B2BITS®, 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.”
The MICEX Group (micex.com) 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.
About EPAM Systems
B2BITS® (b2bits.com), 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 (epam.com) 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.