IT SERVICES FOR DIRECT MARKET ACCESS FROM BASIC TO ULTIMATE

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1 IT SERVICES FOR DIRECT MARKET ACCESS FROM BASIC TO ULTIMATE IN TOUCH WITH OPPORTUNITIES

2 Trading Technology Solutions ATON has created and is continuously improving an extensive trading platform, designed with demanding infrastructural requirements and high data throughput in mind. The platform is built in a modular fashion, consisting of a select set of interdependent systems allowing for the effortless expansion into new markets and algorithms while offering multiple connectivity options for both trading and receiving market data. A scalable trading architecture providing DMA, co-location, and special exchange programs is accessible via a variety of technologies and connectivity options. The highly skilled team at ATON has domestic and international experience in DMA platform development that ensures stable and uninterrupted trading processing and market data feeds due to clear design decisions and a high level of support.

3 Available Markets Moscow Exchange Group: Equity Section Instruments traded: shares, depository receipts, corporate and Russian federal local bonds, shares of mutual investment funds More than 1400 securities of 700 companies traded The most liquid regulated exchange Central depository and central counterparty platform More than 800 thousand clients registered FORTS Derivatives Section Index, Currency, Commodity and Single-Stock Futures & Options The leading trading venue for derivatives in Russia and Eastern Europe Guaranteed execution of transactions and settlement obligation Among the global leaders in single stock futures trading Sound RM system, adoptive margin requirements Top 5 among the World exchanges according to the number of Stock index futures contracts traded International markets: London Stock Exchange Group North American Markets: NYSE, NASDAQ, AMEX, TMX Direct Market Access ATON provides access to a variety of markets with extensive potential for the implementation of algorithmic trading strategies. Comprehensive low latency connectivity enables Arbitrage, Market Making and other strategies with high efficiency on any of the markets listed above. We offer both Russian Financial markets as well as International markets where Russian underlying instruments are traded.

4 Datacenters ATON Point of Presence in Moscow M1 Datacenter The M1 Datacenter is the best location to place HFT, and ALGO trading programs for low-latency Moscow Exchange market access with the Exchange Matching Engine situated at M1. Several options are available here: co-location in Exchange space, Proximity hosting within ATON s space at M1, or a hybrid solution. ATON s and the Exchange s locations are cross-connected to provide the client with access to a wide range of Exchanges and Services via ATON s DMA Infrastructure, directly from the Exchange co-location. International market data providers have POP s at M1 as well that allow easy connectivity to international market data sources from both proximity and exchange co-location. ATON Point of Presence in London Interxion Datacenter One of the significant advantages of being co-located at Interxion is access to a number of financial networks, market data providers, liquidity nets, and exchanges. ATON offers Proximity hosting within Interxion space with low latency access to the LSE and Moscow Exchange markets via dedicated lines and supports a full range of trading services there. London EQUINIX LD4 From EQUINIX client has the possibility to be connected to the Moscow Exchange POP located here for low-latency trading and market data transfer. ATON offers Moscow Exchange market access via FIX protocol from LD4 to get flexible and low latency trading on Russian markets. London - LSE Datacenter Co-location services within the LSE datacenter enable ultra-low-latency access to London Stock Exchange Markets for HFT, ALGO trading systems. BCP and Failover Sites To ensure resiliency of ATON s DMA Infrastructure there is a number of failover sites that protects market access in case of interruptions on the main sites.

5 Client Connectivity Options Cross-connect within datacenter ATON s Infrastructure is available in both UK and Russian Datacenters so there is a possibility for a Client to cross-connect to ATON s DMA platform within a chosen datacenter. We advise taking this solution to minimize network latency between client and ATON s trading platforms. Dedicated line This option is available for ATON s locations in both the UK and Russia. Client is free to choose any provider to set up connectivity to ATON s DMA Infrastructure. Proximity hosting ATON offers proximity hosting at financial datacenters where ATON s infrastructure and Exchange POP s are located. The advantage of this service is to get low latency access to Russian and international markets for trading and market data transfer, a range of pre-trade and post-trade services within ATON offerings and to minimize cost of keeping own infrastructure for a client. Internet\VPN The best option to save time on the connectivity set up process, very flexible, cost effective solution. Provider s Networks ATON is available on each network listed below: Bloomberg Network SunGard Global Network Ullink UL NET Order Routing Network Access to a client chosen network which is not in the list could be developed on demand Exchange co-location The most interesting solution for HFT and ALGO tech traders is to locate their systems at a number of required. Exchange co-locations which are connected between each other. Such a set up allows ultra-low latency interaction with Exchange Matching Engines. ATON supports connectivity between co-colocations and provides integrated risk-management solutions for each market. Dedicated Lines and Inter-Connectivity ATON s choice to provide clients with low-latency market access is to build a high-speed resilient network infrastructure based on the best practices and industry high-tech solutions. Datacenters on ATON s POP map are connected between each other with redundant low-latency lines. Exchange Network connectivity is supported via redundant dedicated lines as well. Roundtrip Network delay: M1 Moscow Exchange sub 200 µs Interxion LSE Datacenter sub 15 µs M1 Interxion sub 39.8 ms M1 EQUINIX LD4 sub 42 ms (in process of improvement to 38.6 ms)

6 Landscapes Moscow Exchange Equity Section Client s Supervising Terminal QUIK Pre-Trade Risk Control Drop Copy Equity Section Sponsored Access FIX2MICEX FIX\FAST FIX\FAST TEAP+ Micex Bridge ATON FIX FIX Moscow Exchange FIX Exchange FIX Transactional Moscow Exchange Co-Location M1 Co-Location Clients ATON Proximity Hosting M1 Proximity Clients sub 40 ms Moscow International Low Latency Routes International markets

7 Protocols and Technologies Moscow Exchange Equity Section Tools for naked access: FIX/FAST Low-latency access to Moscow Exchange markets over industry-standard protocols for real time market data transfer and order routing. Points of connections are located in both Moscow and London datacenters; clients may choose any option of connectivity. Market Data Transfer via FIX\FAST is available from exchange co-location and ATON s proximity. As additional feature and cost effective solution we can suggest getting market data from all markets of Moscow Exchange group via one FIX connection. Native Exchange API - MICEX Bridge This solution offers Moscow Exchange Equity Section access through proprietary protocol both for real-time market data transfer and order routing. Market access via MICEX Bridge is available from exchange co-location or ATON s Proximity hosting either in Moscow or London. The most interesting feature of the software is the possibility to add a library which supports pre-trade risk control. Tools for margin trading only: FIX2MICEX This module developed by ARQA Technologies allows FIX access and pre-trade control based on extensive risk-module. Native Exchange API - TEAP+ There is a library developed by ARQA Technologies called MICEX PreTrade which is embedded into the MICEX Bridge. Hereby it allows native access and pre-trade control based on extensive risk-module. Tools for Naked Access Technically there are several protocols: Native Exchange API, FIX\FAST transactional for order routing and udp\multicast for market data transfer. The main idea is to provide clients with separate trading accounts prefunded with stocks and cash without any additional risk-module in the middle. All listed solutions are available from ATON s proximity hosting and Exchange Co-Location to get low-latency. We can review any other possibilities for access for example via VPN\Internet and cross-connection within a datacenter. For order flow control supervision terminal will be offered.

8 Landscapes FORTS Derivatives Section Market Access Client s Supervising Terminal QUIK Drop Copy ATON s Interfaces FORTS Derivatives Section Sponsored Access FIX2PLAZA FIX\FAST FIX\FAST PLAZAII ATON FIX FIX Exchange-based Risk-management FIX FORTS FIX Moscow Exchange Co-Location M1 Co-Location Clients ATON Proximity Hosting M1 Proximity Clients sub 40 ms Moscow International Low Latency Routes International markets

9 Protocols and Technologies FORTS Derivatives Section FIX/FAST Low-latency access to Moscow Exchange markets overindustry-standard protocols for real time market data transfer and order routing. Points of connections are located both in Moscow and London datacenters; clients may choose any option of connectivity. Market Data Transfer via FIX\FAST is available from exchange co-location and ATON s proximity. As additional feature and cost effective solution we can suggest getting market data from all markets of Moscow Exchange group via one FIX connection. FIX2PLAZA This module developed by ARQA Technologies allows FIX access and pre-trade control based on extensive risk-module. The main advantage of the module that it provides client with FIX interface instead of native one. Native Exchange API PLAZA II This solution offers FORTS Derivatives Section market access through the proprietary PLAZA II protocol. This new and scalable solution developed by the Exchange provides a comprehensive, general platform for FORTS Derivatives Section market access. Plaza II technology provides low-latency market data access and high speed order routing capabilities. Market access via PLAZA II is available from exchange co-location or ATON s Proximity hosting either in Moscow or London both for market data transfer and order routing. Omnibus or Segregated FORTS Derivatives Section pre-trade control is exchange based for each individual account. Sub-broker firm can apply for an omnibus account or a set of individual accounts. There is also an option of totally segregated account, providing no broker credit risk.

10 Landscapes London Stock Exchange Market Access Client s Supervising Terminal QUIK Drop Copy Pre-Trade Risk Control London Stock Exchange Sponsored Access FIX2LSE FIX\FAST FIX\FAST ATON FIX FIX Exchange FIX Transactional LSE Co-Location * Co-Location Clients ATON Proximity Hosting Interxion Proximity Clients sub 40 ms Moscow International Low Latency Routes Moscow Exchange and International markets * available bу demand

11 Protocols and Technologies Russian and International Exchange ATON FIX Flexible access to all available markets over FIX protocol (versions 4.x) for order routing, and market data transfer. The advantage is a single universal connection based on the FIX Protocol to all markets, but another option is to set up FIX sessions per market to improve latency. The solution can be accessed via a wide range of connectivity options either via Internet for Standard DMA or from exchange co-location for low latency DMA. The FIX based solution allows clients to connect to ATON s DMA Platform, with many enrichments for flexible order routing between exchanges brokers and systems. ATON FIX supports the possibility of having pre-trade risk. ATON Trading Terminal from ARQA Technologies - QUIK It is a multifunctional GUI for low touch trading with access to all markets available in ATON s DMA Services including international markets. The terminal can be used for manual trading and as supplementary service for supervising co-location and proximity order flow. ALGO and different order types Technical analysis integrated tools Portfolio monitoring Daily\historical orders, deals, portfolio reports Margin trading Customizable interface including scripting Sub-broker trading News feed Version for mobile devices DDE and ODBC integration Bi-lingual interface Notification system Historical Charts Advanced authorization Bloomberg Terminal There is a STP connectivity from Bloomberg to ATON s Trading Platform. FIX Client Connector FIX Client Connector is an implementation of FIX-protocol (version 4.2.) which is a de facto standard for integrating various trading platforms. The Program Interface FIX Client Connector is used for receiving market data and sending transactions to trading venues through the FIX-protocol.

12 ATON 20/1, Ovchinnikovskaya Embankment, Moscow, Russia, Phone: +7 (495) , Fax: +7 (495) , Electronic Trading Department Phone: +7 (495) , Disclaimer This material has been prepared by ATON LLC, regulated by the Federal Service for Financial Markets of the Russian Federation The materials is not for distribution to the public or a large number of persons, and it is not an advertisement to an unlimited group of persons, of securities, or related financial instruments. All recipients are persons who have professional experience in matters relating to investments or high net worth entities, and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as named recipients ). This material must not be acted on or relied on by persons who are not named recipients. Any investment or investment activity to which this material relates is only available to named recipients and might be engaged in only with named recipients. The information in this material does not constitute an offer, solicitation or recommendation for the purchase or sale of any securities or other financial instruments nor does it constitute advice, a personal recommendation or otherwise, or an expression of our view as to whether a particular security or financial instrument is suitable or appropriate for you and meets your financial or any other objectives. This information is not based on the particular circumstances of any named recipient.the publication and distribution of the information about securities in some jurisdictions may be restricted by law. Unless otherwise stated, this material is intended only for persons who are eligible recipients of the material in the jurisdiction, in which the recipient of the material is located or belongs to. Disregarding these restrictions may be regarded as a law violation within corresponding jurisdictions of securities. None of these materials are intended for access (distribution) in Australia, Canada or Japan. Russian Federation: ATON LLC, regulated by the Federal Service for Financial Markets of the Russian Federation. EU: Atonline Limited regulated by the Cyprus Securities and Exchange Commission (Licence No: 104/09). Disclaimer 2013 All rights reserved. ATON LLC, regulated by the Federal Service for Financial Markets of the Russian Federation (License for brokerage activity dated 27 November License for dealer activity dated 27 November License for depositary activity dated 27 November 2000) ATONLINE LIMITED regulated by the Cyprus Securities and Exchange Commission (Licence No: CIF 104/09).