FIX Trading Platform

The need for Trading Platforms

Information and technology make or break successful trading operations. Trading platforms in this regard are the defining capability. Particularly given the immediate requirement for decimalization and mounting pressure for T+1 deadline 2004. Furthermore, in light of the social changes we have witnessed in the last 10 years in trading volume, 24X7 ECNs, the capability to process record number of transactions is a necessity.

Feature List

Supports decimalization

Highly customizable, prioritized order routing

  • by Customer
  • by Exchange
  • by Equity
  • by Trader

Fix enabled

STP ready

Supports non-FIX order entries

Private Labeling

Supports both automatic routing and review/release

Rock solid technology foundation: 100% Java and component architecture

Target audience

Trading platform is a complex ensemble of functional units and the complexity increases with number of users notwithstanding throughput requirements. In other words a trading platform that automates a floor of 400 traders is much different beast compared to a trading platform that supports 40 traders and one that supports 5 to 10 traders. There are a number of trading platform vendors and we are one of them. Our target market is 5-20 trader desks.

Platform Specification

Our plaform is 100% java and is readily available in numerous platforms including Microsoft NT. Our architecture is a distributed component based trading platform as presented in the architecture diagram

Notice that the platform is comprised of the following components

  • Buy side agent (GUI)
  • Off the shelf FIX Engine
  • Trading Engine
  • Clearing Agent (GUI)
  • Database Agent
  • Floor Agent
  • PrintServer (not shown)
  • Trader Agent (GUI)

Because our trading platform is component based our customers can replace any component with other commercial product or in-house application. Also, our customers do not have to pay for all the services if they only need some of the capabilities. Let us briefly examine the capabilities using screenshots.

The buy side agent allows traders to enter trades one at a time or a basket defined in simple text files as shown here

The trader agent initially presents a panel of orders received.

If a cancel request from a client is received before any action is taken the trader agent cancels the order and sends a canceled msg back to the client and the order panel is updated as shown here

By right clicking on the order a trader can launch a blotter for that order.

At the same time the order panel changes color to reflect that this order is being worked on as shown in this diagram.

Trader can place an order over the phone to market makers who are not fix enabled or via the softwares FIX links as shown here.

For POTS orders price, quantity and the broker information must be filled as in

Both the order panel and the customer is appropriately updated.

When the order is filled...

...the order panel is updated.

Cancels on a partially filled order can also be accepted. First a dialog box confirms the cancel as in

Notice that once a cancel is accepted the blotter can no longer be edited. A done message is sent to the client and the order panel is updated with the done color.

Similarly FIX orders can be submitted by selecting Place FIX Order option.

A simple order entry is presented and when all the required order details are entered a new order to the marketmaker via fix link is submitted

Given this number of steps the system has several validation checks to make sure orders are processed correctly the first time.

Order Routing

Our trading platform supports highly flexible routing scheme. See the feature list above.

Customers can request a marketmaker for a given equity and a default for all the equities within an exchange.

Please contact our sales department for a demo.