In May 2014, the JSE initiated ITAC, a multi-year programme for the implementation of a new integrated trading and clearing solution. The programme’s objectives are to migrate both derivative and bond markets to the MillenniumIT trading platform, as well as migrating all markets to the Cinnober real-time clearing (RTC) platform.
Utilising a phased approach, Phase 1 (Equity and Currency Derivatives) was completed on the 29th of April 2019 with two more phases planned for Interest Rate and Commodity Derivatives, and Cash Bonds and Cash Equities.
From a trading and clearing member (TCM) perspective, the most significant change that ITAC introduces relates to the decommissioning of the Nutron system and the fact that the JSE will no longer be providing front-end system functionality under MillenniumIT.
Through the development of a robust data migration roadmap, TCMs will be able to significantly reduce the level of complexity associated with their ITAC journey. Having observed the activities within the market, Monocle has identified stages that are key to developing an effective roadmap for any phase of the ITAC programme. These are explored in detail in this research paper.
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