Phase one
On 1 July 2024, Velonetic (previously known as the London Market Joint Ventures) will move all users to a new single digital platform and processing services for open market and delegated authority business.
All market firms must adopt phase one by 1 July 2024.
Phase two
From September 2024, phase two will be available and will offer the complete set of services that fully utilise the new digital processing platform. Market participants can choose when to move from phase one to phase two at a time that is right for their business.
Capabilities available across phase one and phase two
Available in phase one (July 2024) |
Available in phase two (September 2024) |
|
|---|---|---|
Receive and send EDI messages |
Yes |
Yes |
Transact via new portals |
Yes |
Yes |
MRC v3 submission |
Yes |
Yes |
CDR processing |
No |
Yes |
EBOT/ECOT messaging query management |
No |
Yes |
Greater automation of processing |
No |
Yes |
Benefits of the phased approach
Taking a phased deployment approach has four key benefits.
Speed
Delivers the benefits of the digital platform sooner, reducing risk and simplifying transition.
Visibility
User testing will take place from September 2023, building confidence in the new platform.
Flexibility
Allows market firms to move from phase one to phase two at their own pace with continuous delivery.
Resiliency
Reduces market impact through a secure, cloud native approach.