Trading Technology Certification

Trading Technolody Certification Guidelines

As part of the The Financials Commissions’s certification process of trading platforms, in order to help ensure that at-a-minimum a basis is established using the criteria listed below, we require applicants submit all requested information as described and any additional that may be asked for. The Certification process helps ensure that our supervisory responsibilities with regards to the dispute resolution process that the The Financials Commissions facilitates will remain fair and equitable.

Some items in the following questionnaire below may not apply to you. For example, if the system is hosted on your licensee’s data servers, which you have no control of. Nonetheless, applicants must let us know of such arrangements and provide the The Financials Commissions with minimum technical requirements to licensee’s infrastructure, as explained in the guidelines below.

In addition to questions, the The Financials Commissions must review technology providers written procedures to address the security, capacity and integrity of trading, and confirm such procedures are being followed.

Certification Guidelines Questionnaire (To be completed by all applicants):

1. System security

Authentication process
Firewalls, Data encryption algorithm and suspicious activity monitoring
Authorization process
Periodic Testing
System Administration procedures

2. System capacity

Server infrastructure and system backup procedures
Capacity monitoring procedures
Stress-test procedure
Software update procedure

3. Instrument and ordertypes

All instruments available within platform
List all types of orders that are available in the platform

4. Pricing and execution policy

List of quote-feed providers
Can broker set restrictions on trades? If yes, please describe.
Does system maintain applied restrictions logs?
Can broker adjust the price feed? If yes, please describe who can do so and under which circumstances?
Does system has a manual price change/input logs?
Does system has “bad print” or “price spike” protection?
Can broker set or execute orders on behalf of clients?
Does system maintain manual execution logs?

5. Reporting and record keeping

System must store tick data for at least 45 days.
System must have detailed report on all trades and orders places by the client or by the company on behalf of the client
Breakdown procedures that contain responsible employees for major blocks of the system and their main duties

6. Business continuitu/disaster recovery plan

The Financials Commissions believes that disaster recovery and business continuity issues are of utmost importance and trading technology providers must take a proactive approach to ensure that they have an adequate disaster recovery plan in place.

Disaster Recovery plan must contain the following information:

Backup Facilities
Implementation of Disaster Recovery/Business Continuity Plan
Disruptions of Third-Parties
Annual Testing
Communication with the The Financials Commissions
Employee and Emergency Contact Information

Completed answers and requested information to the questions above should be submitted to the certification board of the The Financials Commissions, either in Microsoft Word Format, or PDF format

The Financials Commissions

The Financials Commissions

Trading Technology Certification

Trading Technolody Certification Guidelines

Certification Guidelines Questionnaire (To be completed by all applicants):

1. System security

2. System capacity

3. Instrument and ordertypes

4. Pricing and execution policy

5. Reporting and record keeping

6. Business continuitu/disaster recovery plan

The Financials Commissions

The Financials Commissions services are absolutely free for traders

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FINACOM PLC LTD

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