additional live connection added to the standard service will cover two live connections to each site. In this configuration, 4 lines will be required, i.e. two connected to the OMD MMDH primary site and two connected to the OMD MMDH secondary site. Information Vendors can adopt this configuration to receive production data transmitted from both links concurrently at OMD MMDH production system.

Will SDNet/2 network still be used under OMD MMDH?

No, SDNet/2 will be used only for OMD data transmission in Hong Kong central site but will not be used in Mainland Market Data Hub. Clients who connect via MMDH should subscribe the Ethernet Connections between your own server and OMD MMDH.

What is the format of the Broker number providing in the Broker Queue message (54) and Liquidity Provider message (13) in MMDH?

For data recovery in MMDH, is retransmission possible?

The chance of data recovery is limited. For MDS, client can download ALL missing information if they set the threshold large enough to cover all data. For MMDH, only latest market snapshot will be available from Refresh service. The recovery of latest market snapshot by Refresh Service is documented in Section 4.2 of OMD-C MMDH Interface Specification.

Would Independent Software Vendors (ISVs) be available for MMDH clients?

Yes, as long as the ISV software version is certified by HKEX-IS. Please note that as there are different technical setups between MMDH and the OMD Central System, should vendors wish to use software developed by ISVs, they should look for the software that have passed the Readiness Test for MMDH and approved by HKEX-IS.

After completion of Certification Tests, do we need to cancel two testing lines?

Can the OMD simulator be run on different platforms?

Will it be compulsory for Exchange Participants to receive market data from OMD?

It is not compulsory for Exchange Participants to receive market data from OMD, Exchange Participants may choose to receive market data directly from OMD or indirectly via information vendors.

Now, Exchange Participants may continue to receive market data from HKATS OAPI Network Gateway (NG) for derivatives market until completion of NG retirement. However, please note that relevant approval from HKEX-IS is required if Exchange Participants disseminates the market data from NG to third parties (including but not limited to group companies, system vendors).

Is there any plan to launch derivatives market data in MMDH?

HKEX derivatives market data, including futures and options data, are not available in MMDH currently. Subject to market demand, HKEX may consider adding derivatives market data in future.

Why aren’t Exchange Participants allowed to access the market data directly from HKATS/Genium?

In order to achieve matching efficiency and optimal performance of the trading system, the capacity of the trading system will be dedicated to the functions of matching engine whereas market data systems will take up the functions of market data distribution and this enables the Exchange to develop a wide range of market data feed products to meet the diversified needs of the market participants. EPs are hence advised to receive market data from OMD ultimately.

Why does HKEX offer multiple product feeds to the market?

We want the fastest feed which should be the FullTick feed, but it does not have statistics. This makes it difficult for me to decide which product to choose.

Why couldn’t we receive the order information during the auction session from FullTick feed which should be the most premium feed?

Streaming full order book feed is new to the Hong Kong derivatives market and hence we adopt 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.

Will aggregate market depth (10BBO) information be offered in OMD Derivatives FullTick?

OMD Derivatives FullTick is a new datafeed product which is positioned as a market-by-order feed providing individual orders and trade information only. Aggregate market depth (or market by price) information on conflation mode will continue to be carried by OMD Derivatives Standard (DS). Should clients wish to obtain market by price information on a streaming basis, they may consider subscribing to OMD Derivatives Premium (DP).

Which indices will be provided in OMD Index Feed?

Please refer to Appendix A of OMD Interface Specifications for Securities Market & Index Datafeed Products to have complete indices list of OMD Index Feed.

Will index information continue to be available in other product feeds aside from the Index Feed?

OMD is optimized to disseminate specific market data contents via multiple product feeds. Index information will only be contained in the OMD Index Feed.

OMD does not provide retransmission of all trade tickers. Can HKEX add it back to OMD?

Does OMD-D provide the minimum tick size and the contract size information?

Both the minimum tick size and contract size are static information which is defined in the contract specifications from day one and unlikely to change in the life of the contracts. However, OMD-D provides the contract size information in view of the arrangement for capital actions where the contract size may be adjusted together with the strike price. Other static information such as the minimum tick size is not available in the OMD-D at present. Clients may wish to refer to the contract specification of each derivatives product on HKEX website for such information.

What is the difference between Trade Statistics (360) and Series Statistics (363)?

Trade Statistics (360) is provided in Derivatives Standard (DS) while Series Statistics (363) is provided in Derivatives Premium (DP). The content of both messages are the same except Trade Statistics (360) carries DealSource and AggregateQuantity of the latest deal (which can comprise multiple trades) as Trade Detail message in PRS Plus and PRS. Alternatively, DP provides information on individual trades, instead of after their consolidation into deals, with Trade (350) and Trade Amendment (356) messages which are separate from the Series Statistics (363).

Do Exchange Participants need to obtain Series Identity from CG/NG or would OMD-D have this Series Identity as well?

OMD-D is a different system from HKATS OAPI. Please refer to Section 3.7 of OMD-D Interface Specification (available at OMD Project Corner at HKEX website) for the reference data arrangement. OrderBookID is used as the unique identifier for the tradable series, except that it is not available for next day effective series. The message (304) carries the unique key of series in OAPI and the symbol name. Clients can make reference to those fields.

If our program only subscribes to Stock Options Market (SOM), will we receive the Non-SOM market data as well?

Clients could only receive data of the market which their program subscribes to since the host IPs for SOM and Non-SOM are different.

Is there any licence we should apply for if we subscribe Derivatives Premium for internal use?

If the data is only for internal use, clients should apply End-user Licence. Market Data Vendor Licence should be applied instead if clients would like to redistribute the data to their customers. Different licence fees and connection fees are applied to different OMD-D datafeed product and usage purpose. Clients can visit HKEX website for details on the charges for the OMD-D datafeeds.

If information vendors/licensed end-users subscribe to DF and provide 10BBO with individual order breakdown within the 10BBO, what Subscriber Fee/Individual User Fee is chargeable, level 2 or FullTick?

Any data with individual order information will be subject to the Subscriber Fee/Individual User Fee of Continuous Access - Full Book, i.e. $300 per unit per month.

If information vendors/licensed end-users subscribe to more than one OMD datafeed products, what Redistribution Fees/End-User Licence Fees and Connection Fees are applicable?

If information vendors/licensed end-users subscribe to more than one OMD datafeed products, e.g. DS and DP, the Redistribution Fees/End-User Licence Fees and Connection Fees for the first connection of both of these feeds are payable. If information vendors/licensed end-users subscribe to more than one set of the same OMD datafeed, e.g. 2 sets of DP, the following fees will apply:

One Redistribution Fee/End-User Licence Fee of DP
One Connection Fee for the first set of standard connection of DP; and
One Connection Fee for an additional set of standard connection of DP.

If information vendors subscribe to both DP and DF, can they provide information from DP feed (10BBO, Statistics, Estimated Average Settlement Price, Open Interest and Implied Volatility) to their DF subscribers? What is the relevant Subscriber Fee?

Yes, information vendor who subscribes DF can provide level 2 data services with applicable fees, e.g. HK$90 per subscriber unit per month, subject to it being 10BBO and without individual order information.

The data transmission of OMD is multicast transmission. Each set of SDNet lines will by design receive concurrent multicast data streams from the OMD host. Would our company be forced to pay dual live connection fee?

With the transmission protocol changed to multicast, one set of standard connection service will include two set of SDNet lines or HSN ports carrying two concurrent multicast data streams. Clients will only be subject to one set of connection fee if they only subscribe to one set of standard connection service.

Would Exchange Participants be offered free connections to OMD-D?

HKEX will offer a waiver on the End-user Licence fee and Connection fee for 2 OMD Derivatives Standard feed connections for each EP who connects directly to OMD-D for market data for internal use and enter into End-user licence agreement with HKEX.

We are an Exchange Participant and we currently source market data from HKATS API for internal use and for external redistribution to clients. We are not subject to any market data fees as covered by the Deed of Undertaking. Would there be any change to this arrangement upon the rollout of OMD-D?

No. Exchange Participants that use and redistribute HKATS API sourced market data would continue to be free of charge. Exchange Participants would only be subject to OMD fees if they use and redistribute market data sourced from OMD product feeds.

Does my company need to get the corresponding licence from the index compliers directly if my company has already subscribed to OMD Index feed?

Yes, clients who wish to redistribute the indexes available in the Index Feed need to get the corresponding licence from the index compilers directly, except for the S&P/HKEX and HKEX/TR RMB indices which are already covered in the Market Data Vendor Licence Agreement with HKEX-IS.

Does OMD-D have any conformance test?

Due to the multicast nature, we are not able to monitor the test progress and results of clients. Same as OMD-C, we would have a Readiness Test for OMD-D 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 provided by HKEX and submit the test results of the answer after completion of the test.

Can the OMD simulator be run on different platforms?

Can we use third party applications and ask them to perform OMD testing on behalf of us?

Yes, HKEX launched a new test service to allow independent software vendors (ISVs) to conduct testing on behalf of their clients. Clients could also use software versions provided by ISVs which have already passed the Readiness Test.

However, please note that this test service only applies to testing in the test environment, which includes Open Test, Practice Session, Certification / Readiness test. The client has to participate in Market Rehearsal (MR) and Post-Release Test (PRT) itself with its own circuits for connection before it can receive live production market data.

What is the difference between OMD-D Readiness Test (RT) Environment and OMD-D HKATS Test Environment?

In the OMD-D RT Environment, only canned data is used for conducting OMD-D Open Test, Practice Session and Readiness Test. OMD-D HKATS Test Environment is same as the HKATS OAPI Development Environment with OMD-D available to enable OMD-D EPs clients to perform loop test with the HKATS, the HKEX Derivatives Market Trading System.

Does our company need to perform Readiness Test if we use the software provided by an ISV?

No. Readiness Test will be performed by ISV but SCT, MR and PRT will need to be performed by their company being the Market Data Licensee having direct OMD-D connection with HKEX.

How can DP and DF clients receive Deal Source information as Trade statistics (360) is only provided for DS clients?

DS is positioned to carry trade information at deal level (or trade ticker level) which contains the aggregated quantity and the Deal Source (e.g. normal matching) of the latest deal (which can comprise multiple trades) from the trading system.

DP and DF are positioned to provide individual trade information with Trade (350) and Trade Amendment (356) messages which however cannot be mapped with the Deal Source and therefore Deal Source information is not provided via DP and DF.

OMD offers various recovery functions including Line Arbitration, Retransmission (RTS) and Refresh (RFS Snapshot) services. Are they all mandatory requirements for OMD-D?

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.

Refresh: It is a prerequisite 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.

After completion of Readiness Tests, do we need to cancel two testing lines?

For Retransmission server, is there any limitation on the number of Logon requests per day?

There is no limitation on the number of Logon requests per day but there are limitations on

number of retransmission requests in a day; and
maximum sequence range requested.

The number of concurrent sessions to a Retransmission server is also restricted to one for each User ID. In other words, each User ID cannot perform more than one concurrent retransmission session at the same time. Please refer to the Interface Specifications for the different parameters applicable to retransmission service.

How many retransmission User ID and IP addresses will be assigned if our company subscribes to one set of Derivatives Premium connections and one set of Derivatives FullTick connections?

Two unicast IP addresses and one retransmission User ID will be assigned to each set of product feed. If one set of DP and one set of DF are subscribed to, clients will be assigned four unicast IP addresses and two retransmission User IDs.

If additional number of retransmission User ID and IP addresses are required, will there be any additional fees?

Yes, additional retransmission User ID and IP addresses can be assigned subject to additional set of connection fees.

Can we have more than one retransmission ID in testing environment?

Yes, clients can try to apply for more than one retransmission IDs in testing environment subject to Exchange’s discretion.

Can we share the same set of SDNet/2 circuits for their subscription to both OMD Securities datafeed products and OMD Derivatives datafeed products?

Can Exchange Participants share the same set of SDNet/2 circuits with trading traffic (orders and trades) and market data traffic?

Yes. Exchange Participants who would like to share the same 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 circuits with securities market or derivatives market. For example, Exchange Participants of derivatives market may use the same 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 HKEX will be limited under such circuit sharing given the increased complexity.

Can we share the same set of SDNet/2 circuits for both OMD-D testing environment and OMD-D production environment?

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

In testing environment, could we share the same set of SDNet circuits for OMD-C, OMD-D and trading traffic?

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

Can the two lines of each SDNet set be provided by two different network carriers?

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.

Do OMD-C and OMD-D use same VLAN?

No. They use different VLANs.

In HKATS End to End Test Environment, are HKATS and OMD-D using the same subnet?

No. They use different subnets.

How can I subscribe to the Historical Data Products?

Subscriptions can be made on-line. To subscribe, you can go to Subscription to start the process. If you encounter difficulties in subscribing our data products, please contact us.

Which data products are available for online downloading?

You can go to Historical Data to view the product catalog in which the data products available for on-line downloading will be indicated.

Can I know the data contents and file format of the data product before I decide to subscribe?

Yes, the User Guide/File Specification and sample files of most of the data products are available on-line at this website. Please select the data product of interest from the product catalog. There are hyperlinks on the product information page for the User Guide/File Specification and the sample files.

Can I subscribe any historical data which are not included in the product list?

You are welcome to talk to us about your data requests and we will explore whether any ways we can help. Please contact us.

How long will my registration details be kept?

User record will be deleted seven (7) years after the user's last dealing with HKEX-IS on historical data product matters.

How can I subscribe to historical data products again if my user account has been deleted?

You can simply register again with another user ID which is different from the original one if you need to use the service.

What payment methods are available for the subscription of Historical data products?

Subscribers may make payments by credit card, direct deposit/bank transfer.

Do I need to cover any bank charges if payment is made via direct deposit or bank transfer?

For payment via direct deposit/bank transfer, all bank charges (including interbank charges) incurred must be borne by the subscriber. Please settle all bank charges separately with your bank so as to make sure that the exact order amount will be credited to our bank account.

Are there concessions for academic institutions?

We welcome academic institutions to use our data products for research purposes. We offer a 50% discount to academic institutions on the historical data products which are mostly required for academic research, except for those data products where the price is already deeply discounted to promote their usage. The availability of the 50% discount is indicated on the product information page.

Are there any discount packages offered to subscribers?

We offer 2 types of discounts on historical data products.

Offer 1:	A bulk discount is offered on some historical data products. If the subscription period is 12 consecutive months or longer, the subscriber can enjoy a 15% discount.
Offer 2:	We offer a 50% discount to academic institutions on historical data products, except the ones where the price is already deeply discounted to promote their usage.

Subscriber can enjoy either Discount Offer 1 or Offer 2. It is indicated in the product information pages whether the discount offer(s) is available for a particular data product.

When will I receive my subscribed data?

Each data product has its own delivery schedule which is covered in the detailed product description on the product information page. For future issues, the paid data will be delivered by the selected method according to the schedule. For back issues, it normally takes about one week upon receipt of the order and payment. However, for orders of considerable size, we may negotiate the delivery schedule with the customer as it may take longer for the processing.

How will the purchased data be delivered?

Historical Data Products can be delivered by 3 methods : On-line download from this website; e-mail and DVD by post. The available delivery method(s) for a particular historical data product will be indicated in the product information pages. For data products which can be delivered by more than one method, subscriber should choose one delivery method only.

How can I download my subscribed data?

Upon payment cleared, you may logon to the HKEX Historical Data website. Click the “Data Download” tab, and select the product files you would like to download. Available product file issues will be displayed for download.

On the other hand, you may download files by using the Programmatic Data Download Function. You will need to prepare a program to connect to the Application Programming Interface(API) of this function. For more details about Programmatic Data Download Function, please refer to the API Interface Specification in Technical Documents page.

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