Exchanges and broker firms looking to provide their clients with improved access to liquidity for large or specialised orders see the benefit in offering request-for-quote (RFQ) or auction systems alongside their existing order-book trading platform.
With an RFQ system, exchanges or brokers can offer their clients the option of sending simultaneous price requests to multiple market makers and obtaining a range of quotes from which they can choose. This removes the need to contact individual brokers or use multiple exchanges for the pricing and execution of large or complex orders.
Sinara has built web and desktop applications for brokers who want to offer their own quotes to their clients, often replacing existing voice-based operations. This has included the development of rules-based automated quoting solutions to rapidly provide quotes for known securities and quantity ranges. The web-based frameworks we have developed in this area allow us to rapidly build applications for traders to access RFQ services, and market makers to respond to requests in a timely manner.
In a similar way, auction systems allow for better price discovery by enabling market makers to provide quotes for specific securities to a broker or exchange. Sinara has built web-based solutions that enable timed daily auctions to take place in real-time and for the resulting prices to be published.
For all systems, full auditing and reporting functionality helps meet compliance, best execution, client reporting and fee/commission calculation needs.