The purpose of the meeting was to define an efficient coordination process between the London Stock Exchange – vendors and sub-vendors – and end user recipients on the testing and rollout of the LSE new SMF product. The goal is to allow sufficient time for vendors and end users to test their ability to receive and process the suite of changes to the SMF. User firms are looking for consistent test data from their vendors and a coordinated test calendar for scheduling purposes.

Coordination Process

The London Stock Exchange is in the midst of developing a testing document (test scripts and conformance requirements) as well as their proposed rollout (instrument phase-in sequence) schedule for the new SMF product. The objective is to identify any outstanding issues that might negatively affect testing and implementation – and to ensure that the overall rollout plan is feasible.

At present, the “go live” date is scheduled to be January 26, 2004. Vendor testing will take place between September 03 and January 04.

• LSE testing document (to ensure that vendors are able to correctly interpret LSE data, process corporate actions and support the new SMF features) is scheduled to be available by the end of July 2003.
   
• LSE will work with FISD/REDAC to create a master roster of participants and contact points (including vendors as well as buy-side, sell side, custodians and retail customers) involved in the testing process. The list of participants is needed by the end of July.
   
• LSE rollout schedule – including the phase in schedule for new SEDOL codes, the sequence of rollout and the list of instruments to be included in each phase is under development.
   
• Master calendar – will be developed based on discussions with vendors and end-users and will be dependent on the ability to identify and address any outstanding scheduling issues associated with the SMF rollout.