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Gissing Software Ltd
We are a leading supplier of software solutions to financial institutions; our products are mainly used in the contribution of market data.Our core focus is in the tranformation and routing of real-time data.Since 1991 Gissing has provided solutions to a growing client list of tier one banks and brokers with more...
Gissing MiFID Output Handlers |
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Product and service specifications |
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Overview |
There are two Gissing MiFID Output Handlers – one for post-trade MiFID data which is relevant to any company trading equities, and one for pre-trade MiFID data which will be of interest to organisations defined as Systematic Internalisers by MiFID.
As soon as relevant data is published onto your market data platform, or other suitable data source, it will be automatically routed to the appropriate destination(s) in real-time. If a particular venue or MiFID aggregator becomes unavailable, or can’t handle the volume of contributed data, the Gissing MiFID Output Handler can be configured to publish to an alternate venue, giving maximum resilience and reducing the risk of non-compliance. As well as routing all the relevant data required by MiFID to the appropriate destination(s), the Gissing MiFID Output Handlers can also process additional client-defined data about each transaction and publish that as appropriate.
The Gissing MiFID Output Handlers are designed with resilience in mind. The data is routed using the FAST (Fix Adapted for STreaming) high-speed data communications protocol and two lines to each destination are supported to ensure no break in connectivity. A fault-tolerant configuration with data synchronisation ensures that in the event of having to fail-over to the alternate venue, or in the event of hardware failure, current quotes are maintained and there is no duplication of messages. In addition, the Gissing MiFID Pre-Trade Output Handler includes both a manual and data-driven ‘suspend quote’ mechanism which can be invoked in exceptional market conditions.
Other protocol versions will be made available should there be demand for them.
The key features of each product include:
Gissing MiFID Post-Trade Output Handler
- Managed process
- FAST Protocol output for connection to MiFID aggregator
- Input interfaces:
- RMDS
- TIB/RV
- RVCM
- SSL
- MQ
- FIX (4 and later)
- ODBC
- MiFID business rules enforced with optional additional fields
- Resilient connection (support for two lines to each destination)
- Fault tolerant configuration with synchronisation to avoid duplication of messages
- Fail-over to alternate destination with optional fail-back
- Record of timeliness/latency of each message published
- Database interface to enable recording of each trade report published – MiFID requires this data to be retained for a minimum of five years.
Gissing MiFID Pre-Trade Output Handler
- Choice of:
- Managed Process
- Gissing ConteX MCS output handler
- FAST Protocol output for connection to MiFID aggregator
- Output interfaces:
- FAST
- FIX (4 and later)
- Other interfaces may be added subject to market demand
- MiFID business rules enforced with optional additional fields
- Resilient connection (two lines to each destination)
- Fault tolerant configuration with synchronisation to ensure that current quote is maintained
- “Suspend quote” mechanism, both manual and data-driven
- Fail-over to alternate destination with optional fail-back
- Record of timeliness/latency of each message published
- Database interface to enable recording of each quote published – MiFID requires this data to be retained for a minimum of one year.
To view this information along with a schematic of the likely data flow in a MiFID compliant implementation, click here |
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