VTB 24 Forex and ARQA Technologies have implemented back office backQORT for Forex dealers
VTB 24 Forex is a VTB 24 subsidiary which provides private investors with opportunities of making transactions on international OTC FOREX market. It was among the first to acquire a forex dealer license from the Bank of Russia. As a back office for keeping correct record of transactions in OTC FX derivative financial instruments the dealer has chosen backQORT — the software product of ARQA Technologies.
The back office backQORT monitors all clients’ positions, downloads and considers variation margin, processes deposit/withdrawal, and calculates commissions. A corresponding front office platform may be QUIK or another system. A special feature of the backQORT for Forex dealers is preparation of client and basic regulation reports in conformity with requirements for Forex dealers.
The VTB group and ARQA Technologies have a long track record of cooperation. The new joint product presented ARQA Technologies with a chance to adapt an existing and proven product for automation of back office operations to specific tasks of Forex dealers on the basis of the project partner’s experience and emerging demands.
Vladimir Kurlyandchik (ARQA Technologies, Director of business development): ‘For us as a technological vendor it was a challenge to start developing FOREX operating software but thanks to our project partner we found our way there and ended up with a good result.’
Alexander Sokologorsky (VTB 24 Forex, General Director): ‘Selection of a back office for a new business line in our company was a crucial thing. We have picked a trusted vendor with great expertise in development and implementation of accounting software for the Russian financial market. It allowed us to save resources on evaluation and development and we have got a robust and scalable solution.’
ARQA Technologies is an independent developer of software solutions for operations on financial markets. The company was founded in 2000 in Novosibirsk. The main line of business is development and implementation of complex technological solutions for automating operations of banks, investment and management companies on financial markets.
The company provides ‘front to back solutions’ for automation of front, middle and back office operations.
VTB 24 Forex limited is a subsidiary of VTB 24 (PJSC). It was set up to provide services to individuals on international FOREX markets. It has the license of a professional participant on securities market and forex market dealer.