QDealing: service to agree on terms of OTC trades
The QDealing service is used for indication of an interest to buy/sell as well as for negotiations and to agree on terms of OTC trades with financial instruments.
Features
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QDealing can be provided to any sell-side professional participant using the QUIK platform.
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End users of QDealing are employees of professional participants.
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Settlements of executed trades are made outside of the service and are not controlled by the system.
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To exchange messages between the participants, it is possible to connect the Interbroker communication access service.
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The service users are provided with information access to quotes of the trading platform for execution of OTC transactions with securities through SberTrade.
Key Functionality
- Submission of anonymous public offers to buy/sell (quotes) which can be viewed by all users of the service.
- Submission of negotiated deal orders to buy/sell for further execution of trades with particular users of the service.
Solution Architecture
Financial Instruments and Directories
The QDealing service can be used to work with all key asset classes supported by the QUIK platform.
It is possible to work with all shares and bonds traded on the Moscow Exchange.
Arbitrary instruments are added by ARQA Technologies upon request of the service participant.
Generation of Reference Data on instruments is centrally provided by ARQA Technologies.
Workspace
- End users work with the QDealing service by using special functional capabilities of the desktop QUIK workstation.
- To work with QDealing, it is possible to use both a separate QUIK terminal and the terminal used for other tasks (for example, for DMA trading).
Submission of Anonymous Orders
- When forwarding an anonymous order, a user of QDealing specifies key parameters (instrument, price, quantity). Such an order becomes available for viewing by all other QDealing users.
- The forwarded anonymous order is not a direct transaction offer but an interest indication.
- Anonymous quotes can be forwarded by a FIX protocol.
Negotiated Deal Order Submission and Trade Execution
- accept the incoming order by sending a counter order,
- reject the incoming order.
If the participant sends a counter order, the trade with corresponding parameters gets executed automatically and is shown to both service participants.
The trades can be executed in the ‘NDM trades with CCP’ trading mode of the Moscow Exchange.
Interbroker Communication Access Service
It is possible to have one of these dialogue types:
- ‘User’ – ‘User’
- ‘Company’ – ‘Company’
There is a possibility to save and export a communication history.
To connect to the Interbroker communication access service, the Messaging module is required in the configuration.
Mobile application QDealing
Via the mobile application, users can exchange instant messages with other members of the service in an online chat on their mobile devices.
The application allows viewing:
- message history,
- contact list,
- information about contacts, list of participants, and current user.
It also allows making a search by contact and by message.
To exchange messages through the application, it is necessary to connect the Interbroker communication access service.
User Registration and Administration
Connection of end users to the QDealing service is performed by the professional participant by setting corresponding rights for specified UIDs on his own QUIK server.
QUIK If necessary, the professional participant can set trading restrictions for each system user by standard risk management tools of the QUIK platform.