Electronic Communication Network for Foreign Exchange Trading
An online trading platform for financial institutions, retail brokers, banks based on Caplin, the award-winning web trading framework. The system includes multiple trading and liquidity management solutions and offers its customers access to large pools of diversified liquidity at high speed with complete transparency.
- Timeframe:2 years/ongoing
The customer provides a foreign exchange ECN for retail brokers, institutions, banks, hedge funds and proprietary trading firms in the United States and Europe. The platform includes multiple integrated products and operates three separate and distinct matching engines located in New York, London and Tokyo. Each matching engine emits its own market data, trades and midpoint values.
The customer commissioned HQSoftware to develop and enhance multiple products, including external and internal websites as well as trading and liquidity management solutions for financial institutions, their brokerage clients and system administrators. The project team was challenged to ensure seamless and secure real-time data exchange and unmatched user experience across the entire ecosystem.
Public and Internal Websites
Using PHP and Apache on the backend, HQSoftware developed a website that provides a wealth of real-time and historical market data through interactive Highcharts widgets. The latter display:
- Intraday volume (for the current day)
- Daily volume (for a particular day over the last four months)
- Book viewer with the top bids and asks for a particular currency pair
- Most actively traded pairs across the locations
The team implemented WebSockets to ensure real-time, uninterrupted streaming and display of large data sets (nearly 100 currency pairs per second) from the geographically distributed servers. This data is also stored in the MySQL database for historical insights.
In addition to that, the website serves as an informational and marketing tool, offering product and service descriptions, news, as well as the ability to register as a client and login. With the help of SSO (single sign-on), once logged in on the website, users can access the customer’s other products too, with no need to repeatedly type in their credentials.
HQSoftware also developed an internal portal integrated with the other solutions and enabling administrators to manage client profiles and roles within each client. Once assigned, roles are automatically activated across each solution in the ecosystem.
Online Trader’s Desk
HQSoftware has been enhancing and customizing the Caplin platform to provide users with outstanding online trading experiences, which mostly boils down to intuitive filtering and sorting of large tables of data. Specifically, the team:
Enabled smooth application performance in all browsers
- Improved the application logic so that users could get the needed information quicker and easier
- Increased customizability
- Reorganized the tabs and tab layouts for better UX
- Added the P&L monitoring tab, and more
The project team developed an application where financial institutions can manage and monitor their open positions with other institutions, as well as the open positions their brokerage clients have entered through the customer’s system. In addition to that, they can establish and manage trading limits for themselves and their brokerage clients.
Liquidity management and distribution solution
This Node.js tool enables financial institutions to configure liquidity for every client and every currency pair. Using the intuitive interface, they can easily add, group and lock both clients and pairs, which is then instantly shared across the entire ecosystem. The solution can be white-labeled and customized to an institution’s needs.
System monitoring tool
HQSoftware created a real-time Node.js application for the customer’s personnel to gain full visibility into the system, across all the products. The team took full advantage of Polymer Project to display all this data smoothly and prevent users from getting bogged down with unwanted columns. Administrators can customize the table to filter and better analyze the data, with the ability to export the insights in XLS.
The team went the extra mile to ensure ultimate financial data and transaction security for every product by using 2FA, SSL encryption, HTTPS security protocols, SSO and other proven tools.
HQSoftware helped the customer to develop an end-to-end online trading system now used by Citibank, Bank of America and the likes. Including multiple trading and liquidity management solutions as well as external and internal websites, the system provides secure access to large pools of diversified liquidity at unparalleled speed and excellent trading experiences in all browsers.