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USE CASE

Automated Electronic Auctions for Commodities Exchange

Home » Use Cases » Automated Electronic Auctions for Commodities Exchange

Fully automated price auction management for precious metals

A major European exchange engaged Sinara to develop a custom-built electronic auction system that delivers twice-daily reference prices for the platinum and palladium markets.

The system was designed by Sinara in conjunction with the exchange, and in close consultation with the precious metals community, and is a ‘best of both worlds’ solution combining the best elements of an electronic platform with the previous telephone-based fixing methodology.

The system delivers fully automated price-display auctions. House traders, client traders and direct clients of participants are shown a potential execution price and asked to indicate their interest. If the interest of all participants is within the permitted tolerance, the price will be confirmed and consequential trade allocations are distributed back to the participants. If the imbalance is outside the permitted range, a new price will be calculated and displayed to the participants in order to commence the next round.

Working on site, Sinara’s technical management of the agile development cycle allowed for close, direct coordination between business managers, in-house testing teams, information security and the Sinara developers. This resulted in the delivery of the bespoke platform on a reduced timeline while maintaining code and client security standards throughout the development cycle.

The bespoke platform was designed and developed with the latest in bilateral web communication methods on top of known client-preferred architecture and design patterns. Sinara’s in depth knowledge of our client’s architectural needs allowed the technical team to integrate the new system into the existing live exchange systems such as compliance monitoring as well as providing auxiliary components such as specific vendor data feeds.

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Why the markets choose Sinara

30 years’ experience across the trading lifecycle
Pre-built trading modules accelerate speed to market
Software expertise to customise complex integrations
Everything is 100% supportable and sustainable

We are the trade engineering people.

Ready for the next step?

Whether you have detailed requirements for your new business IT solution or wish to discuss your initial thoughts and ideas, contact us to see how Sinara can help.

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