Bucharest Stock Exchange Brokerage System Arena XT Platform

Arena XT Platform

Is the BSE developed brokerage platform dedicated to intermediaries. The platform makes available all the facilities needed by a brokerage company to operate on the capital market: order management system, client portfolio management, risk management modules for the spot and the derivatives markets, online trading facility for clients.

Arena XT is mainly based on the technology and architecture of ARENA-AUTOMATED EXCHANGE PLATFORM to which there were added functional modules related to the brokerage activity.Arena XT transfers to end-users the safety, performance and reliability of ARENA, parameters obtained this time on hardware and software infrastructure, which positions it as efficient on the related services market.

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List of Intermediaries using
Arena XT platform

BURSA ROMANA DE MARFURI
ESTINVEST
GOLDRING
INTERDEALER CAPITAL INVEST
INTERFINBROK CORPORATION
MUNTENIA GLOBAL INVEST
PRIME TRANSACTION
S.S.I.F. BLUE ROCK FINANCIAL SERVICES S.A.
SSIF BRK FINANCIAL GROUP S.A.
S.S.I.F. VIENNA INVESTMENT TRUST
VOLTINVEST
SHARE INVEST

Why Arena XT?

10 advantages for investors

1. Accessibility

The system is accessed via Internet, using a computer equipped with Windows operating system, on which it is installed an application with low memory requirements. ClickOnce deployment technology allows minimum interactions for installing and updating. The client connects to the intermediary’s Arena XT system based on the access data supplied by the broker.

2. Configuration

Each client/user can customize its own Arena XT terminal working environment by positioning the working windows and panels. All reports have columns which can be formatted in terms of size, visibility, display order or information sorting. The selection is facilitated by the use of filters, which can be edited by the user or can be selected from scrolling lists. The graphic profile obtained in this manner can be saved and used when reconnecting next time.

3. Real time market watch

The user of Arena XT Terminal benefits of systems for real time market watch monitoring, where can be displayed the best bid and the best ask, variations, closing prices, total traded value etc (level 1 data), as well as of market depth monitoring systems (all price levels). The “market watch” window consolidates symbols of different type of instruments (shares, derivatives, bonds, etc). In this way, the user can group its symbols using his own desired criteria.

4. Order operations

The type of orders for Arena XT are the specific ones available for each market. For example, in the BSE present system, are available limit, market, if touched, stop, FOK, GTD, Day, etc. orders.

5. Portfolio

The “portfolio” function offers a consolidated display over the cash and instrument positions for each type of account managed by the current user. The portfolio is real time evaluated by the market price and the profit or the loss realized or to be realized are highlighted.

6. Activity monitoring

The client has the facility to monitor all the instructions executed on his account, through a detailed instrument of orders and trades display and of monitoring management operation on account level.

7. Technical analysis

The technical analysis module gives users the possibility to design investment strategies based on the trading information and on specific indicators for this type of instrument.

8. News aggregator

The application contains a news channel integrator (RSS reader), through which can be seen the most market news-issuers reports, financial statements, press releases of the stock exchange- or published by news agencies.

9. Safety

The safety of the platform and the communication between the terminal and Arena XT platform, in terms of authentication, filtering, access monitoring, traffic coding is ensured at the best financial practices level.

10. Performance

The execution speed for instructions and orders is ensured by implementing ARENA-AUTOMATED EXCHANGE PLATFORM technology in the online trading platform.

10 advantages for brokers

1. Harmonization to the market architecture

The market architecture is an ongoing changing process: type of accounts, risk management mechanisms, new financial instruments. Arena XT offers to intermediaries the fastest way to accommodate those changes.

2. Online trading solution

The intermediary can offer its clients access to market data, portfolio monitoring, account history, own orders management, through a total solution, with Internet based access to a trading system.

3. Virtual Trading Floor

For intermediaries which operates branches and agencies, Arena XT is the key solution to unitarily integrate the data flows, the access control of traders to different accounts, the differentiation of traders’ role etc.

4. Multi-engines/multi-assets solution

The platform can connect and operate simultaneously with multiple trading systems and can accommodate multiple financial instruments.

5. OMS Adaptability to the type of accounts

Arena XT manages clients’ orders on the brokerage company’s house account, as well as with their execution accounts in different trading systems. An order execution is monitored since initiated till the trade settlement, no matter the type of account used (individual, global, mix).

6. Risk-management

Order management operations are validated in a dedicated module, according to the cash or instruments account reserves and to the margin call. The margin account can be customized at client level, and the margin calls are monitored, captured and sent to the client.

7. Flexibility

Multiple trading accounts for clients, different roles for users (trader, controller, superviser, remote client), access rights by markets and instruments, standard (predefined) and custom-defined operations.

8. Performance

Arena XT performances derive from the Arena-Automated Exchange Platform characteristics. We kept the reliability and the stability, and increased the processing speed.

9. Integration

Arenat-XT offers various ways to integrate in the brokers existing infrastructure, through programmable interfaces or file exchanges with back-office applications, CRM, etc.

10. White Label Branding

The intermediary can customize the client terminal application according to its own corporate identity.

Features

Arena XT trading is a complex solution that offers end-clients and brokers possibilities of interconnection with the BSE's trading system with the following features:

multi-engine solution - can connect and work with multiple trading systems simultaneously
multi-assets solution - accommodate more types of financial instruments: stocks, rights, fund units, bonds and government securities, structured products and derivatives (futures)
operates individual and global accounts, with or without prevalidation orders
market information in real time (real-time market data)
complete solution for management of orders and transactions
integrated order flow in real-time position management (position keeping order in the integrated flow)
management of cash position (cash flow management) and financial position (position keeping)
risk management module for market risk, both for the spot market and the derivatives market, credit risk by evaluating real-time cash holdings
checking the validity of trading orders before being sent to the trading system
feature input / correction of transactions
margin management appeals (manage exposure to market risk)
user access to application functions is different depending on the rights granted

Functional architecture

Trading venue aggregator
Market data L1
Market data L2

Order Management System
Order & Executions Capture

Middle & Back office
Position keeping
Settlement & Operation
Reporter

Middle & Back office
Settlement & Operation
Trading Limit

Risk Management
User management
Configuration
Logging

Integration
API
JSON
FIX
Batch file processing

Technology

Because financial institutions have different structures and infrastructures, Arena XT is built on technologies that are characterized primarily by expandability

Separate modular architecture on several levels: the data level, business level and presentation level
Expandability: the architecture allows connection with multiple trading systems (Exchange, MTF, OTC)
Performances: asynchronous communication between modules. The components communicate with each other through the export of services and functions, removing the waiting time.
Optimized data traffic using the underwriting arrangements and "differential update"
High response rate in connection with BSE
Adaptability: custom configuration of the application to client's business requirements
Integration: Arena XT integrates with client's existing external applications (back office, risk management, etc.)
Scalability: Scalable architecture from 2-3 users to hundreds of users

Exchange Access Point Manager (XAP)

Allows connectivity to multiple trading systems. Processes real-time data feed (market data) and order execution and integrates them in Arena XT. Through a high level of interoperability and extensibility, can be added various data sources and consolidated in Arena XT.

COMM Server

Enables communication between Arena XT Core and ARENA trading terminals. It can also ensure integrability with external systems through API or WS.

Business Services

Covers special functionalities of orders management modules, position management as well as risk management.

Arena XT

Trading terminal which allows own orders management and market data visualization.

Administration

Interface for administration and configuration of the application can be accessed only by users with appropriate rigths. Allows configuration of application parameters and running of some specific tasks (settlement, generating margin calls).

Integration

Covers integrability with external systems through APIs, Web Services or import / export data functions

Software as a service

Software as a Service (SaaS) is a distribution model in which the software is hosted by the supplier, being usually accessible to the client through application-specific interfaces. Access to application is based on a monthly / yearly subscription. Saas is the model for the future, providing increased reliability through controlled hosting environment and thereby reducing the possibility of having problems with the local server.

Advantages:

Focus on competitive advantage rather than complex infrastructure
Reduced costs through
- Reduced expenses due to a simplified IT environment
- Reduced Initial setup cost
- Reduced regulatory cost
- Low cost for maintenance and data security
Security through integration into the BSE infrastructure
Safety by including into the emergency and disaster recovery programs
Performance: High speed response
Time-to-value acceleration through quick implementation
Automatic Updates