FIX Client Onboarding and Certification
In demanding business environment one has to get connectivity with other counterparties to achieve liquidity and eventually alpha. Connectivity with counterparties invoke the requirement of client on-boarding and certification in order to integrate OMS with counterparts by conducting a test to ensure message and system compatibility.
We recognize that in highly demanding business environment, the company has been considering service provider for Client on-boarding and certification to streamline the processes that directly impacting the revenue and liquidity opportunity.
In sharply fluctuating environment, smooth operations and fast and accurate client onboarding and certification processes are necessary to strengthen the customer confidence and increase the liquidity and eventually alpha.
Where need arises for certification?
- To certify products eg. cash equity, Futures, options etc.
- To certify different markets
- To certify order flows eg. DMA, Manual/Care, Algo.
- Re-Certification arises when changes in system or specification
Client onboarding and certification services have various components to take care in order to deliver fast and accurate operation to start actual business. Most important is client communication followed by environment changes like network level changes, session and application parameter configuration. Core certification task covers certification with various intended counterparties within buyside and sellside and sellside & exchanges, messages compatibility while keeping certification scope for various markets, products and algorithms. At the end of operation high level reports with detail log and certification matrix will be provided and maintained.
Certification Process flow:
Following issues can be managed to achieve faster and efficient client onboarding for FIX trading process
1) Protocol versions: Trading counterparts are likely to use different protocol versions.
2) Rule of engagement: To accommodate differences in set of engagement for trading counterparts.
3) Network connectivity: In order to accommodate all participants to implement FIX connectivity by using internet, VPN, point to point or via FIX hub.
4) FIX Engine: There are several of FIX engines available in the market from various software vendors. FIXSOL is providing services to cover all aspects of client onboarding
What you can avoid
Increased delay in client onboarding, testing can cause clients to lose precious opportunities resulting in losses In-house Staff tends to be involved in many other things and hence client onboarding goes on backseat. Also this process requires frequent involvement as changes are frequent.
Communication with vendors /clients take time and can result in delays
Improper testing can lead to errors, delays thereby again losing of opportunities
Client can get following benefits:
- Better In-house resource management Client can free their resources and focus on core business- Faster Results by better management of process & communication with vendors /clients & can expedite the entire process of certification & testing
- Cost Effective since FIXSOLs resources are based out of India, its cost structure is controlled and benefits are passed to the client
INDIA