Resource provisioning for development of FOREX trading product.
About The Client
The Client is an Australia-based Independent Software Vendor (ISV) specializing in delivering cutting-edge software technology products for the financial industry. The client has numerous products in the area of Foreign Exchange Trading and has devised models for automating decision-making.
The Business Need
Foreign exchange markets work by buying currency at one value and selling it at a higher value. For this reason, currencies are sold in pairs. The British Pound and the US dollar is a popular pair. If the value of the US dollar is likely to increase against the Euro the trading is done through EUR/USD. However, we usually don't buy the USD. We sell the EUR/USD which has the same effect. In doing so the value of the Euro declines in comparison with the US dollar. This is called going short on the currency pair. However, if it is felt that Euro can strengthen, the transaction can be done in the pair. The net result is that we can make a profit even when the value of a pair appears to be going down.
Thus, the business need was to take the advantage even of the exchange market even if the prices go down. The Client wanted a custom model based on above hypothesis, which can interact with Onanda's Server using its API and enable decision-making that results in optimum profit margins.
The Solution
BrickRed's mission was to develop a real-time foreign exchange trading system that is capable of making profitable trading decisions of buying/selling currencies and also undertake administration of the systems and functions. BrickRed team co developed proprietary trading model and algorithm to maximize the profits while adhering to the Forex trading ethics.
The model was developed iteratively and refined/validated through prototyping. Architecture of the application was developed by Client and used Client's proprietary platform, Onanda's trading servers (see the figure) through the API provided by Onanda to get real-time pricing updates enabling analysis using the propriety model with each price update.
BrickRed did the implementation of various modules like building the related database and the import utility to stream in the historical data for validation and testing the model.
Following are the benefits of the product:
Interaction with Onanda's server in real-time for the latest pricing.
A user interface for different parameters fed to the model for finding the most profitable configurations.
Automates buying/selling process of opening/closing new/old positions based on the business rules written in the model.
Calculate realized/unrealized profit losses, manage long/short and open/closed positions.
Automated features such as stop-loss and adjustment or synchronization of different types of funds.
BrickRed demonstrated excellence in developing the solution we needed. We had not expected them to help us with such a complex Algorithm for our application but the technical resources were competent to go beyond coding and get involved with trading model & algorithm development. We look forward to engaging them for more projects in the future.
Try us for free by giving us a small piece of work and evaluate our Capabilities, People, Processes, Communication efficiency, Code Quality & Delivery Time without risk and choose to award us your business. If we do not meet your expectations, you simply do not get invoiced for that period. This is our written contractual guarantee with you for the entire period of our engagement. Moreover, you and only you decide whether we have met your expectations or not. Period!
BrickRed provides a ‘one-of-a-kind’
rock-solid contractual guarantee for all its
services:
Guarantee
Statement
If we do not meet or exceed your expectations,
we simply do not invoice for that period.
Guarantee
Meaning Expansion
As per our written contractual guarantee, we
need to – at the minimum – meet
the expectations (timeline, quality) that we
have agreed upon with you. We track the performance
against these expectations on a definite frequency
and if we have not continuously met your expectations
for 2 consecutive times, we send you a ZERO
value invoice for that period. It’s that
simple.
How
it works – the process
Expectations (project
plans, milestones, quality levels) are defined
for the engagement.
A Voice of Customer
(VOC) call is scheduled every 2 weeks where
the progress is monitored with respect to
the expectations
In case, we are below
expectations, the Client & us, jointly
come up with specific actions that can bring
us back on track,
We implement it and
track the progress in the next VOC, two
weeks later.
If still we are
not able to deliver as per the plan, we
send a ZERO value invoice for the two
weeks when we were not able to
correct the situation.
Our Clients recognize that
is a rock-solid guarantee that no one in the
industry can match. This is a clear indication
of the confidence
we have over our people, our processes, our
communication and the deliver management.
Resource provisioning for development of FOREX trading product.
