ASSET Enterprise Technologies Acknowledgements

Asset Enterprise Technologies

Ananda Trading Platform (ATP): Killer Features

Ananda Trading Platform (ATP):Need for Trading Platforms

Information and technology make or break successful trading operations. Trading platforms in this regard are the defining capability. Particularly given the immediate requirement for decimalization and mounting pressure for T+1 deadline 2004. Furthermore, in light of the social changes we have witnessed in the last 10 years in trading volume, 24X7 ECNs, the capability to process record number of transactions is a necessity.

ATP Target Market

Trading platform is a complex ensemble of functional units and the complexity increases with number of users notwithstanding throughput requirements. In other words a trading platform that automates a floor of 400 traders is much different beast compared to a trading platform that supports 40 traders and one that supports 5 to 10 traders. There are a number of trading platform vendors and we are one of them. Our target market is 5-20 trader desks.

Platform Specification

Our plaform is 100% java and is readily available in numerous platforms including Microsoft NT. Our architecture is a distributed component based trading platform as presented in the architecture diagram . Notice that Ananda is comprised of the following components:

Because Ananda is component based our customers can replace any component with other commercial product or in-house application. Also, our customers do not have to pay for all the services if they only need some of the capabilities. Let us briefly examine the capabilities using screenshots.

The buy side agent allows traders to enter trades one at a time or a basket defined in simple text files as shown here buy_side_img.

The trader agent initially presents a panel of orders received oms_et_new_orders_img

If a cancel request from a client is received before any action is taken the trader agent cancels the order and sends a canceled msg back to the client and the order panel is updated as shown here

oms_et_with_cancelled_img
By right clicking on the order a trader can launch a blotter for that order. oms_et_new_blotter
At the same time the order panel changes color to reflect that this order is being worked on as shown in this diagram oms_et_green_new_img
Trader can place an order over the phone to market makers who are not fix enabled or via the Ananda fix links as shown here.
oms_et_blotter_action_pulldown_img For POTS orders price, quantity and the broker information must be filled as in oms_et_blotter_broker_pulldown_img . Both the order panel and the customer is appropriately updated.

oms_et_cop_filled_partial_img
When the order is filled
oms_et_filled_img
the order panel is updated
oms_et_filled_black_img
Cancels on a partially filled order can also be accepted. First a dialog box confirms the cancel as in
oms_et_cancel_recvd_img
oms_et_blotter_partial_done_img
Notice that once a cancel is accepted the blotter can no longer be edited. A done message is sent to the client and the order panel is updated with the done color.
oms_et_cop_filled_cancelled_img
Similarly fix orders can be submitted by selecting Place FIX Order option.
oms_et_broker4fixorder
A simple order entry is presented and when all the required order details are entered a new order to the marketmaker via fix link is submitted
oms_popup_order_entry oms_popup_order_entry_commtype oms_popup_order_entry_otype oms_popup_order_entry_qty oms_popup_order_entry_tif
Given this number of steps the system has several validation checks to make sure orders are processed correctly the first time.
oms_et_qty_zero_warning_img oms_illegal_order_entry_dialog oms_popup_illegal_qty_dialog oms_syserr_dialog oms_et_action_required_dialog

Order Routing

Ananda supports highly flexible routing scheme. Orders can be routed by
  1. customer. Customer can request a marketmaker for a given equity and a default for all the equities within an exchange.