Checklist for member using Empanelled Vendor CTCL

Transcription

1 Checklist for member using Empanelled Vendor CTCL Vendor/Member: Product Name: Version:- Module Validation Checklist CTCL IBT/STWT Status General All transactions must be secure (using SSL encryption) Appropriate firewalls must exist.- cannot check Futures Options Futures Options Network Securitycannot check Whether the entire site is protected or main page has link to secured login site.- cannot check Links to useful websites: Member s NCDEX membership information should be present on website (For Browser Based ) Securities Trading using Wireless technology shall include devices such as mobile phone, laptop with data card, etc, that use Internet Protocol (IP). Adequate measures should be taken for user identification, authentication and access control Session login details should not be stored on the devices used for internet based trading and STWT EMPANELLMENT CHECKLIST 1 Ver 1.0

2 Dashboard Server routing orders to the exchange trading system shall be located in India. User Name, SEBI Registration Code (if applicable), Trader Code should be visible at the top of the main screen. Ticker- Whether the facility is available or not Login/ Password Security Should accept a valid user name and password before logging into the application. Should show appropriate message if user name or password is invalid. User must be able to change his/her password. Password length minimum 6 & maximum 12 Password should be Alphanumeric Minimum password age default 30/14 days Incorrect user account lock count 3 System forces to change password for first time login. Two-factor authentication for login session Market Watch Users must have a facility to view the NCDEX commodities ticker and the spot prices ticker (CONFIGURABLE) EMPANELLMENT CHECKLIST 2 Ver 1.0

3 The following columns are mandatory in the Market Watch screen:- Market type Commodity Name Expiry Date Strike Price No Yes No Yes Option Type No Yes No Yes BB Qty BB Price BS Qty BS Price LTP Complete Spot prices of Commodity should be seen Script Information Script information should be visible from the Market Watch and should be preferably with a single click or key press from the dashboard and should include: Market Type Commodity Name Expiry Date Tick Size Price Range Min Lot Price Unit Quantity Unit Delivery Unit Last traded price Theoretical Price No Yes No Yes Delta No Yes No Yes Gamma No Yes No Yes Vega No Yes No Yes Theta No Yes No Yes Rho No Yes No Yes EMPANELLMENT CHECKLIST 3 Ver 1.0

4 Implied Volatility No Yes No Yes Entry Appropriate shortcuts should be configured for order entry screen Options available should include: Price Condition: Limit (Mandatory) Stop Limit (Mandatory) Stop Market Market Time Conditions: Day (Mandatory) IOC (Mandatory) GTD (Mandatory) GTC (Mandatory) Quantity Conditions DQ (Mandatory) Other Conditions: - Market Price (Mandatory) Trigger Price (Mandatory) Account Types PRO- Client- Entry For a stop loss buy order, Trigger price should be less than Limit price. For a stop loss sell order, Trigger price should be greater than Limit price. DQ should not be less than 10% of the total quantity. EMPANELLMENT CHECKLIST 4 Ver 1.0

5 GTD s (if allowed) should not be valid for more than 7 (configurable) days. Note: ORDERS ARE ACCEPTED FOR MORE THAN 7 DAYS. GTC s (if allowed) should not be valid for more than 7 (configurable) days Note: ORDERS ARE ACCEPTED FOR MORE THAN 7 DAYS. Confirmation information should details: No Type Spread IOC order entry Tracking Market type Symbol Transaction Time User Id Status Price Quantity Validity Account Whether system has capability to distinguish the orders originating from CTCL / IBT/ STWT/AT If software is giving spread IOC order entry, need to check the new field mapped Source (30004) entry capturing IP address of order entry terminals Status of orders and trade confirmation EMPANELLMENT CHECKLIST 5 Ver 1.0

6 Message Log Message Log should display information related to (without filtering): Confirmation Rejection Cancellation Cancellation Rejection Modification Modification Rejection Trade Confirmation Trade Cancellation (If trade cancellation is permitted through the software) User Log on status Market status (Preopen, Open, Pre-Close, Closed) Triggering of an Messages broadcast to the user's (General and Specific) Entity Modification, Entity Creation, etc Price band updates Risk messages Cancellation Cancellation messages should information: Number Type Market Type Commodity Name Date and Time User Id Price Quantity Cancelled By EMPANELLMENT CHECKLIST 6 Ver 1.0

7 Cancellation Cancel BUY/SELL RL. Cancel BUY/SELL SL Cancel BUY/SELL with Disclosed Qty Cancel BUY/SELL that has been partially traded Cancel BUY/SELL GTC Cancel BUY/SELL GTD Modification Modification Rejection Mass cancel Modification messages should information: Number Type Market Type Commodity Name Date and Time User Id Price Quantity Modified By Modify BUY/SELL RL. Modify BUY/SELL SL Modify BUY/SELL with Disclosed Qty Modify BUY/SELL that has been partially traded Modify BUY/SELL GTC Modify BUY/SELL GTD Rejection messages should information Number EMPANELLMENT CHECKLIST 7 Ver 1.0

8 Trade Confirmation Trade Cancellation /Trade Reports Rejection Message Error code Trade Confirmation message should information: Trade Type Trade Number Number Market Type Commodity Name Date and Time User Id Price Quantity Trade Cancellation message should information: Trade Type Trade Number Number Market Type Commodity Name Date and Time User Id Price Quantity Facility for and Trade reports. Net Position Net Position Inquiry should be displayed. Calculations in Net Position Inquiry should be accurate. MBP Should display the top 5 BB and BS (price and quantity) for the selected commodity. EMPANELLMENT CHECKLIST 8 Ver 1.0

9 Risk Management Back testing for effectiveness of RMS System rollback Session Management s with SL should not be shown unless triggered. The qty displayed for DQ orders should be correct. Initial Margin, MTM etc. should be correctly calculated and displayed. Trading Limits checks like Quantity and Value Limits, Symbol wise User / Quantity limit, User / Branch Limit, Price limit, etc., System maintains logs of alerts / changes and logs of changes to the risk management parameters System allows only authorized users to set the risk parameter in the RMS. TM/CM status update messages Whether deviations from such pre-defined limits are captured by the system, documented and corrective steps taken. In the event of issue in update system should be rolled back to previous state and also after completion of testing/mock Whether the system allows for automatic trading session logout after a system defined period of inactivity Session details for each users. Log information should shows details of logged users with Public IP. Whether the system generates and maintains logs of Number of users, activity logs, system logs, Number of active clients EMPANELLMENT CHECKLIST 9 Ver 1.0

10 Timings displayed Participant code Security Status Price band Validations FIX disseminates all times in GMT. CTCL software to convert the same into IST and display to user. entry/modification/cancell ation of participant order Security status messages (halt, pre-open, regular trading, post close) For normal Futures and Options (PB upper/lower limit check) YES YES YES YES YES YES YES YES YES YES YES YES YES YES YES YES Multi-leg order CS day order entry BMR rejections For CS day orders (ASR) entry YES YES YES YES Trade confirmations YES YES YES YES Rejections (expirations) YES YES YES YES entry YES YES YES YES Trade confirmations YES YES YES YES Cancellations, rejections YES YES YES YES For any message with invalid tag or numeric value YES YES YES YES Date: Sign: EMPANELLMENT CHECKLIST 10 Ver 1.0