As of 1 May 2011 EDX London is being absorbed into Turquoise Global Holdings Limited ("Turquoise"). Its business, product suite, assets, processes, systems, staff and expertise are being integrated to form Turquoise Derivatives which will operate as an MTF (Multilateral Trading Facility).

The name "EDX London" is no longer being used and its Recognised Investment Exchange status is being "De-Recognised"

Any existing members of EDX London or Turquoise will be sent updated documentation to sign. This will either convert an existing EDX membership to a Turquoise membership or expand an existing Turquoise membership to include derivatives. If you have not received this documentation then please let us know straight away.

The link will continue technically unchanged between Turquoise and Oslo Bors (rather than EDX London and Oslo Bors) for all Norwegian derivatives.

LCH.Clearnet Ltd. All LCH accounts for EDX members remain unchanged. All positions remain as open/cleared positions at LCH. No transfer of open interest is required.

Administration services will be carried out using CC&G technology (BCS).

No. Membership of both Turquoise MTF and EDX London was free prior to the merger. The new entity will also have no membership fee either.

For those EDX customers who have an existing Static Data form, no further action will be required unless access to additional products is required. For those customers who do not have a Static Data form lodged with EDX and who wish to trade either existing EDX products or the new GBP denominated derivatives on Turquoise, you will be required to complete a Static Data Form and return.

Turquoise and Oslo Bors will be migrating to SOLA V 2.1 on Monday May 9th 2011. If you are not currently conformed to SOLA V 2.0 for IDEM, you will be required to undertake conformance testing for this upgrade.

Real time market data will be accessible through SOLA High Speed Vendor Feed (HSVF). Members will be required to sign a new Market Data License agreement.

Yes the timeframe is tight. However, there are several points that should help lessen the burden on firms:
SOLA v2.1 is backward compatible with SOLA v2.0 as used on IDEM, so any members that have already conformed to IDEM will have considerably less development work to complete
ISVs have been engaged already and are doing the necessary development work

Yes all ISVs that support EDX today (both front and back office) have been contacted for readiness.

SPAN margining calculation methodology will be used. This is the same margin methodology as EDX London today, and is calculated by LCH.Clearnet Ltd our Central Counterparty

No.

There will some structural changes to the EDX London Rulebook as it is absorbed in to the Turquoise combined cash and derivatives Rulebook. For example, contract specifications and fees will be housed on the Turquoise website rather than within the Rulebook.

The Russian and Norwegian Derivatives products will be available to you in the same way with the ame pricing, clearing and settlement structure as operates within EDX today. It will merely represent a name change in terms of product provider from EDX to Turquoise Derivatives.