What is Moscow Energy Exchange?
Moscow Energy Exchange (Mosenex) — first Russian exchange marketplace dedicated to trading of electrical energy and its derivative instruments. The exchange offers its participants to trade in two markets: wholesale electric power and capacity market (trading of electric power production and consumption) and derivatives market (futures contracts).
Why was project initiated?
Historically the exchange was using traditional QUIK products to trade power derivatives. However, in order to improve the effectiveness of the trading process, the exchange made a decision to implement new exchange-based instruments. Also the exchange wanted a more user-friendly interface, flexible architecture and wider customization options. Furthermore, the exchange wanted to standardize on the usage of FIX Protocol within the platform that became the world standard for the realtime electronic exchange of securities transactions.
Why CoFiTe as a partner?
The detailed competitive analysis performed on various vendor solutions clearly showed advantages of LiveTrade™ products from CoFiTe. Additionally, the decision was made after considering significant domain expertise of the CoFiTe development team and the company’s long-term partnership with large players in the Russian financial market. Among CoFiTe’s clients are — MICEX-RTS exchange, «Zerich Capital Management», BCS, IT Invest, «FINAM», «KIT Finance», «ALOR Broker». The partners of CoFiTe include Skolkovo Fund, Russian Venture Capital Company, Scientific Technical Fund.
How long was the project?
The project was initiated in September of 2011. In April of 2012 the newly developed trading platform Live-Trade™ Professional Energy Edition was successfully released into parallel testing mode.
What was the scope of the project?
The scope of the project included the full implementation with some customization of the trading platform LiveTrade™ Professional and the development of a completely new platform for the end users of the exchange, LiveTrade™ Professional Energy Edition, a FIX-based gateway for electronic exchange of transactional data between the client terminals and the server component based on LiveTrade™ BrokerServer as well as the interfaces to integrate with various external systems.
What were the results?
Some of the most significant results were:
- The trading platform LiveTrade™ Professional was chosen to be the main platform for the exchange trade execution.
- LiveTrade™ Professional was adapted to the specific requirements of the energy exchange trading as well as the external interface standards.
- LiveTrade™ Professional Energy Edition was successfully released into test environment.
“Moscow Energy Exchange selected LiveTrade™ Professional as a main trading platform for the exchange. Modern and convenient user interface as well as flexible architecture of the solution allowed us to address all of our requests for a modern trader terminal. CoFiTe team completed all of the work to customize LiveTrade™ Professional terminals and server components of LiveTrade™ BrokerServer with highest quality and in the required time frame.”
Моscow Energy Exchange