[ Baxter Solutions // online trading systems ]

The Market Making Device

The core function of TrackWheel is to allow the dealer to monitor and manipulate clean prices before passing them to the clients. In normal operation, the TrackWheel will take the clean price and add the Market Maker's defined spread (and possible skew). The dealer can stop prices being broadcasted or control prices in manual mode.

Manufacturer

The Tiering takes the core prices from the TrackWheel, and adds customer specific tiers to these prices before sending them to the relevant broadcasting module.
Clients and the corresponding tiers can be defined in the administration tool.

The Broadcaster

The publishing module receives prices from the Tiering component and formats them in the correct mode for broadcast (XML, FxML etc.), and transmits the messages to the client.

The Price Broadcasting system is developed in Java, uses SwiftMQ for communication, with JMS (Java Messaging System) protocol. It is compatible with most of the operating systems (such as Windows and Unix).

Grab & Clean

The raw prices are grabbed from various sources. These sources include the standard data vendors (Reuters and Bridge) but the process can also interface with internal applications.

The prices grabbed from the vendors are sorted and cleaned to ensure that they generate a valid mid price. A set of algorithms has been developed to allow for the generation of the clean price. All the parameters of the algorithm are configurable. Cross rates can be calculated to enrich the source for less traded currency pairs. In the event of no valid price being available then an alert is generated.