15 July 2009
EPAM’s Capital Markets Competency Center helps MICEX strengthen its competitive edge through FAST and FIX protocol implementations
Newtown, PA - July 15, 2009 - B2BITS®, EPAM Systems' Capital Markets Competency
Center providing tools and technologies for exchange
connectivity, OMS and EMS solutions, has announced that it has
completed the MFIX Market Data implementation for the Moscow
Interbank Currency Exchange (MICEX) Group, the largest exchange in
Russia, the CIS, and Central and Eastern Europe.
The MICEX Group provides integrated exchange services for
electronic trading, clearing and settlement, as well as depository
and information services.
MICEX teamed up with B2BITS®, which has solid track record in
security industry solutions development and implementation, to
create a generic market data interface compliant with the standard
Financial Information Exchange (FIX) protocol.
MFIX Market Data provides subscription services to all
securities traded on the exchange, as well as data snapshots,
incremental updates, instrument definitions, and status
information. MFIX Market Data supports both the FIX (versions 4.2
and 4.4) and FAST protocols, and its interface enables access to
MICEX via a diverse range of vendor solutions designed for brokers,
investment, and insurance companies. The services and interface
provided by MFIX Market Data dramatically reduce the time for
on-boarding of new clients.
MICEX commissioned the MFIX Market Data implementation in an
effort to strengthen Russia's stock market competitive position,
and this effort was included in the MICEX preliminary 2008 annual
results report. In 2009, MICEX, partnering with B2BITS®, plans to
develop a complex solution covering orders management for the
Group's exchange markets to further differentiate their
"The implementation of a globally recognized protocol for market
data distribution at MICEX is a significant step forward", said
Alexandre Shlyappo, Director of the Trading Systems Development
Department at MICEX. "B2BITS® FIX and FAST technologies provide
superior throughput and very low latency, thus allowing us to
substantially reduce the connectivity time and offer real time data
streaming advantages to our global market participants."
"We are proud to have been involved in the implementation of the
FAST and FIX protocols for the largest Russian Exchange. Carried
out jointly by B2BITS®, EPAM Systems' Capital Markets Competency
Center, and MICEX's IT Department, the integration with the
exchange platform was a technological challenge which we have
successfully overcome. We look forward to supporting and extending
the usage of MFIX Market Data to clients globally," noted Mark
Bisker, Senior VP of Banking and Finance Solutions, EPAM
The MICEX Stock Exchange is the largest stock exchange in
Russia, the CIS, Eastern and Central Europe. The Exchange is among
the world's 20 largest stock exchanges, accounting for about 90% of
the total on-exchange volume of trading in the Russian market and
about 50% of the global volume of trading in Russian stock assets.
This makes it the center of formation of liquidity for Russian
securities and the main floor where international investments in
stocks and bonds of Russian companies are made.
The MICEX Stock Exchange organizes daily trading in stocks and
bonds of more than 740 Russian issuers. 436 securities of 266
Russian issuers are listed on the Exchange. Participants in trading
are more than 670 organizations - professional participants in
the securities market which serve 645 thousand clients, including
622 thousand individual investors (on 1.01.2009: 559 thousand).
Trading is held electronically on the basis of an up-to-date
trading system. The Stock Exchange is connected with regional
trading floors and more than 1700 remote workplaces in banks,
brokerage firms and other financial institutions in 100 Russian
About EPAM Systems
Established in 1993, US-based EPAM Systems is the leading global
software engineering and IT consulting provider with delivery
centers in Central and Eastern Europe and client facing operations
in North America, UK, Germany, and Sweden. With 4,500 professionals
deployed across development locations in Russia, Belarus, Hungary,
Kazakhstan, and Ukraine, EPAM delivers complex software product
engineering for leading global software and technology vendors, as
well as development, testing, maintenance, and support of mission
critical business applications and vertically oriented IT
consulting services for global Fortune 2000 corporations.
B2BITS®, EPAM Systems Capital Markets Competency Center,
delivers solutions that cover trading and operations in all asset
classes including Equities, FX, Options, and Fixed Income. The
Center's reusable frameworks and components include OMS, matching
engines, market data feeds adapters, exchange gateways, and
electronic payment services utilized in many trading firms, banks,
brokerage and clearing houses, as well as exchanges.
For more information, please contact B2BITS® at firstname.lastname@example.org.
Previous news | Next