CleaN - One point clearing house gateway for the global OTC market
| Reference number | |
| Coordinator | BAYMARKETS TECHNOLOGY AB |
| Funding from Vinnova | SEK 1 853 600 |
| Project duration | April 2016 - June 2017 |
| Status | Completed |
Important results from the project
The purpose with the CleaN project was to develop a product which simplifies one link in the transaction chain within the financial markets, specifically for the transmission of trades from banks and brokers to clearinghouses. The clearinghouses are using different electronic interfaces, and in CleaN we have harmonised these to one standard FIX interface. The technical targets for the project are reached, with integration to and certification from several clearinghouses such as CME, SGX, and Nasdaq. CleaN is described on our website as Clarity Hub: http://baymarkets.com/clarity/
Expected long term effects
The results achieved in the project, which main goal was to develop a gateway with a standard interface that could communicate with a number of clearinghouses, were to convert or translate between different protocols. As a start we created a platform that handles all metadata such as users, instruments, time series, prices and trades, and that automatically maps metadata when there are changes such as new financial products. The outcome is a very competent product which has contributed to a product series we have named Clarity.
Approach and implementation
The project started with an analysis of the different protocols used by clearinghouses, how we would convert between these to a standard, and how to best structure and harmonise all metadata. The CleaN platform was created with new and effective development frameworks such as Scala and Akka. As a start we needed to choose one asset class and select a few clearinghouses, and at the same time keep the structure flexible to be able to expand. Automatic mapping of the various formats used in the market was the biggest challenge, and was also the part that was most time consuming in the project.