QUIK digest for the fourth quarter of 2017
Dear users of software products from ARQA Technologies, we are happy to submit to your attention the digest of notable features introduced in QUIK products and events that took place in the fourth quarter of 2017.
Support of European regulations MiFID IIThe new regulations came into force in January 2018. Software developments corresponding to those requirements were implemented in a wide range of QUIK products — both in QUIK server and workstation and all over the product line of market data, trading and program interfaces, which serve for access to market data and trading on international venues.
The principal ones are:
- QUIK fully complies with new regulations as far as pre-trade controls are concerned. Most of required controls had already been part of QUIK while a few additional ones became part of the latest software versions of QUIK server. The latter include checks for maximum number of transactions and repeated transactions in a period of time, for maximum volume of long or short position in instrument, restriction of maximum order volume as percentage of daily instrument turnover over a period and some others.
- Time of orders and trades in QUIK is displayed in microseconds.
- Users are identified as ‘Client’, ‘Investment decision maker’ and ‘Executing trader’ with such identification included in orders and trades.
- Instrument identifying parameters added are ‘StockCode’, ‘Bloomberg ID’, ‘CUSIP’, ‘SEDOL’, ‘StockName’.
MiFID II was supported in:
- QUIK server software and principal user application QUIK Workstation,
- direct trade access interfaces to international venues (Trading interfaces Eurex, LSE, LSE Derivatives market, WSE; Program interface FIX2LSE),
- interfaces for market data from international venues (Market Data interfaces of SunGard, Thomson Reuters, QuantHouse),
- program interfaces that allow trading operations via technological networks and partners’ platforms (Program interfaces SunGard, FIX order router),
- solutions for export of required parameters to external systems (FIX adapter, FIX Client Connector, FIX drop copy, Market Data Export Module).
Other software changes
QUIK server 5.16 made significant improvements in limit calculation library. Those included:
- Calculation of portfolio collateral for all selected types of limit (employed by the Unified cash position module for spot and derivative markets). This serves for netting positions on spot market considered for Т2 limits with derivative market positions accounted in Т0. Change of client code correspondence on spot market and trading accounts on derivative market will take place without server reboot.
- For margin credit discounts, leverage ratio is adjusted automatically for all limits once it is changed for one limit. Thus, brokers don’t have to adjust it manually for all limits.
- Another improvement applies to brokers using several QUIK servers for their clients. Now in order to process an active stop order from another server there is no need for an extra technological transaction ‘Make the stop order yours’.
The new QUIK server supports database software ‘Microsoft SQL Server 2014’ and ‘Microsoft SQL Server 2016’.
New user terminals
They have a fresh user-friendly interface, broader functionality, easy authorization of users by name and password without access keys.
ARQA Technologies positions the latest products in the line of user applications as new generation of professional terminals for market watch, trading and portfolio structure analysis.
Market data interfaces
In the Market Data interface of TREP RT system (Thomson Reuters) 4.9.0 the ‘Current trades’ table included ‘Financial Status Indicator’ column for a beneficiary in regard to American market instruments.
The Module of electronic execution of sales QUIK EES 2.7.0 made it possible to report several OTC instruments linked to variable markets.
There is a new way of calculating aggregated client positions that allows reducing the number of balancing orders forwarded to exchange.
The ‘Exchange calendar’ reference book now displays non-trading days for exchange instruments.
The latest version of QUIK KillSwitch module (MOEX spot) 1.2.0 allows controlling trading operations of clients with sponsored market access (SMA) on Moscow Exchange Securities market.
For complete list of changes in QUIK product lines, see News on the company website.
The annual technological forum of Thomson Reuters ‘Banking industry in the FinTech era: challenges for business’ took place in the hotel Ararat Park Hyatt Moscow on 15 November 2017. A representative of ARQA Technologies participated in the session ‘OPEN API as instrument for creation of open ecosystem’.
All of the significant events in 2017 for ARQA Technologies may be found in our publication 2017 results.
For all questions on operation of the QUIK complex please refer to the QUIK support service:
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