Setting up trading infrastructure on basis of QUIK
The QUIK product line presents an opportunity to set up platforms for organizing exchange and off-exchange trading in financial instruments.
The trading core of the system is capable to support trading in equities, derivatives and FX (cryptocurrency included) instruments. It is possible to trade simultaneously in several instrument classes.
- Setting up trading in double counter auction mode (based on
Level II quotes)
- Setting up trading in one-way auction mode
- Setting up trading with a counterparty (negotiated trades, REPO, SWAP)
- Support of market- and limit-orders
- Applying QUIK server capacity to risk management, pre- and post-trade control, dynamic monitoring of buying power by firm/user
- A choice of user terminals, possible connection of external trading and settlement systems via FIX
Additional Opportunities for Organizers of Trading
- Setting listing levels for stocks and bonds
- Support of CFI codes for traded instruments
- Calculating parameters of price volatility and applying them in steering a trading session
- Possibility to exclude cross trades
Modules and User Terminals Involved
The standard functionality of QUIK server enables position keeping by different settlement date and risk control with variable approaches:
- full or partial prepayment,
- unsecured trades with risk control based on discounts for various instruments,
- portfolio margining with adjustment for correlated instruments.
For derivatives markets, the system configuration needs to include the Unified cash position module for spot and derivatives markets in order to keep clients’ positions and control risks.
The trading cores are:
- QUIK Matching Engine enabling trading in continuous double counter auction mode,
- Broker quotation system supports one-way auction mode and enables trading with a counterparty in negotiated trade mode and in such instruments as REPO and SWAP.
The family of universal user terminals interacting with QUIK server comprises:
- full-fledged desktop terminal — QUIK workstation,
- mobile terminals operating on iOS — iQUIK X and Android — QUIK Android X,
- web terminal — webQUIK workstation.
The standard functionality of user applications for QUIK comprises market data capture, trade execution, chart building and own position monitoring.
It is also possible to connect external applications and third-level systems having their own interfaces by means of FIX adapter. This solution serves both purposes — receiving market data and managing transactions.
Operations with minimal latency are facilitated by FIX2QME — a solution for direct access of external applications to the trading core.
Products of the QUIK line provide ample opportunities for online export of trading data to external record-keeping and analytical systems – such as settlement/clearing systems or any external data base. It is also possible to carry out integration by means of FIX protocol.
By default QUIK comes integrated with other products by ARQA Technologies — back office backQORT, middle office midQORT.
Backup and Scaling
Access server allows alleviating system load in horizontal scaling.
It is possible to arrange backup of the software complex both on own premises, and in the data center of ARQA Technologies.
The system provides a range of client services (non-trade operations, requesting trade operation reports from terminal, sms).
The QUIK Matching Engine may employ several processing cores operating simultaneously. This allows processing 5000 transactions per second, with each one taking under 200 μs.
Getting Started and Solution Deployment
For the period of solution selection and its installation, ARQA Technologies is providing the following services:
- presentations and webinars for closer look at solution functionality
- testing opportunities on testing grounds of ARQA Technologies
- installation of the system, training of client’s IT staff in solution service and administration
- consulting on integration of QUIK with other software platforms