GATElab, MiFID compliant, solution for multi-asset cross-markets brokerage activities is part of the suite. It satisfies requirements for:

• broker-to-dealer interconnection via FIX standard protocol  using fixpath
  

• pre-trading and trading phases trough traderpath EMS (Execution Management System)
  

• systematic internalization of orders using exchangepath matching engine

fixpath represents GATElab complete solution for buy-side dealer to sell-side broker interconnections via FIX standard protocols.

fixpath helps Financial Institutions to receive orders from institutional clients and to send orders to a brokerage firm via a FIX connection. it is designed to build a high-level brokerage business allowing for multiple exchange access, large volumes, transparency and compliance adherence.

In conjunction with traderpath and as part of a buy-side firm, dealers can use the order-entry window to send orders to a broker and receive information on requested operations via fixpath.

This converts requests and related responses into the agreed-upon FIX format.

At the opposite end, the sell-side firm broker can receive orders via FIX messages, handled by fixpath, and feed them into traderpath (the order-management system) so that they can be manipulated and/or automatically sent to the market.

All notifications for requested operations will flow back to the buy-side actor by following the same FIX path.

traderpath EMS , as introduced before,  is used to quickly and efficiently execute incoming customers’ orders. with a big variety of type of native orders, like care-order, basket-order, stop-loss, etc, either through algorithmicpath strategies, like VWAP, TWAP, POV, etc.

The dealer's orders can be received in traderpath EMS,

• via fixpath,

• via traderpath API or

• via traderpath GUI, trough VPN for institutional clients or trough https for retail clients

and they can be quickly routed

• towards the external markets,

• or internally handled by sales, either manually (care-orders), either via predefined algorithms.

Both, manual and automatic handling, can partially or totally cross orders on internal market, for systematic internalization, and send the remaining quantity, if it exists, to external markets.

exchangepath framework, in conjunction with other previous components,  fulfils the emerging needs of Financial Institutions of building of internal matching engine for systematic internalization or for proprietary multilateral trading facilities (MTFs), where bids and offers from operators and corporate customers meet.

exchangepath allows the easy development of private e-marketplaces, intra-group and inter-group regulated markets, that can address any possible trading mode, such as order or quote driven market.

exchangepath architecture makes it possible to develop centralised regulated markets (with central matching) and decentralised markets (peer-to-peer).

Based itself on componentised architecture, exchangepath is highly configurable in terms of both tradable objects (Business Objects) and trading rules and workflow of trading messages (Business Process) among buy-sell players.

This gives brokers the capability of developing any kind of e-marketplace in a quick and cost-effective manner.

FIXPATH FEATURES

• fully scalable high-performance environment
  

• support for all available FIX standards
  

• access to multiple execution venues simultaneously
  

• high and easy configurability through custom tags
  

• support for buy-side and sell-side activities
  

• integration with external trading, OMS and EMS platforms
  

• wide variety of institutional client orders
  

TRADERPATH EMS FEATURES

• internal dissemination of prices from many different markets and data vendors
  

• manual and automatic execution-management
  

• dynamic configurable operational limit per company, group of users, single user
  

• mark-to-market position keeping system per portfolio, market, instrument
  

• third-party pricing system and position keeping system integration
  

• fast and easy building, executing and control of proprietary trading and market making models using high-level rule-based (event-actions) language
  

• fault detection and handling plus load balancing architecture
  

• internet/intranet/extranet deployment
  

EXCHANGEPATH FEATURES

• centralized e-marketplaces with central matching
  

• decentralized peer-to-peer e-marketplaces based on single and/or competitive RFQ/RFP
  

• coexistence of different types of e-marketplaces on the same infrastructure
  

• possibility of building hierarchical e-marketplaces with or without external regulated market connection
  

• high configurability of traded business objects
  

• high configurability of trading rules
  

• high configurability of negotiation and collaboration flows
  

• high configurability of participant roles regarding their available activities onto the e-marketplace
  

• intranet/extranet/internet deployment