ARQA Technologies: results of 2019
Last year, 8 organizations including banks, exchanges, investment and asset management companies became new clients of the company. Four of the clients implemented both QUIK and QORT software products by ARQA Technologies.
Projects to Support Regulatory Requirements
In the first half of 2019, a number of improvements were made in QUIK software products and QORT solutions for their users to meet the Bank of Russia requirements for broker securities transactions at clients’ expense (Ordinance № 4928-U dated 08.10.2018).
Developments were made in the following software: QUIK server software, QUIK workstation, web2QUIK module, webQUIK workstation, Mobile terminals iQUIK X and QUIK Android X, Risk manager terminal module CoLibri, Market Data Export module, Moscow Exchange Derivatives Market trading interface, middle-office midQORT, back-office backQORT.
The work was continued in order to comply the company’s technological infrastructure with the GOST R 57580.1−2017 information security requirements for the financial sector. In this regard, a big infrastructure project was completed to upgrade the service core which is responsible for providing outsourcing, backup, and hosting services for the company products. Also, much of its corresponding IT infrastructure has migrated to the DataSpace data center. Besides that, a number of improvements were made in QUIK products to bring them up to the highest level of the standards.
New in QUIK
ARQA Technologies traditionally supports all main infrastructure innovations of the Moscow Exchange. Thus, due to separation of the Securities Market trading system into trading and clearing systems the Moscow Exchange Clearing System of the Securities Market (Main Market Sector) program interface was developed last year which now transmits transactions for changes in internal limits, for changes in individual risk parameters, banning of unsecured purchases and sales as well as for changes in the limit of unsecured sales.
Over the year, the Moscow Exchange released more than 10 updated versions of Securities, FX and Derivatives Markets’ trading systems which were supplemented with new trading modes, instrument classes, settlement codes settings, etc. These changes in the Moscow Exchange trading systems were taken into account in all related products of the company.
Developments were made in the following software: Moscow Exchange Securities Market (Main Market Sector) trading interface, Moscow Exchange Clearing System of the Securities Market (Main Market Sector) program interface, Moscow Exchange FX Market trading interface, Moscow Exchange Clearing System of the FX Market program interface, Moscow Exchange Derivatives Market trading interface, QUIK KillSwitch module, FIX2Plaza2.
Besides that, two new modules were added to the list of trading interfaces: the Belarusian Currency and Stock Exchange Securities Market trading interface and the Program interface of NSD clearing system, which allows registering OTC trades instructions in the NSD system and receiving reports on their execution.
In 2019, the range of QUIK service modules was expanded with the KYC module which serves for storing and transmitting the clients' information to the QUIK workstation and the Messaging module which is used as an online chat to exchange messages between clients and the broker’s support service as well as to send information messages to QUIK workstations of the broker’s clients.
A number of significant improvements were made in the QUIK OMS System. They include expanded operation and risk management functionality, new features in the role system, more flexible solution architecture, new automatic booking settings and features, a mode to work without the client directory, and interface modifications for a better user experience. There are also additional features to integrate the QUIK OMS System with the QORT-based solutions: import of data on instruments and securities coupons from QORT, export of data on trades, prices and cross rates to QORT for generation of orders to roll over positions.
Development of User Terminals
In 2019, 6 updates of the main QUIK user application – QUIK workstation – were released. Among the main improvements of the terminal, there are better ergonomics (a new authorization window, a changed control menu, a modified entry order form), optimized work with tables, and conversion to 64-bit architecture.
Significant improvements were made in the QUIK web terminal. The webQUIK workstation acquired one of the most anticipated features – instruments for terminal branding by the broker. Also, some menu items were redesigned; color scheme settings and a password recovery service were added. There are changes in work with program windows and improvements in functionality to work with graphs. Users now can request reports directly from the webQUIK trading terminal.
Last year, the company released two new versions of mobile terminals QUIK Android X and iQUIK X with an updated design of the interface, improved ergonomics to display graphs and work with them, optimized sorting and searching services, changed operation confirmation windows, automated and simplified procedure to confirm authentication and non-trade instructions.
New in QORT
In 2019, QORT acquired expanded features to work with clients under foreign jurisdictions. In particular, data on LIBOR, EURIBOR and EONIA LIBOR quotes can be uploaded to QORT products, and back-office backQORT has an additional functionality to automatically process SWIFT messages. There is support of EU MIFID II requirements regarding separate saving of SWIFT files for client and own trades.
The back-office backQORT functionality was expanded by new features to build integrations by using two new modules: the External reports request module which invokes external applications from the backQORT terminal for generation of additional reports in the system, and the Web-services integration module which serves for own integrations with external applications.
Besides that, the list of modules to receive reference and market data in backQORT now includes the Module of integration with DataScope Select which transmits data from Refinitiv.
Training and Partnership Projects
In 2019, being a technological partner of Sberbank, ARQA Technologies took part in the development of a chatbot of the online support interface of the Sberbank Markets electronic trading system and provided support for the chatbot functionality at the infrastructure and interface levels.
Also, for the fifth consecutive year, ARQA Technologies acted as a technological partner of the Invest Trial competition of the Moscow Exchange for novice exchange traders and provided the QUIK platform for the contest free of charge.
The training project to hold monthly webinars ‘QUIK from vendor’ together with MOEX School continued last year. The new series topics were focused not only on the introduction to the QUIK terminal’s functionalities but also on examples of its practical use.
ARQA Technologies in turn resumed publishing new videos on the official company’s YouTube channel and website which introduce functional capabilities to QUIK users to simplify interaction with the broker system.
ARQA Technologies in collaboration with QuantHouse were awarded at the 2019 Waters Technology Sell-side Awards held in London. The nominees won the 'Best Alliance or Partnership' award for a joint project to grow the opportunities in using ARQA Technologies’ QUIK OMS on the European financial market.
Last year, ARQA Technologies traditionally took an active part in leading technological forums in Russia and abroad – exhibitions and conferences such as EMEA Trading Conference (London), FIA IDX (London), World Exchange Congress (Beirut), MOEX Forum (London), Moscow Exchange Forum (Moscow), InvestTech 2019 (Moscow), ACI Russia eFX Summit (Moscow), Open Door FX Workshop (Moscow), Refinitiv Solutions Forum (Moscow), ‘The Securities Market Elite 2019’ (Moscow), Finnopolis (Sochi), NAUFOR Conference (Ekaterinburg), Voronezh Exchange forum of private investors ‘Trade practices on the Russian exchange market’ (Voronezh), Kazan Exchange forum of private investors ‘Trade practices on the Russian exchange market’ (Kazan), Siberian forum of the MOEX exchange and financial market (Novosibirsk), ‘Perspectives of System Informatics’ (Novosibirsk).
ARQA Technologies’ own annual seminar held in Moscow was of a great interest for the company’s clients and partners. In 2019, its attendance closed on about 350 representatives from 102 Russian and foreign companies.
Taking into account the increased interest in the company’s products on financial markets of the CIS countries, ARQA Technologies together with the Kazakhstan Stock Exchange (KASE) and Armenia Securities Exchange (AMX) held seminars in Almaty and Erevan where professional financial market participants of Kazakhstan and Armenia were introduced to capabilities of the QUIK software complex.