EliData - TAS Group

EliData. From the cloud to evolve to automation in trading

EliData evolves through a revamped cloud-based facility and continues with its goal of becoming a leader in ETF management by automating the request for quote process

Renew and evolve its infrastructure thanks to the cloud and improve trading activities thanks to 'automation. EliData, founded in 1999, has gained 20 years of experience in the implementation of interconnection systems to the international financial markets of the major Italian Banking Groups, with a strong push throughout Europe as well. The company specializes in the development of trading and order routing applications, transaction reporting systems and data exchange solutions between front and back office systems. And now a totally renewed structure is born, thanks to the implementation of a 100% cloud service: EliData Plug&Go.

The push toward the cloud
"EliData’s priority is to offer very high reliability and scalability, adopting a comprehensive approach to security that guarantees the robustness of the infrastructure, both from a hardware and software point of view," says Marco Connizzoli, CEO of EliData. The advantages of a cloud solution compared to an on-premises solution range from the high level of performance and reliability to the provision of always state-of-the-art hardware and software infrastructure, to the guarantee of SLAs adequate to the criticality of the trading systems."

EliData Plug&Go: 100% cloud
With the implementation of EliData Plug&Go, a completely renewed structure was born, capable of optimizing processes, improving customer experience and performance: to be always time-to-market. The company relied on the same providers as Borsa Italiana (now Euronext Group), using the two largest Italian data centers in the financial sector, which guarantee high standards of physical and logical security. "All the main players are already, and will be in the near future, attested on these infrastructures," Connizzoli comments, "and this option guarantees complete coverage of our clients' needs, both in terms of connectivity to markets/broker/info providers and in terms of solutions by offering the proximity service.

RFQ for Automated ETFs
EliData is also paying attention to automation. Within CTS - Caronte Trading System, the company has integrated C-RFQ functionality, which automates the Request for Quote process for ETFs by connecting markets with the Bloomberg RFQe platform. The market maker then operates quickly and automatically and has access to major Liquidity Providers to maximize performance. The quality of trading activity, therefore, improves: the time spent on RFQ transactions is optimized and the risk of latency due to any manual entries and the use of different applications is avoided."

Less risk, more simplicity
In detail, with C-RFQ, the client can send a single RFQ, or a cluster of trades, which are automatically routed to Bloomberg RFQe. EliData's goal is to maximize the potential of the solution in terms of connection applicability, increasing the trading desk's chances of execution and profit. The solution is already integrated into six market platforms. "The great advantage of C-RFQ is the potential in terms of connection applicability to the multiple market platforms, which allows the Market Maker to operate easily from a single platform, avoiding the risk of latency due to any manual entries and the use of different applications," Connizzoli concludes. We are constantly driven by the search for innovative and quality solutions that allow our clients to operate on efficient and increasingly multi-connected applications."

EMIR Refit and the universal alphabet ISO20022

The adoption of the ISO20022 standard in transaction reporting is aimed at simplifying certain regulatory requirements in the financial field, making the communication language between systems universal, and uniquely identifying financial instruments. With the introduction of EMIR Refit, it is clear that there is a growing need for legislators to standardize regulations toward the ISO20022 standard, ensuring a solution to the above issues.
The work that has been carried out in recent years by the institutions with the aim of standardizing specifically OTC derivatives will allow an easier transition to ISO20022: in 2012 OTC derivatives were very complex and different from each other, while we believe that today the world of these instruments is ripe to be framed in a standard. In this context full of activities and processes, EliData stands as a qualified and reliable technology partner with a key role in migrating systems to the ISO20022 standard in full compliance with requirements, timelines and structures.