Time is ticking for MiFID II challenges.

We design thoughtful solutions.

Our content, technology, experience and expertise will help you meet the challenge that MiFID II transformation poses. Take advantage of the market opportunities that the regulation offers.

Devexperts was founded in 2002 and specializes in the development of highly complex software solutions and services for the Capital Markets industry.

The high performance, scalability and integration capabilities of our products and services, along with 24x7x365 monitoring and support, result in some of the global financial industry’s most recognized and reliable technology applications — millions of people trade daily through the use of Devexperts technology.

CLIENTS

Our clients are retail and institutional brokers, exchanges and buy-side firms.

From New York to Shanghai, we have designed superior technology solutions for all types of clients and infrastructures.

PRODUCTS

Our products cover a wide array of applications, from online and desktop trading execution platforms, risk management and fix gateways, to one of the industry’s most encompassing and sophisticated offer of real-time and historical data services.

DEVELOPMENT TEAM

Our development team is recognized as one of the world’s best, having received more than 25 of the global software and financial industries most prestigious awards in the past ten years.

Reference Data Solutions

Risk modeling and finding the best value across the trading and investment cycle will require market participants to completely review the entire non-equity trading lifecycle. Management and aggregation of the market and reference data is the key to success.

CHALLENGES

Under MiFID II many of the inter-dealer and dealer-to-client platforms will have to formalize their status, either as a Multilateral Trading Facility (MTF) or an Organized Trading Facility (OTF), and will have to publish trade data in a consistent manner.

The availability, type and volume of data will change and increase dramatically.

OUR SOLUTIONS

We provide access to aggregated normalized market data and referential content to support your analysis and reporting.

We provide custom integrations for all types of data and venues. We are experts in normalizing such information, we use unique identifiers and an extensible data model to manage and integrate multiple data sources. We deliver data via:

dxFeed real-time and delayed streaming normalized consolidated market data feed including equities, futures, options, indexes and other instruments; charting streaming data (ready-made charting candles or on-the-fly calculations) for aggregation and analysis of trade data from different sources.
dxFeed onDemand and Market Replay, for intraday, and historical aggregated and tick data and order book reconstruction tools across different markets and asset classes.
Reference data Basic and Enhanced.
Calculated data (greeks, theoretical arbitrage-free options pricing, custom indices, market indicators, gainers/losers, etc.) and a sophisticated pricing engine.
Inforider terminal, for desktops.
dxMobile for apps.

The Financial Instruments Reference Data System

The Financial Instruments Reference Data System (FIRDS) is a data collection system set up by the European Securities and Markets Authority (ESMA) in cooperation with EU national competent authorities to collect and publish reference data efficiently and in a harmonized way across the EU. The system covers all financial instruments within the scope of MiFID II and is a requirement of MiFIR, under which trading venues and systematic internalizers must submit the instrument reference data in a uniform format to national competent authorities. These authorities are then required to transmit the data to ESMA, that will publish the data on its website for the public access and will provide it to the national competent authorities as downloadable files.
ESMA suggests a one-stop-shop approach to publishing reference data on financial instruments while transparency parameters will provide economies of scale and lower costs for the industry.
Work on FIRDS is on track and ESMA is planning to go live with the system as MiFID II is taking effect in January 2018.

Record Keeping and Reporting

Investment firms must report transactions in any MiFID II financial instruments to their local regulator or the approved reporting mechanism (ARM) no later than the close of the following working day.

challengeS

For MiFiD II compliance, market participants will need reference data on the instruments with which they trade, to determine what needs to be reported and to generate the data points.

Investment firms must report transactions in MiFID II financial instruments to the local regulator or approved reporting mechanism (ARM) no later than the close of the following working day, including specific details of participants, including the Legal Entity Identifier (LEI code) of counterparties, funds and individual accounts.

OUR SOLUTIONS

We provide access to financial reference data, applications and solutions for MiFID II transaction reporting.

MiFID II defines transactions as acquisition, disposal or modification of a reportable financial instrument. This can include simultaneous acquisitions and disposals without actual changes in beneficial ownership. The definition excludes securities financial transactions such as stock lending or repurchase agreements, post-trade assignments and novations in derivatives, portfolio compressions, instruments resulting from pre-determined contract terms or mandatory events that exclude investment decisions, and changes in index composition.

We provide solutions to store the history of any trade related data indefinitely, including the history of communications.

Best Execution

MiFID II extends the requirements of the best execution across all asset classes, whilst at the same time establishing a greater number of venues to aggregate.

challengeS

The MiFID II’s best execution requirement is an ‘obligation to execute orders on terms most favourable to the client’. MiFID II requires execution venues (and market makers and SIs) to publish execution reports as stipulated by the RTS 27. Buy-side investment firms must publish execution reports under the RTS 28 standard. This information should include details regarding the location of the order, price, costs and the likelihood of execution for individual financial instruments.

OUR SOLUTIONS

Key to providing the best execution is a technology coupled with data and analytics. Our solution can absorb real-time, reference, tick-history, and client data. Thus it addresses three necessary steps for the best execution: reporting, monitoring, and controlling.

Our data solution utilizes the power of cloud computing and brings virtually unlimited capacity and scalability for data storage – for options, equities, futures and indices data. We eliminate the need for hefty investments in infrastructure, such as colocation space and power, and provide the necessary elastic storage and computing power from day one. Our solution is fully scalable for future growth, including the number of simultaneous client connections.
Our analytics engine runs directly on top of this distributed data layer providing scalable performance via an elastic cluster deployment.

Our solution provides:

Direct feed capture, storage and instant access to hundreds of terabytes of historical data.
Unlimited capacity for data storage.
High redundancy of storage ensuring service availability and resiliency.
Data security and privacy.
Elastic scalability for analytics and end-client connectivity.

Pre- and Post-Trade

Traders and sales desks will need to build strategies for using other dealers' quotes to price products, based on visible market activity and how the competition will react to their firms’ own visible quotes.

challengeS

Quotes can remain private depending on the quote size. Buy- and sell-side will have to decide when to select quote sizes above and below transparency size thresholds. It will be important to manage RFQ and responses, balancing sizes and timeliness of the execution. In order to do this successfully, trade desks will need to have access to a wide variety of real-time market data. This needs to be available on both the desktop for operators and as data feeds within pricing tools for streamed-pricing, quoting and price benchmarking tools.

OUR SOLUTIONS

We bring various sources together via dxFeed real-time feeds and make them available via various APIs, integrations or displayed on the Inforider desktop, providing the comprehensive, aggregated and complete market view in one location to help with the MiFID II compliant trade activity.

We deliver data via:

dxFeed normalized consolidated data feed in real time
dxFeed onDemand and Market Replay for intraday and historical aggregated and tick data
Inforider terminal for desktops
dxMobile for apps

Surveillance and Machine Learning

Under MiFID II, investor protection is key.

Challenges

MiFID II greatly extends the requirements for data analysis in all asset classes across a greater number of venues.

Our solutions

Our solutions and proprietary advanced analytics algorithms in topic generation and big data analysis allow us to structure the market based on raw data insights — an invaluable tool for market analysts to tackle the hidden trends of the market and find fraudulent transactions.

Our Market Scanner is a comprehensive technical and fundamental analysis tool that screens the whole market data universe on a tick-level resolution to provide real-time signals. It allows companies to instantly add new unique features to their trading or analysis software. It delivers strong competitive advantages for brokers, wealth/risk management companies, FinTech firms and startups without the need for costly development, licenses and hardware investments. dxFeed Market Scanner powered by the dxFeed low latency market data received directly from the market and provides a flexible dxScript language designed specifically for analysis of financial market data. This convergence allows traders of any scale and experience to get an advantage from the highest ranked technologies previously available only to big algorithmic trading firms and banks.

High Frequency Trading

MiFID II introduces a new regulatory regime for firms that engage in algorithmic and/or high frequency trading (HFT).

challengeS

MiFID II defines a high-frequency trader as the one sending at least two messages per second for a single instrument on any trading venue, or at least four messages per second in respect to all instruments traded on a venue.

HFT and algorithmic trading firms and trading venues enabling algorithmic trading will have to have systems, procedures and arrangements in place to ensure resilience and capacity. Compliance means storing detailed time series records of the algorithmic trade history for at least five years.

OUR SOLUTIONS

With onDemand Historical Tick Data, we provide access to global historical tick data, and the ability to back-test trading algorithms in a pre- and post-trade testing environment.

Our data solution utilizes the power of cloud computing and brings virtually unlimited capacity and scalability for data storage – for options, equities, futures and indices data. We eliminate the need for hefty investments in infrastructure, such as colocation space and power, and provide the necessary elastic storage and computing power from day one. Our solution is fully scalable for future growth, including the number of simultaneous client connections.
Our analytics engine runs directly on top of this distributed data layer providing scalable performance via an elastic cluster deployment.

Our solution provides:

Direct feed capture, storage and instant access to hundreds of terabytes of historical data.
Unlimited capacity for data storage.
High redundancy of storage ensuring service availability and resiliency.
Data security and privacy.
Elastic scalability for analytics and end-client connectivity.

onDemand Historical Tick Data delivers trade and order book quote messages and allows market makers and prop trading firms who quote and trade algorithmically to reconstruct the order book and replay the market accurately.

It can be applied for the purpose of back-testing algos and stress testing against volatile or fast market conditions, both pre-deployment (conformance testing) and post-deployment, as part of the required annual validation requirements.

Custom Solutions

We specialize in custom software development and integration.
Our core values of absolute integrity in all our relationships, of commitment to the employee motivation and diversity, and of the relentless dedication to the development of technological innovation have been decisive in ensuring the long lasting satisfaction of our clients worldwide.

For our clients, Devexperts' most important quality is its in-depth knowledge of the trading industry in its pre and post-trading components, and its 100% dedication to be at the forefront of technology evolution in that space. Devexperts market expertise ranges from Equities, to Options, to FX and Derivatives in geographical locations as diverse as Chicago, New York, London, Moscow, Tokyo, Istanbul and Shanghai. We have over 300 employees in offices in North America, Europe and Asia.

Devexperts has three key business areas:

Multi-asset, multi-market trading platforms and brokerage automation technology
Large, complex software development projects
Data products and services

Devexperts provides consulting services for financial institutions in the fields of real-time transaction processing, trading automation, risk management and highly complex, enterprise wide big-data applications.

Devexperts is engaged in more than 12 years of successful cooperation in developing leading trading platforms and providing 24х7х365 services to major market players.

High quality and usability of our products have enabled our partners and Devexperts to be awarded to top-ranking positions by authoritative international magazines and websites.

For more information on Devexperts, please visit www.devexperts.com.