MiFID II and products of ARQA Technologies

To support EU MiFID II requirements that came into force in January 2018, improvements were made in a wide range of QUIK products. They are to be found in QUIK server and QUIK Workstation software as well as in all Trading and Market data interfaces providing access to market data and trading on international trading venues.

Most changes for pre-trade operation control meeting MiFID II requirements were made in QUIK earlier. But before the new requirements came into force a number of new checks had to be implemented in the software functionality:

• on number of transactions and repeated transactions of one user during a period of time,
• on maximum volume of long and/or short position for instrument,
• limit on maximum order volume specified by percentage of a day average turnover by instrument over a period,
• on maximum/minimum number of lots and volume of orders,
• on prices of forwarded orders over a period of time.

To meet MiFID II requirements when forwarding orders on international markets in QUIK traders may now indicate parameters identifying users as «Client», «Investment decision maker» and «Executing trader». This information may be not only indicated in order and trade tables of QUIK Workstation but also exported to external systems via FIX adapter, FIX Client Connector, FIX drop copy program interfaces and to databases via Market Data Export Module.

Besides that, time records for transactions and stop orders forwarded by users in QUIK are kept with microsecond accuracy and may be exported to external systems.