A major brokerage firm needed to build a hybrid market mission critical trading floor system consisting of electronic and traditional auction based trading system. Hybrid combines the electronic with the auction market. Hybrid market initiative has high level business requirements associated with broker interests, specialist interests, priority, parity and yielding rules, sweeps, open book updates, liquidity replenishment pointes, quoting, layered "G" Quotes, repeat trades for elected stock and changes in manual and automatic execution allocation.
This system benefited our client customers
by offering a new series of trading options
for providing greater ability to trade
electronically, quickly, with certainty
and anonymity. The hybrid market system
will enable investors, regardless of their
size, to receive the best prices when
buying or selling shares. This ensured
that our client continues to provide the
lowest execution costs, the deepest liquidity,
the tightest spreads, and the best prices
for the listed stocks.
Technovision came in to provide business analysis, designing and application development support services to build this proposed trading floor system.
We worked towards actual execution of trades both manual and automatic using PPY (priority, parity and yielding) rules. Our expertise in quoting, in-memory database and surveillance had been well utilized. OOAD/Engineering (forward/reverse) was done using Rational Rose/Enterprise Architect. C++ was used for implementation.