In GBS we support connections to Markets or execution Brokers with two possibilities:
- FIX protocol
- Proprietary protocol (for instance Kuwait, Milan, etc)
GBS embeds a FIX engine that is one of the fastest in the world (up to 120 orders per second) and can support multiple connections, without any limitation. We have live sites running from FIX-4.0 protocol version up to FIX-4.4, all supported by same engine.
But in GBS support of a Market is not just a matter of connectivity, which is necessary but not sufficient. For each supported market we configure a market adapter, which embeds all market business rule:
- new order allowed parameters (GTD or GTC; FOK or FAK or AON; Minimum Fill, etc)
- new order validation rules (FOK not allowed during pre-open phase, etc)
- settlement rules (T+x as settlement date, Kuwait rule for settlement date, etc)
- calculation of Market fees and commissions (passive fees to be paid to Market or Clearing House)
- trading and settlement in one or more currencies;
- calendars and working day conventions (Working, Semi-working, Working no Settlement, etc)
- support for both individual and omnibus settlement accounts.
GBS supports following Markets in live sites:
- Odd Lot
- Forwards and Futures
Coverage of other MENA markets is planned:
Time of implementation of a new market adapter is usually 2-4 weeks.