Solution for the Clearing house based on FIX Edge with MQ adaptors

Customer

The multi-asset class Clearing house serves a broad number of major exchanges and platforms as well as range of OTC markets. The Clearing house helps reduce the risk a member firm failing to honor its trade settlement obligations, ensures a clear growth path for clearing across multiple markets, exchange, venues and geographies. 

Challenge 

EPAM was chosen by the Clearing house to provide a solution with the following requirements:

  • To supply generic trade capture HUB to reliably work with multiple venues
  • To be flexible to accommodate specific FIX dialects, support required message transformation from FIX to FIXML
  • To provide integration with MQ
  • To provide adequate monitoring and configuration options

Solution 

EPAM licensed its standalone application server FIXEdge® and provided consulting services aimed to develop FIX compliant trade capture hub and integrate it with the internal systems of the Clearing house. Solution provides FIX gateways for submitting trade messages by and sending acknowledgements and status updates to the External Trade Source. Solution is based on B2BITS' generic server FIXEdge® extended with MQ adaptors.

FIXEdge® is responsible for:

  • managing FIX session with the External Trade Source
  • receiving trades from the External Trade Source and forwarding them to the internal systems for further processing via IBM WebSphere MQ
  • receiving acknowledgments and status updates for reported trades from the internal systems via IBM WebSphere MQ and forwarding them back to External Trade Source via FIX

FIXEdge® technology was used to implement Trade Capture Hub for the Clearing house:

  • Integration with internal systems is done via MQ Adaptor
  • System operates 24x7 and handles more than 30 Clients' sessions
  • FIX Integrated Control Center is used to configure and monitor the Hub
  • Approximate daily volume is more than one million of messages
  • High throughput (see benchmark links)
  • Support of multiple FIX versions (FIX 4.2, FIX 4.4, FIX 5.0SP2, and custom FIX dialects)
  • Message transformation on business level (FIX->FIXML transformation and vice versa, exception handling)

Technologies and Tools 

Results 

The implemented FIXEdge® solution creates reliable integration of multiple exchanges and trading platforms feeds with the Clearing House internal systems via IBM WebSphere MQ with high throughput and low latency. The solution operates 24x7 with fully automated operations. It has been successfully used on the Clearing house production since 2009.