TRAD/X - Trading System

TRAD/X is a robust trading system for Equities, Fixed Income securities, FX, Commodities and Futures in a single platform with built-in risk management controls.

TRAD/X system has a modern component, service-oriented structure that provides highly effective and flexible functionality. This can be used in conjunction with other CMA products intended for financial markets infrastructure automation (depository, clearing and payment systems) and integrated with other existing systems. The development of this exchange trades is a key factor in the market economy in any country. Global economic integration problems related to commodities and stock markets in different regions of the world have much in common while also bearing their own technological infrastructure and local business management traditions. The creation of a state-of-the-art exchange infrastructure on the basis of electronic trade system takes place from spot trading to futures contracts and other financial trading.

CMA’s trading solutions take into account modern trends and open up opportunities for possible infrastructure development of electronic trading for emerging markets. The company’s solutions include systems scaling according to the market demands growth and integration into regional and worldwide financial structures.

  • Multi-asset, multi-currency on a single platform

    • Support of general types of instruments: equities, fixed income securities, FX swaps, commodities and futures.

  • Auctions (book-building)

    • Our system supports Auctions: Primary, Buyback, Underwriting, Outright, When-issue, Green-shoe, REPO and Reverse Repo, Securities Lending and Borrowing and Interactive Auctions.

  • Multi-market types

    • Different type of markets such as quote driven and order driven.

  • Multi-order types

    • Automatic orders matching and trades execution:

    • Simple anonymous orders

    • Negotiated orders

    • Matching  partial orders

    • Fill or kill/fill orders (partially or fully)

    • Good-till-canceled and Time-in-force orders

    • Repo/SLB orders (cash and security-driven)

    • Different settlement rules T+0, T+1,..., T+N and settlement priorities

  • Central Counterparty

    • System supports Central Counterparty trading facility for Repo, Reverse Repo and SLB transactions.

  • ‘Pre-trade’ risk management

    • Built-in risk management controls based on custom methods and SPAN-like algorithms.

    • Pre-trade checks can include participant limits, shareholder or broker limits or counterparty limits for different markets.

  • ‘Post-trade’ risk management

    • It can be connected to clearing system(s) through well-designed interface on a bid-by-bid, trade-by-trade basis in online mode as well as an end-of-session trade.

  • Standard financial protocols

    • Support of SWIFT and FIX messages and protocols.

  • Multi-workplaces

    • Trading participant workplace

    • System administrator workplace

    • Trades controller workplace

  • Prior to start of trades reservations can be made in advance and online checking of orders via the clearing system.

  • Different mechanisms for orders input:

    • Remote via trade participant workplace;

    • Via trade participant workplace in the sales area;

    • Via trade system employee workplace on the basis of faxes, mail etc.

  • Automatic reports for traders and market regulators.

  • Information disclosure.

  • A full-function interface is implemented in the system for security system which is certified for use in the participant’s country.

  • The system can interact with commercial security systems used in international payment systems (RSA, Entrust, etc.).

  • Successfully tested for certified national security systems and operation with local authorized organizations.

  • Multi-level structure provides robustness and high efficiency.

  • Distribution of functions between the levels prevents blocks.

  • The module solution allows for:

    • Component functionality distribution;

    • Component reuse;

    • Easily enlarge the functionality.

  • Approach oriented for function efficiency through STP (Straight-Through-Processing).

  • Monitoring of operational continuity and integrity on every system level.

Solution Benefits

  • TRAD/X system is easy to install. It’s proven and cost-effective solution.

  • Experience in different market models and regulatory frameworks.

  • Provides low-latency, scalability and flexibility.

  • The system can be easily integrated with DEPO/X and requires minimal customization to integrate with other industry systems.

  • Provides solution for information interaction with other systems through electronic messaging.  

  • TRAD/X system was developed in accordance with industry standards and international organizations recommendations:

    • IOSCO, BIS and World Bank recommendations and principles;

    • SWIFT, SWIFTNet Standards;

    • ISO15022, ISO20022, UNIFI-ready;

    • XML;

    • UML;

    • UNIX and Microsoft Windows Standards.