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Oslo BørsMillennium Release 8.6 North Sea

London TUG – February 26 2015 Ingvild Resaland

December2014

January2015

February

2015

March2015

Dec 1st Timeline for Release 8,6 announced through Delta web

Jan 12th CDS upgraded. ISV and Customer Testing

March 14th DR 1

Mandatory

Dialogue with Customers and ISVs (Independent Service Vendors)

Jan10th Publish Market Model & functionality changes

Jan 12th Reference data files made available

ISV and Customer Conformance

April 2015

May2015

GO LIVE! April 20th

March 21th DR 2

Optional

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Oslo Børs - Release 8.6 North Sea – Timeline

Current

phase

Key Market Model Features in Release 8.6 North Sea

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• A Dark Pool in a regulated exchange environment

• Separate Dark Midpoint Order book per instrument

- New partition to be used for Dark Midpoint Order Books only, to avoid latency impact in the lit instrument Order Book

• Midpoint matching from Oslo Børs lit BBO

- for speed and price improvement purposes

• Reintroduction of minimum execution size (MES)

- Allows you to prevent your dark order to be split into smaller trades

• Executions from Dark Midpoint Order Book are published without Counterparty IDs

- Unlike visual member IDs disseminated in market data feeds on trades from lit books

- Dark volume will be included in the monthly publication of members total market share on Oslo Børs

Key technical features in Release 8.6 North Sea

• Includes Turquoise Uncross ™ functionality

- Randomized uncrosses during the day

- Your feedback on the frequency is highly appreciated. Currently set up with minimum 10 seconds and maximum20 seconds between auctions

- Three different matching instructions

- Turquoise Uncross™ only

- Continuous then Turquoise Uncross™

- Continuous only

• Size – Time order prioritizing

• Self-execution prevention is available in the Dark Midpoint Order Book

• Preferencing in the Dark Midpoint Order Book is not part of this release

• Please note:

- Protocol changes in ALL Trading and Post Trade Interfaces for Oslo Børs and Burgundy

- Protocol changes in market data MITCH and FIX FAST Equities for Oslo Børs and Burgundy

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To-Do List for Oslo Børs Clients • Software/systems – adapt to become compatible with Millennium Release 8.6 North Sea

- Members’ internal development, ISVs (Independent Service Vendors) and Marked Data Vendors

• Enablement changes only if you require changes to your current enablement

- All existing cash equity trading enablement will automatically gain access to Dark Midpoint Order Books

• Test – utilize the test services

- Oslo Børs CDS-environment opened with North Sea functionality in January. Dark book activity is generated in OBGEN5_M daily in CDS.

• Conformance test before DR1 – Carried out in collaboration between clients and Oslo Børs

- Clients already conformed against the Turquoise Uncross ™ functionality only need to inform Oslo Børs at technicalsupport@oslobors.no.

• Participate actively in Dress Rehearsal 1 (mandatory)

- Please submit the “DR Readiness Confirmation Form” within March 11th 2015, and please submit your “Testing Confirmation Form” by the end of March 14 for DR1. Links to the enhanced electronic registration forms will be published on Oslo Børs’ Delta webpage.

• Determine whether you wish to participate in Dress Rehearsal 2

- DR2 includes fail-over and recovery

• Remember to configure smart order routers and trading algorithms to benefit from the North Sea Dark Pool liquidity in time for go-live

• GO-Live April 20!- Please submit the “GO-LIVE readiness confirmation form” within April 15, and confirm North Sea connectivity from your production environment on Saturday April 18.

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Contact points at Oslo Børs

• All important material is posted on the “Delta web” - http://www.oslobors.no/ob_eng/Oslo-Boers/Trading/Delta/Millennium-Exchange

- No password or user name required

- Subscription service – enter your e-mail address at the website to receive information

• Technical helpdesk:

- technicalsupport@oslobors.no / Tel. +47 22 34 19 90

• Enablement:

- enablement@oslobors.no / Tel. +47 22 34 19 90

• Market Data:

- Line.mauseth@oslobors.no / Tel. +47 22 34 18 15

- Christian.pettersen@oslobors.no / Tel. +47 22 34 18 08

• Members:

- Ingvild.resaland@oslobors.no / Tel. +47 22 34 19 16

- Carl.Nilsen@oslobors.no / Tel. +47 22 34 17 93

- Samuel.stenmark@oslobors.no / Tel. +46 (0) 76 776 12 13

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