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APPLICATION DEVELOPMENT PROJECT PROJECT INFORMATION
PROJECT DESCRIPTION Switzerland based stakeholder in the financial services area requests offers from suitable providers for a work that will be to provide a multithreaded client server solution for an integrated order execution and risk platfrom to be accessible across various customer channels connecting 3 types of user in a tight,vertical market, Codename 'Opera'. The architecture is based on an n-tier distributed computing model. In its most basic form, the architecture can be depicted as a “logical” n-tier computing model, meaning that there is a logical, but not necessarily physical, separation of processes. The application elements residing in these logical tiers are connected through standard protocols and services. Specifically: • Traders use a client workstation to logon and interact with the system • Clients communicate through TCP to the ‘Routing Engine’ (RE). Routing Engine uses the services of the ‘Authentication & Licensing Service’ to authenticate the user. • Routing Engine uses the ‘Risk Management’ (RM) service to compute and check various parameter limits. If successful, it logs and sends the order to a gateway service depending upon the destination. • Gateway service does exchange specific validations, enhances the logs with exchange specific data, transforms the message into exchange specific format and sends to the exchange, typically through the ‘Exchange Specific Adapter’ On the way back, the responses from the exchanges are read by the Gateway (GW), and in parallel sent to RM and RE. RE then conveys it back to the Trader Workstation. GW and RE update the Database logs appropriately. RM provides a unified capability across asset classes (derivatives & equities). Communication between the RE / RM / GW is through MSMQ queues to guarantee 100% recovery of the requests under failure. • ‘Data Receiver’ accepts market data feeds from the exchanges, converts it into required format and broadcasts it to the trade clients. Each of the above services are multi-threaded components built on ACE (Advanced Computing Environment) framework in C++. The trader workstation is built on the Modle View Controller (MVC) model to make it easier to customize the GUI to the customers needs. Most of the look and feel changes must be driven through configuration parameters and rules that can be set in the database. The system must provides a Gateway template which enables quick addition of any new exchange connectivity. Programmers must only need to add in the message conversion logic into this template to generate a new exchange specific gateway. Each instance of this solution should support multiple gateways, thus providing a single solution to support equities and derivatives. Services must be able to be configured to run on a single machine or on a cluster of machines, to handle increased volumes. The possibiliy for multiple instances of GW and RE services can be run, if required. Opera must support also configuration on a Windows Cluster in an Active- Passive configuration to provide for High Availability. Opera must provide a Web based trading front end, which enables brokers client’s to directly place orders into the exchange. Brokers can control the risk by setting risk parameters appropriately.
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