Integral

Case study

Development of an Intuitive Cloud-Based eFX Platform

cryptoCurrency-exchange-development

Overview

We had to develop an intuitive cloud-based eFX platform for one of our clients to help their end users make informed decision based on analysis. Our innovative solution has been a game-changer by making a significant difference and helping them improve their efficiency.

Our Client

This client is an advanced cloud-based eFX platform integrating features for risk management, liquidity management, distribution and pricing. Many banks require the complete functionality range to be able to provide a competitive variety of FX services in all types of markets or liquidity pools. The platform is available as a pre-packaged workflow management solution for asset managers, banks and margin brokers.

Their platform lets major participants in the market to adapt their ideal system to meet their specific client requirements. All these workflow management solutions integrate seamlessly with their OCX, the contemporary FX OTC exchange for market makers.

    The Key Challenges

    As eFX professionals, we faced the significant challenge of delivering the best-in-market solution to our client within a defined timeframe and fixed budget.
    The client had a highly profitable business with thousands of trades happening almost every millisecond leading to humongous amount of data generation. We were faced with the key challenge of analysing the data – both historical data and real-time data –so that we could get the key information out of data and come up with a scalable solution to help the end clients analyse and make decisions. This platform had to serve as the centralised place for analysing the end users’ trading activities.
    Once we had the models ready, we had to present all the data in a dashboard. Here again, presenting this data was a very challenging task owing to the huge amounts of data.

The Approach

With the forex market being a complex equation, users can use a forex platform as a great investment source with the right research, astute analysis, savvy predictions and keen attention to detailing. But, monitoring hundreds of daily changes and interpreting the same is an overwhelming task. Even with the required tools in this digital age, finding out how to use it is not easy. We understood this very well and hence wanted to come up with a feature-rich platform that was extremely user-friendly.

To start with, we had an interaction session with the client so that we could jointly define their goals. We asked them the right questions to understand how they work and what systems they use. Our main objective was to know their requirements and their regional and global market so that we could devise the solution accordingly.

During the initial phase, we provided a proof of concept to make sure that the proposed solution would meet their substantial IT and business needs. We achieved this by matching their way of working with our channels and modules. We got their suggestions for any new functionalities to be added and any other improvements that were needed. After getting the final approval, we developed on this concept and built a fully functional platform with rich inbuilt features.

We tested this solution and finally launched it for end users. We continued developing the platform after analysing user behaviour on the platform so that it could remain relevant to them.

The Solution

After the completion of the project, the client had a new user-friendly eFX platform that helped to streamline the IT support and architectural goals in addition to supporting their present business. Furthermore, it can be improved easily for future growth.
With the help of our data science team and multiple discussions with the client team, we analysed the data and proposed a few dashboards to be developed. We finally delivered the ultimate platform that supported the end clients to make better decisions. On the whole, this platform gives the users several valuable insights and out-of-the-box reports based on which they can make the right decisions.

This dashboard includes Order Lifecycle (order view, landscape view), Real-Time Charts, Stream Replay, External Trade Analysis, Risk Transfer Analysis, Control Charts, Price Cloud, Big Data Analysis and Daily Marker Range Charts. Seamless integration with OCX helps users keep their trading journal updated with all the essential analytic tools to enhance their trading.

With all these options impeccably integrated on a single platform, this solution has turned out to be the backbone to their digital cloud-based eFX platform. All of these charts helped our clients to understand the order history, the real time stream, market trends, market analysis, stream analysis, order analysis etc.

Since it is developed based on cloud technology, the solutions are provided on time within budget. With pre-built functionalities, several referenceable sources around the globe and zero up-front costs, it’s possible to deliver an integrated foreign exchange solution without the conventional technology risks.

Key USPs
  • Centralised place to analyse trading activities
  • Cloud-based (hence, high availability and performance)
  • Operates with the latest technologies and API
  • Highest security standards
  • Execute transactions with ease

Results

The results have been outright positive. The integration of the new platform enhanced the trading capabilities of the client’s end users. By partnering with us, this client has been able to see a surge in the number of its end users within a short period of time. Ever since they started using this platform, they have been able to keep pace with the ever-increasing user needs and offer them great value. The end users have been benefiting a lot from using the latest technology, while also finding it nice to work with and easy to understand.

We have been continuing to work with this client to update and develop the needed features to offer the best possible solution. If issues arise, we have been fixing it quickly and effectively. Besides this, we have also been helping them scale up whenever need arises.

The Project

We had to visualize the trade market. We had to consider the trades and orders in different modules with the below-listed tabs:

  • Search by ID: This tab is to find a specific order.
  • Landscape: This tab is to find orders in a specific time period also and visualize a specific order with reference to other orders.
  • Real Time: This tab is to find real time data.
  • Display Orders: This tab is to see display orders.
  • LPA: This tab is further classified into three parts: the first is to get records, the second is to display existing records and the third is to visualize existing records.
  • Price Cloud: This tab is to filter the records.
  • TCA: This tab is to scrutinize transactions.
  • Daily Market Range: This tab is for finding market range for one day.
  • Content Delivery: This tab is for downloading files.
  • Order Book: This tab is for comparing buy rates/offer rates.

Here’s a more detailed insight into the purposes for whicha few of these of these tabs can be used:

Search by ID
  • This tab helps uses see a specific order and trades associated with it. When you click on ‘Go’, you will find a graph in which the orders are plotted as squares and trades are plotted as circles along with a benchmark and few reference lines. You can choose the corresponding legends to show or hide.
  • In Provider stream, you can find two sections:
    • Order Streams
    • Other Streams
  • You can either load tier 1 along or load all tiers belonging to a specific stream by clicking on ‘All Tiers’. You can find an edge detection chart at the bottom-end of the main chart.
  • You can click on ‘Any Trade’ to load the trade events.
  • You can use Control + Click to select trade and load the trade streams.
  • Click on the side menu of order tree to see the order tree
  • You can click on order tree to analyze the order tree.
  • You can select ‘show provider response’ to see the response of the provider for each trade.
  • You can select ‘trade causality’ to analyze it.
  • You can select the respective buttons to analyze the order’s transaction cost.
  • You can get a bar chart that indicates the provider versus (size/volume/count) of trades. Using this, you can analyze provider versus trades by their percent, by their count or by their amount. You can also analyze for confirmed trades or other trades individually.
  • You can see performance trades by percentage confirmed volume, confirmed volume, total-confirmed volume, total-percentage confirmed volume and average response timein provider performance chart.
  • You can click on ‘show spanning tree’to visualize the nearby trades and orders. This will display a main chart, a bar chart and a provider performance chart. It will also show a new order bar chart at the main chart’s bottom to see the filled order percentage. You can use this chart to filter a specific order and its trades.
  • The features of the chart are:
    • You can filter trades by choosing bar from the top bar chart or by choosing bar from provider performance chart.
    • You can also filter based on stream.
    • You will find a mid-level indicator that will plot the benchmark. There are various options like start, end, line and mid-level indicators for plotting benchmark at mid-level, start, end and line.
    • Modes: You can find the below-listed modes:
      • Cross Hair Mode: When you hover the mouse over the chart, you can find crosshair and coordinates on the chart’s top.
      • Time Searcher Mode: In this mode, you can search the streams and benchmark based on the selection of time range.
      • Animate Mode: In this mode, the order will animate just the way it happened in real time. You can clearly see when the order was created, when the trades were created, when the trades were confirmed or rejected and how the benchmark happened. There are various animation controls to pause, restart, pause and modify speed. You also have the option to move the animation using the chart handler.
      • Measure Mode: You can choose a range to measure the distance in x-axis and y-axis.
      • Box Zoom Mode: You can select this mode to zoom into the charge to any extent.
      • Wheel Zoom Mode: When you use this mode of zooming, if you zoom more, you can fetch additional data from API to be plotted on the chart.
      • Pan Zoom Mode: You can pan more to fetch extra data from API to be plotted on the chart.
    • You can click on ‘Save chart’ to save any of these charts. You can zoom the charts in four directions and use + or – to undo zoom in the main chart.
  • You can click on ‘View in landscape’ to see this order along with other orders. The landscape page will include order data like streams, time, order type, customer and marker taker. Based on these values, the landscape view will get loaded with benchmark, trades or orders with this order as the main order. A line that passes through this order will include more details.
Landscape
  • You can click on ‘View in landscape’ to load the landscape chart in ‘Search by ID’ tab. You can also load it directly. The key difference in loading the chart is that when you load from ‘Search by ID’ tab, all details will get selected depending on order details.