Brokering

GATElab's MiFID compliant trading solution for multi-asset, cross-market brokerage activities is part of our suite of products. It offers:

  • broker-to-dealer interconnection via FIX standard protocol using fixpath
  • pre-trading and trading phases through the traderpath EMS (Execution Management System)
  • systematic internalization of orders using the exchangepath matching engine

fixpath is GATElab's complete solution for buy-side dealer to sell-side broker interconnections via FIX standard protocols.

fixpath helps brokers to receive orders from institutional and retail customers, then send the orders to other brokers and trading venues via a FIX connection or native API's. fixpath is designed to build a high-level brokerage business allowing for multiple exchange access and large volumes, with transparency and compliance adherence.

FIXPATH FEATURES

  • Fully scalable, high-performance environment
  • Support for all available FIX standards
  • Access to multiple execution venues simultaneously
  • Highly configurable with easy to use custom tags
  • Support for buy-side and sell-side activities
  • Integration with external trading, OMS and EMS platforms
  • Supports a wide variety of institutional client orders

Using traderpath, a buy-side institution trading desk can use the traderpath OMS to send orders to a broker via fixpath, that converts requests (and related responses) into the FIX format. At the opposite end, the sell-side firm (broker) receives the buy side orders via FIX messages, handled by fixpath, and feeds them into their traderpath EMS, so that they can be manipulated and/or automatically sent to the market. Notifications for requested operations will flow back to the buy-side institution by following the same FIX path.

traderpath EMS is used to quickly and efficiently execute incoming customer orders using a variety of native orders, such as: care orders, basket orders, stop-loss, etc. or via customized trading strategies created in algorithmicpath.

The dealer's orders can be received in the traderpath EMS,

  • via fixpath
  • via traderpath API
  • via traderpath GUI, through VPN for institutional clients or through HTTPS for retail clients

and they can be quickly routed towards external destination markets or internally handled by sales, either manually (care orders) or via predefined algorithms.

Both manual and automatic handling can partially or totally cross orders on an internal market, for systematic internalization, and send any remainder to external markets.

TRADERPATH EMS FEATURES

  • Internal dissemination of prices from many different markets and data vendors
  • Manual and automatic execution management
  • Dynamic configurable operational limit per company, group of users, single user
  • Mark-to-market position keeping system per portfolio, market and instrument
  • Third-party pricing system and position keeping system integration
  • Fast and easy building, executing and control of proprietary trading and market making models using high-level rule-based (event-actions) language
  • Fault detection and handling plus load balancing architecture
  • Internet/intranet/extranet deployment

The exchangepath framework, in conjunction with traderpath and fixpath, facilitates the creation of internal matching engines for systematic internalization or for proprietary multilateral trading facilities (MTFs), where bids and offers from operators and corporate customers meet (more info...).