Our product DUET is intended for the Sell-side Fixed Income and Credit Trading community, in Bonds and Interest Rate Derivatives.
DUET receives electronic inquiry (RFQ) and trade data from your existing e-trading and voice-trade gateways. Uniquely, it allows you to very easily map this information into a unified common format, to enrich with standard normalised reference data, and to produce reports that your Trading and Sales Desks can easily understand – all with minimal effort. Configuration and report creation can be business ‘self-serve’ and controlled by roles and entitlements.
The standardisation and enrichment of this data also provides the essential foundation for
- The next generation of intelligent quoting and auto-negotiation engines
- Regulatory trade and activity reporting requirements being met with minimum of effort and cost
- Providing an alternative solution to existing legacy platform components
- Allowing a straightforward migration roadmap away from them if required
DUET uses cutting-edge technology with dynamic browser-based screens and a server that can be installed in-house or run as a service in 'the cloud'. It makes possible an evolution beyond existing legacy electronic trading components, running alongside them and allowing a migration path away from them. Request a full brochure
Using the DUET Reference Data component, set up all data relating to Instruments (Bonds and Swaps), Customers, Traders and Salespersons. Set up Trading Desks; within these Desks define the required Instrument Groupings and Customer Tiers. Set up Sales Teams and define the Salespeople that 'cover' the Customers depending on the Trading Desk. Define all other 'market-side' data such as customer aliases, customer-user accounts, trader identifiers etc.
The DUET Integration Hub component can also be used to load all your existing Customer, Bond, Trader and market-side data very easily and to keep both your internal systems and DUET Reference Data in sync.
Inquiry (RFQ) data from market venue gateways such as Bloomberg, Tradeweb, Bondvision, MarketAxess are typically in non-standard formats, with different fields meaning different things. Voice-based activity (including missed voice trades) from systems such as Bloomberg TOMS will also be in various formats and data meanings. The DUET Integration Hub component allows the easy mapping between all these forms into a 'canonical' structure and meaning for Inquiry and Trade data.
Once this mapping has been configured, the ongoing import of live and/or historic Inquiry and Trade data is straightforward.
The DUET Integration Hub allows Inquiry / Trade data to be collected on an ongoing basis in various ways e.g. file-based extracts or dynamic message-based feeds easily integrated with the trading platform.
The DUET Reference Data component can also be kept continually up to date, either via manual screens or data imports via the DUET Integration Hub.
The DUET Reference Data component then enriches the RFQs and Trades with all the normalised reference data. The result is a truly standardised set of Trade Activity Records which are
- Standardised and enriched with normalised data
- Understandable to traders, salespeople and e-commerce staff
- A solid basis for accurate and easy to understand reports
- A solid basis for regulatory reporting requirements
- A foundation for other components and innovations
The DUET Reporting Component provides easy on-screen filtering and grouping analysis, allowing traders, salespeople and e-commerce staff to define the parameters of their own summary reports and charts.
It also allows the scheduled generation and distribution of such reports and charts to defined audiences.
Alternatively, enriched Trade Activity records can be exported easily to other reporting systems.
Normalised enriched Trade Activities is an essential prerequisite to enable reports to be generated that are understandable to the business users and are business 'self-serve'. However it is also a vital foundation for advanced components such as
- Quoting engines (e.g. the DUET Quoting Engine)
- Negotiation engines (e.g. the DUET Negotiation Engine)
- Real-time stats gathering, feeding back into negotiation rules (e.g. No Quote, Hit Ratio, Cover Margin)
- Activity Capture, enabling ease of activity reporting that meets regulatory requirements
In addition, since DUET models the e-trading reference data and standardised trading activity, there is the potential for migration of components away from legacy trading platforms towards a highly flexible, business self-serve modern suite of e-trading components. Ultimately the DUET Quoting and Negotiation Engine components would allow existing gateways to simply become conduits to the market, and allow FIX-based Fixed Income Market Gateways to be implemented in the longer term.