traderpath for brokering is a MiFID compliant solution for multi-market, multi-asset electronic trading comprising of an Order Management System, Execution Management System and a Smart Order Router.
- broker-to-dealer connectivity via FIX standard protocol using fixpath
- pre-trade and trade execution through traderpath OEMS (Order and Execution Management System) in conjunction with traderpath SOR strategies
- systematic internalisation of orders using the exchangepath matching engine (please see related page).
Buy-side firm trading desks can use traderpath OMS to submit orders to a broker via fixpath, which converts requests (and related responses) into the FIX protocol format. At the opposite end sell-side firms (brokers) receive buy side orders via FIX messages, handled by fixpath, and feeds them into traderpath EMS so that they can be managed and/or automatically sent to the market. Execution reports of requested operations are notified to the buy-side firm via the same FIX channel.
Traderpath OEMS allows the quick and efficient handling and execution of orders and synthetic orders such as: care orders, basket orders, stop-loss orders, etc. or via customised trading strategies created in algorithmicpath (i.e. TWAP, VWAP, Arrival Price, POV, OCO, etc.).
A dealer's orders can be submitted to traderpath OEMS via:
- traderpath API
- traderpath GUI through VPN for institutional clients or through HTTPS for retail clients
and they can be quickly routed to external target markets or internally managed by sales desks, either manually via care orders or automatically via predefined algorithms.
Both manual and automated workflows can partially or totally cross orders in an internal market for Systematic Internalisation, implemented via exchangepath if required, with any remaining orders sent to external markets.