RFQ solution

B2Bits FIX Request for Quotes solution (RFQ manager) is designed to accommodate the needs of diverse trading scenarios and client types (dealers and buy side ).

RFQ manager enables traders and algo trading platforms to automatically place requests for quotes and receive responses from multiple marketplaces.

RFQ manager connects to multiple markets, and liquidity pools via FIX protocol. RFQ manager supports all the versions of FIX protocol.

It supports quote requests in multiple asset classes via FIX protocol defined RFQ workflows to work with such venues as:

• ICE BondPoint
• Tradeweb Direct
• Market Axess
• MuniBrokers (HTD)
• ICE Bound TMC
• Trumid
• Investor tools Dealer Network

It is based on generic FIX server technology. FIXEdge’s business layer allows to define both message transformation and message routing rules.

The clients use this solution to build sophisticated market making or searching liquidity tools.  

Features

• Flexible distribution configuration support 
  • Dealers may distribute market data different ways:
    • Directed (to a single client)
      Each approved client may receive their own unique stream of messages.
    • Broadcast (all connected clients)
      All connected clients receive the same message.
    • Hybrid (group of clients)
      Messages are set to groups of clients.
  • Buy-side clients may request quotes from one or more dealers for one or more securities using due-in interval, or “curtain” time.
• Access to multiple reference data sources with ability to store and access the data for enrichment
• Automations and plugins for smart logic and data conversion (ability to normalize messages to different formats like JSON, FIXML, Avro)
• Wide choice of pluggable non-FIX transport adapters (Camel, Kafka, JMS, “FIX to world”)

Monitoring and administration

• Rich UI for monitoring session statuses and parameters in real time
• On-the-fly configuration and business rules update

Environment

• Cloud infrastructure support
• Ready to work in cluster (High availability support)
• Scalable solution, extendable to cover new venues and new workflows

Workflow Examples 

Supported scenarios are not limited to the listed below.

Offer > Bid > Counter > Lift (negotiation).

The dealer and buy-side entities adjusting terms, conditions, and pricing to reach a mutually beneficial agreement.

Bid against bids wanted resulting in trade.

The terms and pricing proposed are accepted, finalizing the transaction.