BELEXFIX is the official trading system of the Belgrade Stock Exchange based on the Fix protocol.
Following the experience of the developed countries, the Belgrade Stock Exchange decided to develop a trading system with a unique protocol for exchange of information on financial markets, known as FIX protocol. The Exchange opted for the implementation of this protocol in order to ensure a modern, safe and fast exchange of information. The system was developed with the assistance of external cooperators and was launched on 14.04.2008.
The trading system consists of several interconnected modules, enabling all the Exchange functionalities.
The Listing Modul is used for registration of market materials, their inclusion into the Exchange markets, trading suspensions, registration of Exchange members, their licences, suspensions and authorized brokers. This modul enables efficient functioning of the Listing Department in terms of optimization of the business process, while the reports within the module facilitate everyday work of the staff in this department. The novelty introduced by this system is the electronic prospectus, delivered by the issuers to the Exchange. The new form of prospectus reduces the time necessary for its generation, control and entering into the system.
The main modul and the central part of the system is the Trading modul. Two trading methods are implemented into this modul - continuous and single price auction methods – along with all types of currently used orders, with the possibility of simple addition of new types of orders. This modul consists of two parts: Trading Configuration application and Trading Engine. Trading Configuration application enables users to take over the basic data on market materials, authorized brokers and Exchange members and administrate them for the purpose of trading. This application is used to define the Exchange market, trading rules, rules of order placement, and the Exchange realized a trading application used by Exchange members. For trading supervision and monitoring the Market Supervision modul is used, which enables trading in both on-line and off-line regimes.
The Information modul enables a simple generation of all regular and other reports. This model enables automatic generation of periodical reports and is connected with the Exchange web site.
The new trading system enables the distribution of trading data in real time, which will be used for Data Feed and BELEX.info.
Also, the new system enables the electronic entering of orders via the FIXAPI module. Members can connect their Backoffice applications and thus enable their clients fast order delivery to the trading system.
The implementation of the new trading system, with the FIX protocol, for our market means the improvement of the system performances, speed and safety, which are important for all investors and participants on the local capital market. As for clients, the new system means that, like the investors all over the world, they will be able to place their orders via the Internet. The entire realization of the project was donated by the Luxembourg Stock Exchange.