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How is this different to a web based venue?

In a web based multi-dealer venue all market participants are constrained both by the nature of the web and its technical limitations, and by the fact that steps on the latency critical path have to pass through the venue's infrastructure.

The ITP delivers applet code directly onto the end user's desktop, all latency critical communications are under the complete control of the market participant.

In a web based venue all transaction data passes through the venue's systems, where it is subject to data security and regulatory risk.

Access fees for the ITP are based upon the value of the infrastructure service being provided, not the transaction volumes being executed.

Are applets exposed to failures in each other?

When code from multiple market participants is installed in an integrated environment it is inevitable that failures in one applet could impact the user experience with other service providers in the environment.

All market participants are under an obligation to act in a fair and reasonable way with regard to reporting failures. Additionally the platform will endevour to identify the source of any technical failures and report them to the end user.

The buy-side user remains in control of which applets are installed and will most likely remove the applets of any market participant which adversely effect their trading activity.

 

Immutify Trading Platform

The Immutify Trading Platform (ITP) provides a rich client, multi-dealer trading application for banking, financial and other applications. The trading platform provides reliable user authentication and standard user interface components to enable multiple market participants to make offers against client requests.

Rich Client Application Delivery Platform

Market participants can deliver ITP applets as Eclipse Plugins, focusing entirely on delivering their service offering to their clients, without the need to implement and maintain pure technology infrastructure.

The ITP provides a core GUI and delivery infrastructure for market participants to deliver services to customers. Applets remain free to connect to middle tier services in whatever way they wish, and to provide custom GUI elements with which to interact with their users. In low latency trading sceanrios market participants are free to compete without unnecessary constrains from the platform or market venue.

A Multi-Dealer Environment

For buy-side users, the fact that multiple market participants' offerings can be made available in a single integrated application is a major attraction.

To enhance the user experience in "best price" scenarios the ITP provides application domain specific GUI components.

For example, in the area of spot FX trades a user might request streaming tradable prices for a potential trade. All installed applets who have registered as providers of that service are then passed the request, and begin streaming prices according to their own client parameters for that customer. A platform provided GUI component then displays all of the received prices and automatically identifies the current best price. At any time the user can click on the best or any other price in order to execute with the appropriate market participant.

An Intimate Client Relationship

The trading platform provides a consistent UI tier for the user without attempting to intermediate between market participants and their customers. A platform which is genuinely independant of any market particpant makes this similar to web based multi-dealer venues, while allowing for rich client functionality.

The platform allows each market participant to interact directly with their client, without imposing any central point of failure or performance bottleneck.

The ITP provides end user authentication but allows each market participant to manage their own relationship with the client. A flexible on-boarding procedure allows each market participant to bind their own knowledge of the client with the digital ID provided by Immutify for the end user. Each market participant is free to ensure that its own Know Your Client procedures are implemented and rigorously enforced, either leveraging the certified identification data provided by Immutify, or entirely independently, as they see fit.

The Buy-Side User In The Driving Seat

The end user is in complete control of which market participant's applets are installed at all times. The decision to install new applets, and to remove poorly performing providers remains with the end user.

Central configuration options allow the buy-side firm's IT support to control access to the trading environment for all users, and to maintain an accurate record of all trades done.

Immutify Secure Messaging can be leveraged to provide a secure non-repudiable record of each transaction.

 

 

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