One of the largest brokers operating in the energy and
commodities markets. It offers also brokering services in fixed
income securities, interest rate derivatives, treasury products,
equities.
The Customer choose EPAM Systems to develop a market data
publishing system to meet the regulations of MiFIDII.
EPAM built a MIFIDII compliant market data distribution layer,
which is publishing the data adhere to the regulatory requirements
and the data follows the "Liquidity Thresholds" set by ESMA. This
market data distribution layer provides access to multiple MiFID
trading venues from different pools of liquidity.such as CLOB, RFQ,
and auction trading systems.
Data is published in machine readable (FIX feed, used
by organizations/entities) and human readable (Web, used by
individuals) formats.
FIX Feed
- Provides a FIX interface for sending pre and post trade
transparency data
- Supports the latest changes of FIX protocol (extension packs
for MIFIDII)
- Performs message conversion from Protobuf and JSON format to
FIX
- Undertakes basic validation on incoming messages (fields
missing, field formats)
Website
- Provides a Web UI interface for sending pre and post trade
transparency data
- Publishes real-time and 15 minute delayed datasets
- Supports disaggregation by instrument type, ccy and/or country
required by RTS 14
- Enables integration of third party components: SSO providerand
Captcha service
Key highlights of the solution:
- Robust/fault tolerant architecture
- Scalable, multiple instance design
- Generic covering multiple exchanges
- Subscription business rules flexibility
- Variety of asset classes: FX including forwards, Equity
Derivatives, Commodity Derivatives, Credit Derivatives, Securities,
Interest Rates Derivatives.
The project was successfully implemented and has been
working in production since January 2018. The publishing system is
MiFIDII compliant. EPAM Systems continues cooperation with the
Customer and provides post implementation support.