The Moscow Exchange (MOEX) Group is the main liquidity and price discovery center for Russian instruments. The Moscow Exchange hosts trading in equities, bonds, derivatives, currencies, money market instruments and commodities. The Moscow Exchange ranks among the world's top 20 exchanges by total capitalisation of shares traded, and also among the 10 largest exchange platforms for bonds and derivatives trading. Securities of over 700 issuers are admitted to trading on the equity and bond markets of the Moscow Exchange.


Nine years ago, the Moscow Exchange (MOEX) Group established FIX connectivity (MFIX Trade service) that does not support FIFO. The volume processed via the MFIX Trade platform was growing, and the need for strong ordering of client requests by arrival time became very important. 

The task was to increase capacity and to ensure that the MFIX gateway worked according to the First In - First Out (FIFO) principle.

B2BITS®, EPAM Systems' Capital Markets Competency Center was chosen by MOEX as a reliable partner to develop a solution with the following requirements:

  • Maximize FIFO probability
  • Ensure fair play principles in delivering orders to the Trade Engine queue
  • Reduce latency, jitter, and increase system operation predictability, while simplifying its use
  • Minimize the time response in delivering transactions to the trading system core
  • Implement changes in the part of the system most actively used by customers
  • Implement a high-availablity system (quick start)
  • Provide the best use of the multi-core CPU
  • Increase performance of the current system
  • Stay within a fixed budget
  • Keep up with the level of its competitors


FIFO MFIX Trade is based on the current architecture of FIX Antenna HFT. The OpenOnload ordered Epoll API is used to receive data from the network.

The system uses FIFO principles that meet customers' expectations and comply with industry best practices.

The service runs a single instance at each point in time, on each market, to ensure the maximum possible FIFO probability.

An efficient threading model and optimized data structure allow for improved performance and reduced latency and jitter. 

Technologies and Tools



MOEX clients have more flexible options to access the Trading System and effectively utilize High Frequency Trading. FIFO MFIX Trade lets slower participants predict a position. It increased the ability of FIFO up to 99.5%.

The service reduced network load and minimized the time it takes to deliver orders to the Trading System Core. FIFO MFIX Trade Gateway can efficiently handle short-term splashes of customer activity and dozens of orders in just microseconds. It is the fastest way to communicate with the MOEX Trading System.

The solution EPAM developed allows MOEX to be on the cutting edge of technology and see the value of their investment in reducing latency of reactions to trading orders.