ECN Specific Pre Post Trade
While transparent to the client an example service operating in the Inforalgo Managed Service Centre may consist of the following interfaces.
Consolidated Message Feed FIX Interface
The Inforalgo Consolidated Message Feed Interface (CMFi FIX) uploads trades into the Bloomberg Trade Order Management System (TOMS). It then maintains the status of the transaction with Bloomberg and the ticket number (or the reason for rejection if not accepted by Bloomberg) in the CMF transaction table where they can be viewed and corrected, as required.
The Client is provided with a Web Viewer which enables them to view trades and allocations and their status in the upload process. The viewer allows correction and resubmission of trades rejected by Bloomberg and viewing of transactions for audit purposes.
Receiving Executed Trades via eSpeed API Interface
Post-trade information of trades executed on eSpeed is made available via the eSpeed API. Inforalgo’s eSpeed interface receives and writes this information to a staging transaction table. A mapping process reformats and writes this information to the Consolidated Message Feed table for onward transmission to Bloomberg using the CMFi.
iConnect API Interface
Post-trade information for trades executed on any of ICAP’s platforms (including BrokerTec and Garban) is made available via the iConnect API. Inforalgo’s iConnect interface receives and writes this information to a staging transaction table. A mapping process reformats and writes this information to the Consolidated Message Feed Table for onward transmission to Bloomberg.
Trading Technologies
The Inforalgo FIX engine will receive the Trading Technologies Futures Trade Reports from X_Trader as a 4.2 FIX Feed and load them into the Inforalgo Consolidated Message Feed table for onward transmission to Bloomberg using the CMFi.
Prebon/TradeBlade API Interface
Inforalgo’s Prebon Interface uses the Post Marker Gateway to receive Post trade data executed on the Tullett Prebon and TradeBlade platforms. Mapping processes for both platforms reformats and writes this information to the Consolidated Message Feed table for onward transmission to Bloomberg using the CMFi.
MarketAxess Post Trade Interface
MarketAxess offers clients the ability to download executed trades in real-time carried out on their platform via the “Post Trade Feed Protocol API”. Inforalgo receives the trades and allocations and writes them to a staging transaction table. New trades are extracted from the staging table and routed through to the Consolidated Message Feed table for onward transmission to Bloomberg using the CMFi.
TradeWeb Post Trade Interface
TradeWeb offers clients an Application Programming Interface (API) to allow executed trades and Allocations carried out on their platform to be downloaded in real time. (Post Trade Feed Protocol AP)”. Inforalgo will receive the trades and allocations and write them to the Inforalgo executed trade table.
