27 August 2010
MICEX launches a new FIX compliant transactional gateway developed by B2BITS
Newtown, PA - August 27, 2010 - B2BITS®, EPAM Systems' Capital Markets
Competency Center - providing technology for FIX connectivity, has
announced completion of the MFIX Transactional gateway supporting
trade processing for the Moscow Interbank Currency Exchange (MICEX)
Group, the largest exchange in Russia, the CIS, Central and Eastern
Europe.
The solution has been designed to enable banks, brokers, and
investment companies to conduct trades on the MICEX using the FIX
Protocol. The MFIX Transactional gateway is available now in a test
mode with the full-scale production deployment scheduled for
October, 2010.
MFIX Transactional processes clients order flow received via the
FIX protocol v. 4.4 by transferring it to the MICEX trading system,
and providing information on the completed orders and order
processing status. The solution could be used by FIX customers in
combination with MFIX Market
Data, a market data interface for accessing data feeds on all
the securities traded on the exchange, including instrument
description, best quotes, and information on all completed
transactions. MFIX Market Data was delivered by B2BITS for the
MICEX in 2009. The company's rich FIX solution implementation
experience accumulated in over 10 years practice worldwide was
invaluable for building MFIX Transactional.
As a client of the MICEX you can test compatibility of your FIX
trading software on the exchange's trades simulation server
publicly accessible through the Internet. To participate, please
send a request at soft-support@micex.com with
"MFIX Transactional" in the subject line. You can also download the
solution interface description from the official MICEX website.
"Usage of standard protocols for connecting to trading systems
compared to built-in native protocols often means higher latency,
which makes such systems less attractive for demanding clients.
That is why our priority was to develop the low latency FIX driven
interface so that the response time it provides does not exceed
that of the systems connected through standard MICEX' gateways,"
said Nikolay Egorov, SVP and member of the Executive Board of the
MICEX. "Continuing working with EPAM Systems proved to be a wise
decision which resulted in building a solution with the quality and
performance we aimed at. Making MFIX Transactional available for
public access will foster the adoption of the FIX Protocol by the
MICEX clients for conducting trades at the exchange. Thanks to the
valuable feedback we receive, we will be able to further improve
the solution quality, while strengthening the relationships with
our customers. We believe this experience will facilitate the
future FIX protocol integration on all the trading markets of the
MICEX."
"We are excited continuing cooperation with the MICEX and
supporting the FIX interface initiatives on the Russian Market in
general, noted Mark Bisker, SVP of Banking and Finance Solutions at
EPAM Systems. The new gateway will allow Russian and foreign
financial intuitions seamlessly access the biggest source of
liquidity in Russia. It was a challenging project and extremely
useful experience to implement FIX on a multi-segmented marketplace
with a very complex infrastructure utilizing OMX APIs. The use of
FIX v 4.4 has positioned the MICEX to provide execution services
across all asset classes traded on the exchange".
About MICEX
The MICEX Group is an integrated exchange providing services
connected with electronic trading, clearing and settlements as well
as depository and information services. The Group is comprised of
the MICEX, the MICEX Stock Exchange, the National Mercantile
Exchange, the MICEX Settlement House, the National Depository
Center, the National Clearing Center, regional exchanges and
regional settlement centers and some other organizations. The Group
serves over 1700 participants in the on-exchange market - leading
Russian banks and broker companies from Moscow and other large
financial and industrial centres of Russia. Today, the MICEX Group
is the largest exchange in Russia, the CIS, Central and Eastern
Europe. The MICEX has one of the most advanced electronic trading
and depository systems in the world. Through global networks of
data transfer the MICEX IT complex is connected with more than 1700
remote terminals of participants in trading in 100 cities in Russia
and abroad. Over 300 brokerage firms are connected to the MICEX
trading complex via the Internet gateway which enables to serve
investors through remote terminals by using Internet
technologies.
www.micex.com
About EPAM Systems
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. B2BITS® is a
registered trademark of B2BITS, EPAM Systems company.
Established in 1993, EPAM Systems, Inc. is the leading global
software engineering and IT consulting provider with delivery
centers throughout Central and Eastern Europe. Headquartered in the
United States, EPAM provides services to the clients worldwide
utilizing global delivery model through its client facing
operations in North America, UK, Germany, and Sweden, together with
4,500 professionals deployed across delivery centers in Russia,
Belarus, Hungary, Kazakhstan, and Ukraine.
EPAM's core competencies include 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.
www.b2bits.com
www.epam.com
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