MICEX (MFIX Transactional)

In July, 2010 the EPAM Systems company completed software development of MFIX Transactional for Group of MICEX. The created solution allows banks, broker and investment companies to perform trade operations in the mode of the main biddings of the stock market of MICEX using the FIX protocol. To provide a possibility of fast integration of MFIX Transactional into the FIX solutions which are already used at customers, MICEX since June 24, 2010 began a stage of public testing of a new method of carrying out trade operations. Its industrial implementation is planned for October, 2010.

Functionality of MFIX Transactional provides acceptance under the FIX protocol (version 4.4) of requests from clients for accomplishment of transactions "Input of the request" and "Removal of the request", their transfer to the MICEX trading system and also providing to clients information on the transactions which are already made by them and a current status of requests (in the FIX protocol message format). The solution supplements the MFIX Market Data system implemented earlier in MICEX using which on a subscription it is possible to receive data on all securities traded at the exchange including – short characteristic of a financial instrument, the current values of its market parameters, the best quotations, aggregated data according to all carried-out transactions (in the depersonalized form).

The FIX protocol is the international standard for information exchange of participants of exchange biddings and is widely used as the uniform integration protocol at exchange of financial data and commission of transactions. It allowed to make use when developing MFIX Transactional of experience and knowledge gained by EPAM Systems during creation of FIX systems for the western companies of the financial sector and the stock market.

For check of ability to integrate MFIX Transactional and the software of clients supporting FIX, MICEX holds public testing of a new solution on the special server imitating work of the stock market and available on the Internet. To take part in testing, it is enough to clients of MICEX to send the request in a free form to the address soft-support@micex.com (to specify MFIX Transactional in a subject of the letter). Interface description of the solution is available on the website. After completion of tests MFIX Transactional will earn in the industrial mode. It is expected that its start will help to accelerate significantly connection to work for MICEX of new participants, first of all foreign brokers, investment funds, news agencies.

Egorov Nikolay, Senior Vice president, board member of MICEX Ltd:

Use of standard connection protocols to the trading systems usually means some losses in work speed in comparison with native-protocols of these systems that reduces their attractiveness for exacting clients. Therefore a priority in development of the trade FIX interface was providing the response time which is not exceeding response time at standard connection via gateways of MICEX. Continuation of cooperation with EPAM Systems was a good choice and helped to reach the planned parameters of quality and solution performance. Public testing will help our clients to be prepared for use of the FIX protocol for the stock market trading of MICEX. Specialists of MICEX will receive comments of participants of testing, very important for us, that will help to improve both quality of the solution, and mutual understanding with clients. Experience of such interaction will help to simplify considerably implementation of support of the FIX protocol in all markets of MICEX in the near future.