Introduction: Ultra Trade is stock trading software targeted for small to medium sized stock exchanges. It is a highly scaleable and cost effective solution for the emerging stock exchanges. State-of-the-art technology has been used for the best performance and very good response time to the end-user. Recent benchmark result shows that system is capable of at least 100,000 trades per hour.
System Architecture: Ultra Trade is highly parallel and distributed system by its design. Server components can be distributed on multiple machines and each component can take the full advantage of multiprocessor machines. Communication among all components is carried out using the high speed TCP communications that is world wide proven for real time stock trading. Main components of the Ultra Trade are as follows: Trading Engine receives orders from the trading terminals and processes them accordingly such as executing, changing, deleting and queuing. Inquiry Server responds to different inquiries and reports from the trading terminal. Market Server holds best market and best price levels for all symbols and responds to trading terminals on request. Statistics Server computes and holds different statistics for symbol and exchange and provides the trading terminal on request as well as on real-time basis. Login Server performs user authentication and initialize the trading terminal. Dumper dumps the orders and trades into the database in real time for settlement and dissemination system.
User Interface:
The broker can enter Buy/Sell orders, cancel or change an existing order, cancel all outstanding orders globally in a particular symbol & also in all markets, and place a request to cancel a trade with Market Control. A comprehensive set of real time screens are provided to monitor the symbol and exchange statistics. Market Watch is an interface to monitor the market activity for selected symbols. Order Book shows the real time status of your orders in real time. Orders can be touched and canceled visually through this interface. Message Window shows the order and trade confirmations, cancellations, bulletins and messages from other traders. Water Fall Ticker let the trader watch the market activity in real time along with symbol statistics. Following set of reports is available to view and print. Remaining Orders displays all remaining orders of the trader those are not executed yet. Daily Trade Log by User shows all trades executed by a trader. Daily Trade Log by Symbol lets the trader to view all trades in a particular symbol. Event Log is a journal of all trading activities of a particular trader. Net Position gives the summary of trades in each symbol to the trader. Symbol Summary displays exchange wide statistics for a particular symbol.
Order Entry:
Traders can enter buy or sell orders, cancel or change an existing order, cancel all outstanding orders globally in a particular symbol & also in all markets (Regular, Carry Over, Odd Lot, Buy In and Sell Out). The details available on an order include market type, symbol, quantity, price, disclosed volume, trader Id, limit order, market order, client account, expiry date, order nature and trigger price. Contingent Order features include stop loss & market if touched.
Online Trading:
Legacy trading application is provided to the end user over the Internet first time in South Asia region. Full-blown application with all trading tools is extended up to the investor through a technology that is optimized for real time applications over the Internet considering the low bandwidth issues.
Security:
There are three levels of login authentication in the Ultra Trade. First password, second IP Address and third is MAC Address authentication. Moreover multiple logins are restricted for additional security. All critical messages are encrypted using digital certificates and Public Key Infrastructure.
Risk Management System:
Ultra Trade has unique feature of surveillance and risk management built within the trading system. This system computes both pre and post trade exposures and losses for each trader. An interface for monitoring real time exposure and loss is provided to the surveillance staff.
Symbol Freeze and Alerts:
System can be configured to generate alerts and freezes for individual symbols in a particular market at price levels. Symbols can also be temporarily exempted from freeze tests in the event that exceptional trading activity is anticipated.
Crash Recovery & Reconstruction:
Information in the message transaction journal can be used to reconstruct the market to an exact point in time. The control officer can accelerate through the transaction journal to a point in time, then step through each transaction and examine its effect on the market. All market and order status inquiries are available in the "replay" environment. The market reconstruction facility can be used for dispute resolution and investigation of irregular market activity.
Exchange Management & Control Features:
Following features are provided to the designated staff of the exchange through Ultra Trade:
- A trade can be "frozen" if it falls outside of price change - no further orders will be accepted for that instrument until the trade freeze is resolved.
- Symbol states can be changed on the fly.
- Global cancellation of all orders for a symbol or all symbols placed by a trader.
- Message Broadcasts for immediate attention.
- Trade cancellation and late trade entry.
- Market summary inquiry to highlight trading activity.
- Scheduling/change of market states.
- Real-time exposure/loss of all members can be viewed or monitored.
- An alert can be generated to individual member firm before exposure/loss limits hit.
- Suspension and/or restoration or view only state of a terminal.
Ultra Trade Back Office:
This comprehensive back office system is integrated with the trading system. Using this system, clients may be monitored in real-time based on buying power of a client account. It provides account and terminal management features including commission management and general ledger.
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Islamabad Stock Exchange