MiFID II Enterprise Pre Post trade Publication to APAs using the OMM to FIX Gateway

You can read the full article on the LSEG Developer Portal here.

Below, we discuss the integration of the OMM to FIX Gateway to help TREP clients comply with MIFID II regulatory requirements. MIFID II, a significant piece of financial legislation, mandates transparency in pre- and post-trade reporting. The OMM to FIX Gateway facilitates this by converting OMM post messages into the FIX format, which is then transmitted to Approved Publication Arrangements (APAs).

Key Features and Benefits

MIFID II Compliance: The primary benefit of the OMM to FIX Gateway is its ability to help firms meet MIFID II requirements. By converting OMM messages to FIX format, it ensures that trade data is accurately reported to APAs, thereby maintaining regulatory compliance.

Technical Requirements: To run the OMM to FIX Gateway, certain technical prerequisites must be met. These include having Java, Gradle, and Docker installed. The article provides detailed instructions on setting up these environments, ensuring that users can seamlessly integrate the gateway into their existing systems.

JSON Transformation Rules: A significant portion of the article is dedicated to explaining how to define JSON transformation rules. These rules are crucial for mapping OMM post messages to the FIX format. The article provides examples and detailed explanations to help users understand and implement these rules effectively.

Here’s an example of a JSON transformation rule:

{
  "source": "OMM",
  "target": "FIX",
  "rules": [
    {
      "field": "TradeID",
      "mapping": "TradeID"
    },
    {
      "field": "Price",
      "mapping": "LastPx"
    },
    {
      "field": "Quantity",
      "mapping": "LastQty"
    }
  ]
}

Running the Gateway: The article also includes comprehensive instructions on how to run the gateway server. Users can choose to run it from a shell script or a Docker image. The instructions cover various command line options and logging configurations, ensuring that users can monitor and manage the gateway effectively.

Detailed Instructions

The process of setting up and running the OMM to FIX Gateway can seem a litle complex at first sight. It starts with an overview of the gateway’s purpose and benefits, followed by detailed technical requirements. The section on JSON transformation rules is particularly detailed, providing step-by-step instructions and examples.

Here’s a sample command to run the gateway using a shell script:

java -jar omm-to-fix-gateway.jar --config config.json

And for running it using Docker:

docker run -d -v /path/to/config:/config omm-to-fix-gateway:latest

The final section on running the gateway is equally comprehensive. It includes instructions for both shell script and Docker image setups, ensuring that users have flexibility in how they choose to deploy the gateway. For information on the steps you can take to aquire logging configurations, which are essential for monitoring the gateway’s performance and troubleshooting any issues that may arise, can be found here.

Conclusion

In summary, setting up and running the OMM to FIX Gateway is not as dificult as it seems, thanks to LSEG’s Stack. By following the detailed instructions, TREP clients can ensure that they meet MIFID II regulatory requirements, thereby maintaining transparency and compliance in their trading activities.