Boursa Kuwait advises brokers on testing the OTC platform exclusively via X-stream
Sources informed Al-Jarida Newspaper that the brokerage sector was officially advised, under the supervision of the Capital Markets Authority (CMA), of the plan to operate the OTC platform.
All brokerage firms were instructed that participants would only be able to communicate and place OTC orders exclusively via X-stream system.
The brokerage sector was advised that brokers wishing to obtain and use market data for distribution or other purposes should contact the Data Services Department to sign the agreement and relevant documents and pay the fees.
Boursa Kuwait, in collaboration with brokers, will conduct a series of live trials over the next few days. OMS communication will be provided using X-stream SDK or FIX sometime after it is published live, as participants complete their development and pass their UAT tests.
According to the test plan and the trial launch with the DR test, the following steps will be taken:
- X-stream will be available to test connectivity on Saturday morning
- All participants are required to sign in and confirm their connectivity and readiness.
- Make sure that you are using the latest version of X-stream workstation.
- Normal trading day – buy and sell orders will be open for placement.
Users will be required to change their password on the trial date, as all changed passwords will be password will be migrated to the beta and final release day (Friday 16th).
- On the final launch date, participants are required to do the following:
- All participants are required to sign in and to confirm their connectivity and readiness
- Make sure that you are using the latest version of X-stream workstation (2-6-43).
- No orders will be allowed.
- Passwords will continue from (LR- 1) and will not be reset.
- Participants will be required to fill out the "Boursa Kuwait X-Stream OTC Launch Report”.
CMA is very interested in OTC platform success, following efforts and preparations in cooperation with Bourse Kuwait, Kuwait Clearing Company and brokers, which will represent a quantum leap in the market history to end an era of trading shares outside regulatory control and audit.
OTC trading platform is intended to provide regulation and control, and to ensure that the funds cycle will be under control, as the formal market mechanisms will not apply to that platform, especially the units for buying, selling or other controls related to volumes.
According to sources, external systems shall not be accepted for electronic OTC trading platform, as the market will not recognize or any transactions outside the platform. Brokerage firms will execute external deals or use the old system.
مصدر الخبر: Aljarida