Case study on Building Order routing Gateway that submits orders to equity market – Phifix Engine

Finance

About Client

Top tier Sell side client wants to submit equity orders to an equity stock exchange using FIX protocol version 4.4.

Technology Used

Core Java, Multi-Threading, PhiFIX-Engine, FIX Protocol, FIX Order Management APIs, Advanced Data Structures

Business Challenges

  • Sell side client want to route their transactions to an equity stock exchange using FIX protocol
  • Client wants to use the FIX version 4.4
  • FIX order routing gateway should be a high volume order transactions processing gateway, with customization specific to exchange based on few custom tags
  • Cost effective rigid FIX engine platform, will scale according to the future API changes by Exchange
  • The solution should process 100s of order per second, should have full transaction control for the various orders submitted and for its responses

Solution Provided

  • Developed FIX Order routing gateway using PhiFIX-Engine
  • This gateway will collect orders from various client in real time and submit to the transactions to equity exchange using FIX protocol.
  • It will process the order and execution responses from the exchange in real time and helps customer to maintain order books/trade books with accurate data
  • Provide transaction recovery and exceptions management features with exchange connected
  • High volume transaction processing for future algorithmic order processing scenarios
  • PhiFIX-Engine is the high performance FIX engine, with high level of customization using dialects, that was used to build FIX Order routing gateway.

Business Benefits

  • High performance, rigid and scalable FIX Order routing Gateway
  • Cost effective proven FIX engine for the solution, using PhiFIX-Engine
  • Faster go live with exchange due to standardization of messages
  • Highly customizable FIX messaging solutions with custom tags

  • Faster client onboarding, Real-time monitoring and control

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